M.A. DEGREE EXAMINATION, APRIL 2018
Second Semester
Economics
MICRO ECONOMICS — II
(CBCS 2017 onwards)
Time 3 Hours Maximum 75 Marks
Section A (10 x 2 20)
Answer all the questions.
1. What is discretionary profit?
2. Define slack payments.
3. What do you meant by fixed cost?
4. Define Innovation.
5. What is Distribution?
6. What do you mean by factor market?
7. What is economic welfare?
8. What is social welfare function?
9. Write short note on Market failure.
10. What is meant by cost?
Sub. Code
7MEC2C1
AFS-0500
2
Wk 14
Section B x 5 25)
Answer all questions, choosing either or
11. Explain the Williamson's model of managerial
discretion.
Or
Explain the Hall and Hitch report.
12. What is rent? Explain the Ricardian theory of rent.
Or
Explain the Profit as a Dynamic surplus.
13. Explain the Product exhaustion theorem.
Or
Explain the Marxian theory of distribution.
14. Explain the paretian welfare criterion.
Or
Write a brief note on Value judgment.
15. Mention the characteristics of imperfections market
failure.
Or
Explain the Rawl's theory of Justice.
Section C x 10 30)
Answer any three questions.
16. Briefly explain the Cvert and March behavioral model of
firm.
17. Evaluate the Keynesian Liquidity preference theory of
Interest.
AFS-0500
3
Wk 14
18. Evaluate the theory of distribution under imperfect
product and factor markets.
19. Discuss the Pareto optimal conditions.
20. Critically examine the Arrow's impossibility theorem.
————————