M.A. DEGREE EXAMINATION, NOVEMBER 2017
First Semester
Economics
MICRO ECONOMICS I
(CBCS 2016 onwards)
Time 3 Hours Maximum 75 Marks
Part A (10 x 2 20)
Answer all questions.
1. Define "Ordinal utility".
2. Define "Price effects".
3. What are the classifications of goods?
4. What is production function?
5. Define "elasticity of demand".
6. What do you mean by firm?
7. Define "Oligopoly".
8. What is meant by monopoly?
9. State any two assumptions of perfect competition.
10. What do you mean by marginal revenue?
Sub. Code
455101
RW-721
2
Sp 5
Part B 5 25)
Answer all the questions, choosing either or
11. Distinguish between complementary and
substitutes goods.
Or
State and discuss the properties of indifference
curve.
12. Explain the Cobb-Douglas production function.
Or
Discuss the various costs incurred by the firm.
13. Differentiate between firm and industry.
Or
Explain monopoly equilibrium in terms of marginal
analysis.
14. Discuss the characteristics of Monopolistic
competition.
Or
What are the features of monopoly?
15. Explain the Baumol's Sales Maximization Model.
Or
State the Marris model of Managerial Enterprise.
RW-721
3
Sp 5
Part C 10 30)
Answer any three questions.
16. Explain the Revealed Preferences Theory.
17. Explain the Law of Diminishing Returns and indicate its
significance in economic theory.
18. Briefly explain the longrun equilibrium of firm and
industry under perfect competition.
19. Explain the price and output determination under
monopoly.
20. Discuss the Basin Limit Pricing Theory.
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