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LOYOLA COLLEGE (AUTONOMOUS), CHENNAI 600 034
B.A.DEGREE EXAMINATION -ECONOMICS
SECOND SEMESTER APRIL 2018
17/16UEC2MC01- MICRO ECONOMICS I
Date: 24-04-2018 Dept. No. Max. 100 Marks
Time: 01:00-04:00
PART A
Answer any FIVE questions in about 75 words each: x 4 20 Marks)
1. Define Consumer Surplus.
2. State the law of Diminishing Marginal Utility.
3. Write a short note on Price Effect?
4. Explain 'Iso-Quant'.
5. Briefly explain the slope of Short Run Average Cost curve.
6. List out the assumptions of Perfect Competition.
7. What are the basic problems of an economy?
PART B
Answer any FOUR questions in about 250 words each: x 10 40 Marks)
8. Examine the reasons for downward slopping demand curve.
9. Explain the determinants of elasticity of demand.
10. Discuss the relationship between Total Utility and Marginal Utility.
11. Explain the Law of Variable Proportions with diagram.
12. Discuss the Revealed Preference Theory.
13. Explain Market Period Price and Short Period Price.
14. Describe a firm's equilibrium under Selling Cost.
PART C
Answer any TWO questions in about 900 words each: x 20 40 Marks)
15. Differentiate between Income Effect and Substitution Effect.
16. Analyse the Law of Returns to Scale.
17. Examine the conditions for equilibrium of firm and industry.
18. Explainthe process of price determination under Monopolistic competition in different time periods.