B.A. Economics (Honours), Part-I
Paper-I (Micro Economics)
Time: 3.00 Hrs. Full Marks: 80
Answer any Five questions. All questions carry equal marks.

1. Critically evaluate definition of economics given by Marshall.
2. What do you mean by positive economics and normative economics? Is economics a positive
science?
3. What do you mean by price mechanism? How price is determined under market mechanism.
4. Explain indifference curve. How a consumer attains equilibrium with the help of indifference
curve?
5. What do you mean by elasticity of demand? Explain its different types.
6. Discuss equilibrium of a firm under prefect competition.
7. Explain the concept of price discrimination. When price discrimination is possible and
profitable?
8. Critically discuss marginal productivity theory of distribution.
9. Examine Keynes' Liquidity preference theory of interest.
10. Define risk. Describe sources of risk.