N A L A N D A O P E N U N I V E R S I T Y
M.A. Economics, Part-I
PAPER-I
(Micro Economics)
Annual Examination, 2018
Time: 3 Hours Full Marks: 80
Answer any Five Questions. All questions carry equal marks.
1. Critically discuss definition of Economics given by Marshall.
2. Discuss merits and demerits of Micro Economics.
3. Define economic model. Provide an idea of main objectives and types of models.
4. What do you mean by indifference curve How a consumer attains equilibrium with the help
of indifference curve
5. Explain the law of variable proportions with the help of a diagram.
6. Differentiate between total variable cost and total fixed cost. Discuss the shape of average
cost curve in short and long run.
7. How is price determined under monopoly
8. What do you understand by Oligopoly Explain kinked demand curve theory.
9. Examine full cost pricing theory.
10. Explain reformulation of the concept of consumer's surplus by Prof. Hicks.