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, 2017
Time: 3 Hours Full Marks: 80
Answer any Five Questions. All questions carry equal marks.
1. Critically evaluate definition of Economics given by Robbins.
2. Differentiate between positive and normative economics. Is economics purely a positive science
3. What is difference between inductive and deductive method Discuss the merits and demerits
of deductive method.
4. Define elasticity of demand. Discuss different methods of its measurement.
5. Critically evaluate Marshall's idea of Consumer's Surplus.
6. Define monopoly. When price discrimination is possible and profitable
7. Critically discuss revealed preference theory of Samuelson.
8. How is the price determined under perfect competition
9. Discuss the shape of short term and long term average cost curves.
10. Write notes on any Two of the following
Indifference Curve
Law of Variable Proportions
Economic Model
Oligopoly