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P.T.O.
MAR IVANIOS COLLEGE (AUTONOMOUS)
THIRUVANANTHAPURAM
Reg. No. :.………………… Name :.…………………
Second Semester B.A. Degree Examination, June 2016
First Degree Programme under CBCSS
Core Course: Economics I
AUEC241: Micro Economics I
Time: 3 Hours Max. Marks: 80
SECTION A
Answer ALL the following terms each in one or two sentences.
1. Economic system.
2. Micro economics.
3. Marginal Rate of Substitution.
4. Engel's Law.
5. Marginal utility.
6. Market mechanism.
7. Law of supply.
8. Inelastic Supply.
9. Opportunity cost.
10. Production Function.
(10 × 1 10 Marks)
SECTION B
Write short notes on any EIGHT of the following, not exceeding a paragraph.
11. Extension and contraction in demand.
12. Cobb Douglas production function.
13. Income elasticity of demand.
14. Short run and long run production function.
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15. Economies and diseconomies of scale.
16. Relation between AC and MC curves.
17. Properties of an indifference curve.
18. Cross elasticity of demand.
19. Assumptions of cardinal approach to utility.
20. Distinguish command economy, market economy and mixed economy.
21. Cross elasticity of demand.
22. Production Possibility Curve.
× 2 16 Marks)
SECTION C
Short essay type Answer any SIX questions, each not to exceed one and a half page.
23. Write a note on saucer shaped short run cost curves.
24. Discuss Marshallian consumer surplus.
25. Briefly discuss the practical uses of concept of elasticity.
26. Why is SAC curve U shaped
27. 'The more we have a thing, the less we want to have more of it'. Explain.
28. What are the basic economic problems
29. Give an account on exceptions to the law of demand.
30. Briefly discuss five reasons that decreases demand for a good.
31. Discuss the exceptional indifference curves.
× 4 24 Marks)
SECTION D
Long essay type Answer any TWO questions, each not exceeding three pages.
32. What is price elasticity of demand and explain the methods to measure it with examples
33. Explain law of variable proportions, with diagram.
34. Explain the revealed preference theory of Samuelson.
35. Discuss consumer's equilibrium using indifference curve and budget line.
× 15 30 Marks)