Assam University B.A 1st semester Economics (Honours) Priveous year question papers

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TDC Odd Semester Examination, 2012

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ECONOMICS (Honours)

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(1st Semester)

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Course No:ECOH-101

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(Micro Economies)

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Full Marks: 5o

Pass Marks:17

Time : 2 Hours

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The figures in the margin indicate full Marks for the question

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Answer five question, taking one from each unit

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UNIT-I

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(a) Define microeconomics. 4

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(b) Write a few scope and uses of microeconomics theory. 3+3=6

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(a) Define Optimization. 4

(b) Explain briefly on the three elements of optimization problem. 2×3=6

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UNIT-II

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(a) What do you mean by demand function? Write down one linear demand function giving the names of the variables used. 3+1=4

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(b) What is market supply? Express it in a functional form. 2+1=3

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(c) Why does the supply curve generally slope upward to the right? 3

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(a) Define elasticity of supply. Distinguish between elasticity and slope of a supply curve. 2+3=6

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(b) Prove that the elasticity of supply is equal to unity when the supply curve passes through the point of origin in a price quantity diagram. 5

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UNIT-III

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(a) Explain the concept of “indifference curve”. 4

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(b) Derive the individual demand curve from an indifference curve. 6

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(a) With the help of a diagram. Explain the breakup of the price effect into income effect and substitution effect through indifference curve in case of a fall in price. 5

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(b) State “revealed preference hypothesis” with the assumption. 3+2=5

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(a) Distinguish between returns to a factor and returns to scale. 4

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(b) Explain , with a diagram , the meaning of iso-product curve. Also show that iso-product curves never cut each other. 3+3=6

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(a) Write the general form of Cobb-Douglas (C-D) production function giving the meaning of the variables used. Why is the function names so? 2+2=4

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8. (b) Prove the following :

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(i) C-D production function is homogeneous of degree one.

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(ii) Elasticity of substitution of C-D production function is equal to unity. 3+3=6

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UNIT-V

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(a) Explain why the short-run average cost (AC) curve is U shaped. 6

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(b) Distinguish between actual cost and opportunity cost. 4

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(a) Show that in imperfect competition when average revenue (AR) curve traces a straight line , the marginal revenue (MR) curve also lies on a straight line passes through the midpoint of the AR curve and revenue axis. 5

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(b) Explain the relationship along AR,MR and price elasticity. 5

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