ECONOMICS

RMLNLU
SECTION A (20 marks)

1. Examine the nature and scope of Economics citing the various major
definitions given by
economists.
2. What is meant by elasticity of demand? Discuss its practical economic
significance.
3. Discuss how price effect comprises of income and substitution effect.
4. Explain the price and output equilibrium of a firm under perfect competition
in long run
and show how this is different from a long run equilibrium of a firm under
monopolistic
competition.
5. Discuss the law of variable proportions citing its reasons.
6. Describe the phenomenon of price discrimination under monopoly and
show how
monopoly equilibrium is established under price discrimination.
7. Explain the nature and scope of economics in the light of various definitions
given by
various economists.
8. ‘Price effect comprises of income effect and substitution effect’. Explain the
statement in
the light of Hicks –Hansen Indifference Curves.
10. Explain the trends in the generation of Total Product, Average Product and
Marginal
Product in the short run when one factor of production is kept fixed and the
other is
variable. What is the name of such law and what are its reasons?
11. Explain in detail, various conditions under which a firm decides whether to
‘Shut Down’
or not in the short run in perfect competition.
12. Discuss the features of monopoly and the various barriers to entry in a
monopoly market.
What is price discrimination and explain how monopoly is able to attain
equilibrium
while doing price discrimination?
13. Discuss the evolution to the concept of economics and analyze its nature and
scope.
14. What is ordinal utility analysis? Explain how the Price effect comprises of
Income effect
and Substitution effect in case of a normal commodity.
16. ‘One factor is variable and others are constant’. This is one of the
assumptions of a law of
production. Name and explain the law with definition, assumptions and suitable
diagram.
17. What is perfect competition? Under what conditions does the firm under
perfect
competition decide whether to ‘Shut Down’ or not?
18. Explain the price output determination of firm under monopolistic
competition and
discuss how equilibrium in long run is different from that in perfect
competition.

19. Explain the various viewpoints of economists on the definition and nature of
Economics.
20. What is the law of demand? Explain the various cases wherein the demand
law does not
operate.
21. Explain with the help of indifference curves, the price, income and
substitution effect and
analyse the breakup of price effect of a normal good.
22. What is production function? Explain the trends in output generation when
one of the
factors of production is held constant and other factors are variable. Give
reasons for it.
23. What is perfect competition? Describe the conditions under which the firm
will decide
whether to ‘Shut Down’ or not.
24. What is monopoly? Explain how equilibrium of a firm under monopoly is
determined in
the short run.
25. ‘One factor is variable and others are constant’. This is one of the
assumptions of a law
of production. Name and explain the law with definition, assumptions and
suitable
diagram.
26. Explain the equilibrium of a firm under perfect competition when a firm
incurs losses
in the short run. What are the conditions under which firm decides whether to
shut
down or continue to operate? Explain with diagrams.
27. What is Economics? Explain clearly through various definitions of
economics given by
various economists.
28. What are Indifference Curves? Explain the breakup of price effect into
income and
substitution effect with the help of relevant diagrams.
30. Explain the equilibrium of a firm under monopolistic competition in the
long run. How
is it different from equilibrium of a perfectly competitive firm in the long run?
SECTION B (5 marks)

1. Giffen paradox.
2. Law of demand and its reasons.
3. Cartel model of oligopoly.
4. Positive and normative economics.
5. Cost curves and the relations between them.
6. Excess capacity under monopolistic competition.
7. Capitalism.
8. Economies and diseconomies of scale.
9. Micro and macroeconomics.
10. Cost and cost curves.
12. Capitalism
13. Oligopoly models
14. Cost curves and their relationship with each other
15. Giffen goods
1. Examine the nature and scope of Economics citing the various major
definitions given by economists.

2. Discuss the evolution of the definition of economics from a ‘dismal science’

to a positive and normative science.

3. Explain the meaning, nature and significance of economics and explain

whether economics is a science or an art.

4. Write a short note on: Micro and macro economics.

5. Write a short note on: Positive and normative economics.

6. ‘Desire is not demand in economics’. Throwing light on the given statement,

explain the practical significance of the elasticity of demand.
8. What constitutes demand in economics? Explain the various conditions
where demand law fails to operate.
9. What is ordinal utility analysis? Explain how the Price effect comprises of
Income effect and Substitution effect in case of a normal commodity.
10. Write a short note on: Law of demand and its reasons.

11. Write a short note on: Supply and its determinants

13. Write a short note on: Giffen goods

14. Write a short note on: Giffen paradox.

15. What is production function? Discuss the trends in the generation of output
in the short run production function and explain its reasons and applications.
16. Explain the impact of the economies and diseconomies of scale on the costs
and discuss the nature of cost and cost curves.

17. Discuss the law of variable proportions citing its reasons.

18. 'One factor is variable and others are constant’. This is one of the
assumptions of a law of production. Name and explain the law with definition,
assumptions and suitable diagram.

19. What is the difference between long run and short run production function?
With the help of Isoquants and the producer’s budget line, explain the point of
least cost combination of production.

20. Write a short note on: Cost curves and the relations between them

21. Write a short note on: Economies and diseconomies of scale

24. Explain the price output equilibrium of a firm under perfect competition in
the short run and long run. How is the long run equilibrium of firm under
monopolistic competition different from that in perfect competition?

25. Describe the phenomenon of price discrimination under monopoly and show
how monopoly equilibrium is established under price discrimination.

26. Explain in detail, various conditions under which a firm decides whether to
‘Shut Down’ or not in the short run in perfect competition.

27. Discuss the features of monopoly and the various barriers to entry in a
monopoly market. What is price discrimination and explain how monopoly is
able to attain equilibrium while doing price discrimination?
28. What is perfect competition? Under what conditions does the firm under
perfect competition decide whether to ‘Shut Down’ or not?

29. Explain the price output determination of firm under monopolistic

competition and discuss how equilibrium in long run is different from that in
perfect competition.

30. What is monopoly? Explain how equilibrium of a firm under monopoly is

determined in the short run.

31. Explain the equilibrium of a firm under perfect competition when a firm
incurs losses in the short run. What are the conditions under which firm decides
whether to shut down or continue to operate? Explain with diagrams.

32. Explain the meaning and features of monopoly market form and explain
how monopoly equilibrium is attained in the long run.

33. Explain with the help of diagrams how equilibrium of a perfectly

competitive firm in the long run differs from that of a firm in monopolistic
competition in the long run.

34. Discuss how price effect comprises of income and substitution effect.

35. Price effect comprises of income effect and substitution effect’. Explain the
statement in the light of Hicks –Hansen Indifference Curves

36. Explain the trends in the generation of Total Product, Average Product and
Marginal Product in the short run when one factor of production is kept fixed
and the other is variable. What is the name of such law and what are its reasons?
37. Explain with the help of indifference curves, the price, income and
substitution effect and analyse the breakup of price effect of a normal good.

38. What are Indifference Curves? Explain the breakup of price effect into
income and substitution effect with the help of relevant diagrams.

39. What are indifference curves? Explain the breakup of price effect into
income and substitution effect, and also ascertain the direction of Price
Consumption Curve (PCC) and Income Consumption Curve( ICC) in the
diagram.

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