# Micro Economics Question Paper' 2021 (Held in 2022), Dibrugarh University B.Com 1st Sem Question Papers

## Dibrugarh University B.Com 1st Sem Question Papers

1 SEM TDC ME (CBCS) GE 101

2021 (Held in January/February, 2022)

COMMERCE (Generic Elective)

Paper: GE – 101 (Microeconomics)

Full Marks: 80

Pass Marks: 32

The figures in the margin indicate full marks for the questions.

1. Fill in the blanks selecting correct alternatives:              1x8=8

(a)       The consumer is in equilibrium when _______.

(b)       The Engel curve for an inferior good _______.  (slopes downward / slopes upward / is a horizontal line)

(c)        The MC curve intersects AC curve, where AC is _______.  (maximum / minimum / rising)

(d)       If two factors are perfect substitutes, the isoquant will be _______.  (L-shaped / straight line / downward falling)

(e)       Laws of production does not include _______.  (returns to scale / law of variable proportion / least-cost combination of factors)

(f)         During long run, the firms under perfect competition can earn only _______.  (normal profit / supernormal profit / both normal and supernormal profits)

(g)       The first-order condition for maximization of profit of a firm is _______.  (AC = AR / AC = MR / MC = MR)

(h)       Advertisement cost is a part of _______.  (selling cost / MC / AC)

2. Write short notes on (within 150 words each):               4x4=16

(a)       Monopolistic competition vs. Oligopoly.

(b)       Expansion path (with diagram).

(c)        Economies of scale.

(d)       Social cost of production.

3. (a) Explain with the help of suitable diagram how firms and industry under perfect competition attain equilibrium during short-run. (Within 500 words)    14

Or

(b) What is price discrimination? Explain how a discriminatory monopolist determines prices for homogeneous products. (Within 500 words)     2+12=14

4. (a) What is oligopoly? What is ‘market cartel’ under oligopoly? Explain the price-output determination process with the help of Cournot’s model. (Within 500 words)  1+3+10=14

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Or

(b) What is break-even principle? Discuss critically the pricing policy of public utility undertakings. (Within 500 words) 2+12=14

5. (a) Discuss the concept of price effect as a summation of income and substitution effect with appropriate diagram. (Within 500 words)         7+7=14

Or

(b) What is price elasticity of demand? What are the factors that determine the value of elasticity of demand? Explain the concept of price-consumption curve (PCC) with appropriate diagram. (Within 500 words)       2+8+4=14

6. (a) What is marginal rate of technical substitution (MRTS)? Explain the concept of optimal combination of production of a firm with the help of isoquant and isocost lines for a given level of output. Discuss how ridgelines describe ‘economic region of production’. (Within 500 words)            2+10+2=14

Or

(b) What are ‘envelop curves’ and ‘learning curves’? Explain why a long-run average cost (LAC) curve is flatter than the short-run average cost (SAC) curve. (Within 500 words)                          3+3+8=14

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