**2021**

**ECONOMICS**

__Full Marks: 100__

Pass Marks: 30

Time: 3 hours

The figures in the margin indicate full marks for the questions

PART – A

1. Answer the following as directed:

(a) What do you understand by market economy? 1

(b) Opportunity cost is also known as _______ cost. (Fill in the blank) 1

(c) Define utility. 1

(d) What is the shape of average product curve? 1

(e) What is the relation between marginal cost curve of a firm and its
supply curve? 1

(f) What is price-ceiling? 1

2. What are the central problems of an
economy? 2

Or

What does a production
possibility curve indicate? 2

3. Write the law of diminishing marginal
utility. 2

Or

What is complementary good?
Write with example. 2

4. What do you understand by fixed factor and
variable factor of production? 2

5. State the law of variable proportion. 2

Or

What is market supply? How is the market
supply curve derived? 1+1=2

6. Write the conditions for determining
profit maximizing output for a firm under perfect competition. 2

Or

“Firms under monopolistic competition produce
differentiated products.” Interpret the sentence. 2

7. (a) What does a budget line indicate? 1

(b) The slope of the budget line is _______.
(Fill in the blank) 1

Or

What do you understand by ‘monotonic preferences’? 2

8. Prepare an imaginary demand schedule and
on its basis, draw a demand curve. 4

Or

Discuss the characteristics of indifference
curve. 4

9. The following table gives total cost (TC)
schedule of a firm. Determine total variable cost (TVC), average variable cost
(AVC), average cost (AC) and marginal cost (MC) schedule: 4

Quantity
of Output (Q): |
0 |
1 |
2 |
3 |
4 |

Total
Cost (TC) : |
10 |
40 |
60 |
80 |
95 |

Or

(a) Define average fixed cost. 1

(b) When a firm produces 4 units of output,
its total cost is Rs. 40 and total variable cost is Rs. 20. Calculate average
fixed cost. 2

(c) Draw an average fixed cost curve. 1

10. Write four differences between perfectly
competitive market and monopoly market. 4

Or

Write the characteristics of monopolistic
competitive market. 4

11. Define the following: 1x4=4

(a) Normal profit.

(b) Super-normal profit.

(c)
Break-even point.

(d) Shut-down point.

12. Briefly discuss two factors that affect
supply curve of a firm. 4

Or

Diagrammatically explain how market
equilibrium is attained. 4

13. (a) What is marginal revenue of a firm? 1

(b) Write the difference between revenue and
profit of a firm. 1

(c) For a firm under perfect competition,
show that Price (P) = Average Revenue (AR) = Marginal Revenue (MR). 4

Or

(a) Define production function. 1

(b) What does an isoquant indicate? 1

(c) The slope of an isoquant is _______
(positive / negative / zero). (Fill in the blank with correct option) 1

(d) The production function for a firm is
given as

14. What do you understand by movement along
the demand curve and shift in the demand curve? Explain with the help of
diagram. 6

Or

(a) What does price elasticity of demand
indicate? 1

(b) Write the formula of calculating price
elasticity of demand. 1

(c) What do you understand by ‘elastic demand’
and ‘inelastic demand’? 2

(d) When the price of a commodity is Rs. 4,
then 25 units of it is demanded. When the price increases to Rs. 5, the
quantity demanded falls to 20 units. Calculate price elasticity of demand. 2

PART – B

15. Answer the following as directed:

(a) Who is known as the father of economics? 1

(b) Give the meaning of statistics in plural sense. 1

(c)
What is primary data? 1

(d) Statistics deals only with quantitative data. (Write whether the
statement is True or False) 1

(e) Arithmetic mean is mostly affected by _______. (Fill in the blank) 1

(f)
Index numbers are also termed
as _______. (Fill in the blank) 1

16. Write two importance’s of statistics in
economics. 2

Or

Mention any two limitations of statistics. 2

17. Write two advantages of direct personal
investigation method of data collection. 2

Or

Write two advantages of classification of
data. 2

18. What do you understand by class frequency
and class interval? 2

Or

Write two differences between discrete and
continuous variable. 2

19. Write two characteristics of a good
average. 2

20. Write two merits of mode. 2

21. Write the formula of calculating median
for continuous frequency distribution. 2

Or

Give the formula of calculating arithmetic
mean by step deviation method in case of continuous series. 2

22. What are the advantages of sampling
method of data collection over the census method? 4

Or

Write the characteristics of a good
questionnaire. 4

23. Briefly discuss the importance of index
number. 4

Or

Mention the steps in constructing index
number. 4

24. Define correlation. What do you
understand by positive, negative and zero correlation? Write with example. 1+1+1+1=4

Or

Explain the concept of scatter diagram. 4

25. What is range? Write one merit and two
demerits of range. 1+1+2=4

Or

Write a short note on ‘measures of
dispersion’. 4

26. Discuss the limitations of median. 4

Or

Determine median for the following
distribution: 4

Wages
(in Rs.) |
20 |
21 |
22 |
23 |
24 |
25 |
26 |
27 |
28 |

No.
of Workers: |
8 |
10 |
11 |
16 |
20 |
25 |
19 |
9 |
6 |

27. Briefly discuss the merits and demerits
of arithmetic mean. 6

Or

(a) What do you understand by measures of
central tendency? 1

(b) What are the three main types of measures
of central tendency? Define each of them.
1+3=4

(c) Write the empirical relation between
mean, median and mode. 1

28. Briefly discuss four advantages and two
disadvantages of diagrammatic presentation of data. 4+2=6

Or

What do you understand by tabulation of data?
Briefly discuss the objective of tabulation of data. 2+4=6

***

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