Principles of Microeconomics Most Important Topics [Dibrugarh University BCOM 5th SEM CBCS Pattern]

Q. Define demand for a commodity. Explain the various factors which determine demand for a commodity. SN Every year

Q. State the law of demand. Derive a demand curve using an imaginary demand schedule and explain its shape. 2022

Q. Define supply of a commodity. What are the factors which determine supply of a commodity?

Q. Distinguish between movement along a demand curve and shift in demand curve. What are the factors which cause shift in the demand curve?

Q. Distinguish between movement along a supply curve and shift in supply curve. What are the factors which cause shift in the supply curve?

Q. Explain the relationship price of a commodity and its quantity supplied. Discuss how market equilibrium is determined at the intersection of market demand and market supply curves.  2021

Q. Define equilibrium price and equilibrium quantity. How they are determined?

Q. What is law supply? What are the assumptions necessary for explanation of the law of supply? Explain the individual supply curve and the market supply curve with diagram.         2018

Part B (One Question Expected from this part – must learn this)

Q. What is Elasticity of Demand? What are various types of elasticity of demand? Mention various degrees of elasticity with diagram. 2013, 2017, 2018

Q. Explain various methods of measuring price elasticity of demand with the help of numerical example.      2012, 2020, 2022, 2024

Q. What is price elasticity of demand? What are its determinants (2013, 2016SN)? Explain the importance of price elasticity of demand.                     2012, 2014, 2015, 2016, 2019, 2021, 2023, 2024

Q. What is cross elasticity of demand (2015SN)? Discuss the importance of cross elasticity of demand in business decision making (2018SN).          2013, 2017

Q. What is Income elasticity of demand? Discuss the importance of income elasticity of demand in business decision making.                2015, 2024

Q. What is Elasticity of Supply? Mention its determinants.          2014, 2016

Q. What is an indifference curve? Explain the main properties of an indifference curve. What are the assumptions on which indifference curve analysis of a demand is based?  2020

Q. What is consumer’s equilibrium? Explain with the indifference curve and budget constraint how a consumer attains equilibrium.        2021, 2023, 2024

Q. Define income effect and substitution effect. Explain how price effect of a commodity is decomposed into income effect and substitution effect.   2021

Q. Explain the income effect in case of normal, inferior and Giffen goods with the help of suitable diagram. 2023, 2024

Q. What is budget line? What does it intercept on X-axis show? What does its intercept on Y-axis show? What does slope of the budget line measure?

Q. What is a consumer preference? What are the assumptions about consumer preferences?

Q. Explain why consumer’s difference curve have negative slope, do not intersect and are convex to the origin.

Q. What is price consumption curve? What is the relationship between price consumption curve and price elasticity of demand? Derive demand curve from price consumption curve.

Q. Explain with diagram the law of variable proportion. In which stage output is decided? 2012, 2015, 2018, 2020, 2021, 2022

Q. What is an isoquant? Explain its properties. Identify the economic region of production with the help of isoquant curve.                   2012, 2013(SN), 2014, 2015(SN), 2016, 2018, 2023

Q. Discuss the laws of returns to scale. Discuss the causes of increasing return to scale (2016SN, 2018SN) and decreasing return to scale.          2013, 2024

Q. What do you mean by internal (2012SN) and external economies (2017SN)? Explain the different factors responsible for it. Distinguish between the internal and external economies of scale.     2013, 2015, 2019, 2021

Q. What do you mean by economies and diseconomies of large-scale production? Discuss the different factors influencing economies and diseconomies of large-scale production.       2017, 2022

Q. How are laws of returns to scale different from laws of variable proportions? 2019

Q. What is called production expansion path (2017SN)? Discuss how it can be expressed with the help of budget line and iso-product curve.                  2014, 2016

Part B

Q. Explain the concept of total fixed cost, total variable costs, total costs and average cost. How they are related to each other? Distinguish between fixed costs and variable costs relevant in the long run and short run.

Q. Write the meaning of ‘optimal combination’ of factor of production. Explain the equilibrium of a firm with the help of isoquant and isocost lines. (Write both output maximization and cost minimization.)  2023

Q. Discuss about optimum factor combination of a business firm with the help of diagram.         2017

Q. Explain how a technological change affects ling-run cost curves. Distinguish between process innovation and product innovation.

Q. Discuss the relationship between short-run and long-run average cost curves. Explain the L-shaped LAC curve. 2024

Q. What is perfectly competitive market? What are its characteristics and Assumptions? Explain the process of price-output determination, under perfect competition.          2012, 2014, 2015, 2017, 2018, 2021

Q. Analyse the short run and long run equilibrium of a business firm and industry under perfect competition with the help of suitable diagram.             2013, 2014, 2016, 2017, 2018, 2021, 2022

Q. Explain how a firm under perfect competition attains equilibrium with normal profit, super-normal profit and loss in the short run.    2021

Q. Define normal price. Diagrammatically explain how normal price is determined. Why does a firm under perfect competition make only normal profit in the long run?    2023, 2024

Q. Distinguish between perfect competitions, monopoly, oligopoly and imperfect competition. 2022

Part B: Monopoly

Q. What is monopoly market? What are its features? How does a monopolist determine the price of his commodity under condition of price discrimination? Illustrate your answer with suitable diagram. 2020, 2022, 2024

Q. Describe how a monopolist determines his profit-maximizing output and price in the long-run. How can monopoly power be measured?     2019

Q. Explain with diagram how price and output are determined under monopoly.             2020

Q. What is price discrimination? Discuss the types of price discrimination with examples. Discuss the conditions of price discrimination.                2019, 2021, 2022, 2023SN, 2024SN

Q. Under what conditions price discrimination is profitable? Is price discrimination socially justified?

Q. What is monopolistic Competition? What are its features? Discuss the price-output determination under monopolistic competition both in short and long run.  2021, 2023, 2024

Q. Illustrate how a firm in monopolistic competition reaches its equilibrium in the short-run. Can economic efficiency be attained in monopolistic competition? Discuss.     2019          

Q. What is Oligopoly? Mention the main features of oligopoly. What factors cause the emergence of oligopoly? 2021

Q. Explain how a cartel determines price and output under collusive oligopoly. 2020, 2023, 2024

Q. What is meant by product differentiation? Explain with the help of diagram the ‘individual equilibrium’ and ‘group equilibrium’ under monopolistic competition.   2020

Q. Why does price leadership sometimes evolve in oligopolistic markets? Explain how the price leader determines a profit-maximizing price.           2019

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