Principles of Microeconomics Question Paper 2023 [Dibrugarh University B.Com 5th Sem CBCS Pattern]

Principles of Microeconomics Question Paper 2023

COMMERCE (Generic Elective)

Paper: GE-501 (Principles of Microeconomics)

Full Marks: 80

Pass Marks: 32

Time: 3 hours

1. Answer the following as directed (1x8=8)

(a) Supply is a concept. (Choose the correct answer)

(i) stock

(ii) flow and stock

(iii) flow

(iv) None of the above

(b) In case of inferior goods, the income elasticity of demand is negative7. (Write True or False)

(c) A consumer is in equilibrium, when (Choose the correct answer)

(i) MUx / MUy > Px / Py

(ii) MUx / MUy < Px / Py

(iii) MUx / MUy = Px / Py

(iv) None of the above

(d) What is a budget line?

(e) The indifference curve is convex to the origin. (Write True or False)

(f) The cost of one thing in terms of the alternative given up is known as ________. (Choose the correct answer)

(i) production cost

(ii) physical cost

(iii) real cost

(iv) opportunity cost

(g) What do you mean by Marginal Rate of Technical Substitution (MRTS)?

(h) The AR curve under perfect competition is perfectly elastic23. (Write True or False)

2. Write short notes on any four of the following (4x4=16)

(a) Determinants of demand

(b) Criticisms of the law of demand

(c) Economies of large scale production

(d) Price discrimination

(e) Characteristics of monopoly market

3. What is meant by demand schedule? Draw a demand curve from an imaginary demand schedule and explain its shape. (2+10=12)

OR

What is price elasticity of demand? Explain the factors that influence price elasticity of demand. Discuss the importance of price elasticity of demand. (2+6+4=12)

4. Define consumer equilibrium. Explain consumer's equilibrium with the help of indifference curve approach. (2+9=11)

OR

Define income effect and substitution effect. Explain the income effect in case of normal and inferior goods with the help of suitable diagram39. (4+7=11)

5. What is isoquant curve? Discuss the features of isoquant curves. (2+9=11)

OR

Write the meaning of 'optimal combination' of factors of production. Explain with the help of isoquant and isocost lines of the equilibrium of a firm. (2+9=11)

6. Define normal price. Explain how normal price is determined. Why does a firm under perfect competition make only normal profit in long run? (2+6+3=11)

OR

Explain the factors that give rise to monopoly. How does a monopolist determine equilibrium price and output in short and long run? (4+7=11)

7. Define monopolistic competition. Illustrate how a firm under monopolistic competition reaches its equilibrium in the short run. Does a firm in equilibrium under monopolistic competition always make supernormal profit? (2+6+3=11)

OR

What are the main characteristics of oligopoly? Explain the price-output determination process under price leadership in oligopoly. (4+7=11)

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Principles of MicroEconomics Question Papers (Dibrugarh University) 2021

Principles of MicroEconomics Question Papers (Dibrugarh University) 2022

Principles of MicroEconomics Question Papers (Dibrugarh University) 2023

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