Principles of Microeconomics Question Paper 2024 [Dibrugarh University B.Com 5th Sem CBCS Pattern]

Principles of Microeconomics Question Paper 2024

COMMERCE (Generic Elective)

Paper: GE-501 (Principles of Microeconomics)

Full Marks: 80

Pass Marks: 32

Time: 3 hours

The figures in the margin indicate full marks for the questions

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) If change in price is 10% and change in demand is 14%, then Ep is (Choose the correct answer)

(i) more than unity

(ii) less than unity

(iii) equal to unity

(iv) zero

(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) The Engel curve for an inferior good (Choose the correct answer)

(i) slopes negative

(ii) slopes positive

(iii) is horizontal line

(iv) is vertical line

(e) Production function shows the technical relationship between input and output. (Write True or False)

(f) What is real cost?

(g) The concept of opportunity cost is associated with (Choose the correct answer)

(i) Marshall

(ii) Senior

(iii) Knight

(iv) None of them

(h) The relationship between the degree of monopoly power and price elasticity of demand is inverse. (Write True or False)

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

(a) Cross elasticity of demand

(b) Budget line

(c) Price discrimination

(d) Law of variable proportion

(e) Supply curve under monopoly

3. (a) Explain the different methods of measurement of price elasticity of demand. Which is the most suitable measure? 10+1=11

Or

(b) Explain the concepts of price elasticity and income elasticity of demand. Describe their importance in economic analysis. 7+4=11

4. (a) Explain consumer's equilibrium with the help of indifference curve approach. How will a change in consumer's income affect his equilibrium? 8+4=12

Or

(b) Define income effect and substitution effect. Explain the income effect in case of normal, inferior and Giffen goods with the help of suitable diagram. 4+8=12

5. (a) What is the law of returns to scale? Discuss increasing, constant and decreasing returns to scale with the help of isoquant. 1+10=11

Or

(b) Discuss the relationship between short-run and long-run average cost curves. Explain the L-shaped LAC curve. 5+6=11

6. (a) What is normal price? Discuss how the long-run equilibrium of industry and firm are determined under perfect competition. 1+10=11

Or

(b) Describe how profit maximizing output and price are determined in the long run in a monopoly market. 11

7. (a) Define monopolistic competition. Illustrate how a firm in monopolistic competition determines equilibrium price and output in the short run. Does a firm in equilibrium in monopolistic competition always make supernormal profit? 1+8+2=11

Or

(b) What is oligopoly? Explain the price-output determination process under price leadership in oligopoly. 2+9=11

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