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Answer any ten questions.
Each question carries 2 marks,

Illustrate the Euler's theorem.

What is meant by marginal propensity to save ?

What is profit function ?

Define elasticity of substitution.

What is optimal solution ?

What is meant by linear homogeneous production function ?

Calculate MPC from the following information :

| Income | Consumption

Distinguish between perfect competition and imperfect competition,
Briefly explain the meaning of price discrimination.
What do you mean by an input output model ?

Explain the primal- dual relationships in the linear programming.

Define production possibility curve.

(10 x 2 = 20 marks)

Part C

Answer any six questions.
Each question carries 5 marks.

Explain the degree of homogeneity.

Explain multivariable functions with suitable example,

Find the AP, MP and output elasticity of capital and labour for the production function :

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Explain the fundamental assumptions of linear programming.