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3 C 60214
Part B (Very Short Answer Questions)

Answer any ten questions.
Each question carries 2 marks.

Distinguish between Leontief open and closed input-output model.

What is a linear homogeneous function ?

What is optimal solution ?

Define cross elasticity of demand.

Define production possibility curve.

For the total utility function U = 20x4 + 7x? + 13x” + 12x + 9, compute marginal utility.
What is an economic model ?

Define Marginal propensity to consume.

If the price of a commodity is Rs. 5 and MR is Rs. 10, find the elasticity of demand.

Define market equilibrium.

What is an isoquant ?

Compute Average cost for the Total cost C = 8x3 + 3x” - 6x +3.

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(10 x 2 = 20 marks)

Part C (Short Essay Questions)

Answer any six questions.
Each question carries 5 marks.

What is meant by input-output analysis ? What are the various uses of input-output analysis ?
Explain the concepts of maxima and minima of fanctions. How are they estimated ?

Discuss the conditions for profit maximization under monopoly.

For a firm under perfect competition, itis given that p=3 and c = 100+ .015x”. Find how many
items are produced to maximize the profit. What is the profit ?

Determine Marginal Utilities ofx andy atx=3and y=2 for the Total Utility Function

U=5x2 y + Qxy? + 3x4 9y.
Turn over