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Part B (Very Short Answer Questions )

Answer any ten questions.
Each question carries 2 marks.

Positive Economics.

Micro Economics.

Cross Elasticity.

Cobb-Douglas Production Function.
Price consumption curve.

Variable Cost.

Production Function.

Law of equimarginal utility.

Utility Function.
Decreasing Returns to Scale.
Income Effect.
Law of supply.
Part C (Short Answer Questions)
Answer any six questions.
Each question carries 5 marks.
Properties of isoquants.

Increase and extension of demand.

Engel Curve.

Can an indifference curve slope upward ? Explain.
Discuss the revealed preference theory.

Explain the factors affecting price elasticity.

State and explain the law of diminishing marginal utility.

Explain the Marshalian concept of consumer surplus.

D 13852

(10 x 2 = 20 marks)

(6 x 5 = 30 marks)

Turn over