33.

34,

35.
36.

4 | 9 13852
Part 0 (Essay Questions)

Answer any two questions.
Each question carries 12 marks.

Examine the decomposition of price effect into income effect and substitution effect using Hicksian
and Slutsky’s methods.

Explain consumer equilibrium with the help of indifference curves.

Describe the short run and long run cost curve with suitable diagrams

Explain the laws of production in the short run and long run
(2 x 12 = 24 marks)