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3

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.
Indifference Map.
Opportunity Cost.
Production Function.
Budget Line.
Utility Function.
Increasing Returns to Scale.
Substitution Effect.
Giffen Good.
(10% 2
Part C (Short Answer Questions)

Answer any six questions.
Each question carries 5 marks.

Explain the subject matter and scope of economics.
Extension and contraction of demand.

Engel Curve.

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

Explain the significance of price elasticity

State and explain the law of diminishing marginal utility.
Explain the Marshalian concept of consumer surplus.

(6x5

C 33371

= 20 marks)

= 30 marks)

Turn over