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Section B (Short Essay Questions)

Maximum marks in this section is 35.
Students can attempt all questions.
Each question carries a maximum of 5 marks

Distinguish between deductive and inductive method of theorizing.

Explain the law of demand and determinants of demand.

What is meant by demand forecasting ?

What are the important measures of elasticity of demand ?

Critically examine the law of equi-marginal utility.

What are the important properties of indifference curve ?

Examine the properties of Cobb- Douglas production function ?

Critically examine the revealed preference theory of P. A. Samuelson.
Section C (Long Essay Questions)

Answer any two questions.
Each question carries a maximum of 10 marks.

Analyse the equilibrium of a consumer with the help of indifference curve technique

Critically examine the law of variable proportions.
Explain in detail the 667081 economic problems of an economy.

D 73330

Decompose the price effect into income effect and substitution effect using Hicksian approach.

(2 x 10 = 20 marks)