16.
17.
18.
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20.

21.
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23.

24.

28.
26.
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2 D 12689

Section B

Answer atleast five questions.

Each question carries 6 marks.

All questions can be attended.
Overall ceiling 30.

Explain the laws of returns to scale.

Describe the basic competitive model.

How the market demand curve of a commodity is derived ?
What are the determinants of market supply ?

Explain price effect, income effect and substitution effect in the case of an inferior good with the
help of a diagram.

Discuss the features of the consumer indifference curve
What are the external economies ?
Explain the Equi-marginal principle of consumer equilibrium.
(5 x 6 = 30 marks)
Section C
Answer any two questions.
Each question carries 10 marks.

Explain the properties of Cobb-Douglas production function. List out major limitations of the
function.

Critically present the revealed preference approach towards consumer behaviour.
Discuss the elasticity of demand concepts in detail. How the elasticity is measured?
Present the nature, scope and method of Economics.

(2 x 10 = 20 marks)

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