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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 eentral economic problems of an economy.

Decompose the price effect into income effect and substitution effect using Hicksian approach.
(2 x 10 = 20 marks)