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Section B (Short Essay Questions)

Answer at least five questions.

Each question carries 6 marks.

All questions can be attended.

Overall Ceiling 30.
16. What are the properties of Cobb-Douglas production function ?
17. Elaborate the important steps involved in deductive method of theorizing.
18. Distinguish between microeconomics and macroeconomics.
19. What is meant by shift in demand ? Examine the factors to cause a shift in demand.
20. What are the important steps involved in demand forecasting ?
21. Prepare a note on the basic problems of an economy.
22. Diagrammatically explain the substitution effect-of Slutsky.
23. What is meant by expansion path ?
(5 x 6 = 30 marks)
Section C (Long Essay Questions)

Answer any two questions.
Each question carries 10 marks.
24. What does elasticity of demand measure in general ? What are the different measures of elasticity
of demand ?

25. What are the important advantages of indifference curve analysis over the traditional approach ?
State the properties of indifference curve.

26. Critically evaluate the various definitions of Economics.

27. Explain the producer’s equilibrium using Isoquant.
(2 x 10 = 20 marks)