LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

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LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.A., DEGREE EXAMINATION – ECONOMICS

FIRST SEMESTER – SUPPLEMENTARY – JUNE 2012

Date : 27-06-2012

Time : 2:00 - 5:00

EC 1500 – MICRO ECONOMICS - I

Dept. No. Max. : 100 Marks

PART – A

Answer any FIVE questions in about 75 words each

1.

2.

What are the basic problems of an economy?

Elucidate the nature of Micro Economics

Explain the concept of elasticity of demand 3.

4.

5.

6.

7.

State the law of supply and explain

What are the features of perfect competition?

What do you mean by selling cost?

What does an isoquant represent?

PART – B

Answer any FOUR questions in about 300 words each

8.

9.

List the factors affecting the demand for a product

Bring out the difference between short run and long run production functions.

10.

Derive demand curve using indifference curve technique.

11.

Discuss the law of variable proportions.

12.

Explain the relation between average cost and marginal cost curves.

13.

Explain the kinked demand curve model of oligopoly.

14.

Explain the law of demand. What are the exceptions to the law of demand?

PART – C

(5x4 = 20 marks)

(4x10 = 40 marks)

Answer any TWO questions in about 900 words each (2x20 = 40 marks)

15.

Elaborate the concept of returns to scale.

16.

Bring out the difference between the cardinal and ordinal utility approaches to demand

17.

Explain how optimum output is reached in perfect competition.

18.

Explain the different types of price leadership and collusion in oligopolistic markets.

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