1 Distinguish between Postive and Normative economics
2 Distinguish between micro and macro economics.
3 Explain the central problem of how to produce/ what to produce/ for whom to produce ?.
4 Explain all properties of IC
5 State and explain the conditions of consumer equilibrium under two commodity case.
6 Explain the conditions of consumer equilibrium under IC approach.
7 Explain relation between TU and MU using graph
8How demand for a good is affected by income of the buyer? Use diagram.
9 When consumer buys more of a commodity at same price?
10 What are the causes of rightward shift/leftward shift of demand curve
11 Distinguish between change in quantity demanded and change in demand.
12 What is law of demand what are its assumptions,
13 What are causes of Law of demand
14 What are the exceptions of law of demand
15 Define price elasticity of demand explain 5 degrees of measuring elasticity of demand
16 Distinguish between perfectly elastic and perfectly inelastic demand.
17 How income level and time period affect elasticity demand for a good?
18 Graphically explain the relationship between AP and MP
19 Explain Law of variable proportions what are reasons behind this law
20 Explain the relationship between TVC and MC
21 Draw TVC, TC and TFC curves in a single diagram and comment on their shapes.
22 Distinguish between fixed cost and variable cost
23 Distinguish between explicit cost and implicit cost
24 Distinguish between movement and shift of supply curve
25 How supply of a commodity changes when it is affected by technology?
26 What are causes of rightward shift/leftward shift of supply curve
27 What is the implication of large no. of buyers and sellers under perfect competition?
28 What is the implication of freedom of entry and exist under perfect competition
29 What is the implication of homogenous product/ perfect knowledge under perfect competition
30 Show the chain effects of increase in supply of a commodity. 31How equilibrium price is achieved if market price is below the equilibrio price? affected both demand and supply Tide in the same proportion, use schedule
Answers
Answer:
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Explanation:
Sol. 1,2,11,16,22,23,24 - see image
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Sol. 3
What to produce?
(a) What to produce refers to a problem in which decision regarding which goods and services should be produced is to be taken.
(b) Since its resources are limited, every economy has to decide what commodities are to be produced and in what quantities.
(c) ‘The guiding principle for an economy here is to allocate resources in such a way that gives maximum aggregate utility to the society.
How to produce?
(a) How to produce refers to a problem in which decision regarding which technique of production should be used is made.
(b) Goods and services can be produced in two ways: by using labour intensive techniques, and by using capital-intensive techniques.
(c) The guiding principle for an economy in such a case has to decide about the techniques of production on the basis of cost of production. Those techniques of production should be used which lead to the least possible cost per unit of commodity or service.
For whom to produce?
(a) For whom to produce refers to a problem in which decision regarding which category of people are going to consume a good, i.e., economically poor or rich.
(b) As we know, goods and services are produced for those who can purchase them or have the capacity to buy them.
(c) Capacity to buy depends upon how income is distributed among the factors of production. The higher the income, the higher will be the capacity to buy and vice versa. So, this is a problem of distribution.
(d) The guiding principle is that the economy must see here that important and urgent wants of its citizens are being satisfied for the maximum possible extent or not.
