Define Microeconomics. Point out the issues of Micro economics.
Suppose a consumer's income is Rs 20000 per month. The price of products A B & C are Rs100, 50, & 200 per unit respectively and he buys 12 units of A, 10 units of B & 4 units of C. When his income increase to Rs 30000 per month. Find the Income elasticity at A, B & C when demand change to 150, 60, and 200 respectively.
Explain the Law of Diminishing Marginal Utility with numerical example.
Define AC & MC. Explain the Relationship between AC and MC in short run market.
Explain the equilibrium of the firm under perfect competition market by TC-TR approach with figure.
How the national income be measured by product method? Describe with example.
Write short notes on: (any TWO)
a. Functions of commercial Bank.
b. Favorable Balance of payment
c. Inflation
Attempt any TWO questions
[2x10=20]Explain how Price and Output are determinated under Monopoly Market in short run. Explain.
Define demand. Explain the types of price elasticity of demand with numerical example.
Explain the price effect under indifference curve analysis approach in case of complementary goods and substitute goods.