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Define elasticity of supply. What are the various types of elasticity of supply? Explain with diagrams.
Define production function. Discuss the various features of the Cobb-Douglas production function.
What is a perfect competition market? How the price and output are determined under it in the short run?
Attempt any Eight questions
[8x5=40]What are the features of a mixed economy?
Explain the concept of scarcity and choice in the decision-making process.
Consider the following demand schedule.
| Combination | A | B | C | D | E |
|---|---|---|---|---|---|
| Income (Rs) | 0 | 2 | 4 | 6 | 8 |
| Demand (Units) | 200 | 160 | 120 | 80 | 40 |
i) Compute the income elasticity of demand at movement from B to C and C to B by the proportional method.
ii) Compute the income elasticity of demand midway between B and C and C and B.
Define price consumption cure (PCC). Derive the price consumption curve for Giffen goods with the help of indifference curve approach.
Consider the following cost schedule:
| Output | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|---|
| TVC | 0 | 50 | 90 | 120 | 140 | 175 | 230 | 310 |
a) At TFC=120, compute TC, AFC, AVC, and ATC.
b) Draw the graph of AFC, AVC, and ATC.
Explain the various properties of the indifference curve.
Show the relationship between AR and MR under the monopoly market with the help of a table and figure.
Differentiate between expansionary fiscal policy and contractionary fiscal policy.
From the following data, calculate the national income:
| Particulars | Rs.in million |
|---|---|
| Gross fixed capital formation | 300 |
| Private final consumption expenditure | 900 |
| Net Export | -50 |
| Subsidies | 50 |
| Government final consumption expenditure | 150 |
| Indirect taxes | 250 |
| Change in stock | 50 |
| Consumption of fixed capital | 50 |
| Net factor income from abroad | 50 |