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Old Question Paper
Year: 2013 | Semester: Fall
Exam 2013 Fall
1. a. Scarcity is not only problem but also the beginning of economic activities. Explain. 
b. Explain meaning of demand. What are the factors causes of shit of demand curve? Explain. 
2. a. What is price elasticity of demand? How it can be measured by total outlay method? Explain. 
b. From the following Demand and supply function. [4+4]
D=30-3P and S=20+P
i. Equilibrium price and quantity
ii. Show the effect on Demand and supply if price increased by Rs 2.
3. a. Define indifference curve. What are its properties?
b. Explain graphically how price effect is decomposed into income effect and substitution effect for normal goods. Also derive Engle curve for a commodity measured on horizontal
4. a. Explain the short run production behaviour. 
b. From the following cost function, calculate TFC, AFC,TVC and AVC 
5. a. Discuss upon features of prefect competition market. Derive revenue curves under it.
b. What are the characteristics of the monopoly market? How a monopolist attains its equilibrium in short run? 
6. a. What do you mean you factor pricing? Discuss how and in which condition monopoly is applied? 
b. Find the maximum profit output and maximum profit from, cost function, C=50 t 6Q2 and price function, P=100-4Q. Also find MC and MR. 
7. Write short notes on any two: [2×5=10]
a. Marginal rate of substitution.
b. Point elasticity
c. Monopoly market