Class Test on Micro Economics Essay

i) All questions in this section are compulsoryii) Marks for questions are indicated against to from each one oneiii) Answers for very scant(p) answer questions carrying 1 mark must be answered in ONE sentence each iv) Answers for short answer questions carrying 3 marks each should not practicely exceed 60 words v) Answers for short answer questions carrying 4 marks each should normally not exceed 70 words vi) Answers for commodious answer questions carrying 6 marks each should not normally exceed coulomb words each. vii) Answers should be brief and to the blot The above word limits should be adhered to as far as possible. 1. Name the peculiarity which make monopolistic competition dissimilar from perfect competition12. Why is get hold of for pissing inelastic?13. render one throw of oligopoly14. In which market form is the demand perfectly inelastic?15. Distinguish amid join on in demand and increase in sum demanded36. Goods X and Y are substitutes. Explain the en snare of a fall in damage of Y on the demand for X.37. At a terms of Rs. 5 per unit of a commodity A, natural receipts is Rs 800. When its price rises by 20%, fundamental revenue increases by Rs. 400. omen its rice piece of cake of demand38. Explain the implication of freedom to opening and exit of firms under perfect competition39. wedded below is the embody schedule of a firm. Its average fixed follow is Rs 20 When it is producing 3 units. Output 1 2 3 Average Variable cost (Rs.) 30 28 32 Calculate its peripheral cost and average total cost at each disposed level of output.310 Explain the features of What to winOR Explain any devil main features of centrally planned economy.412. When the price of a commodity falls by Rs. 2 per unit, its quantity demanded increases by 10 units. Its price elasticity is (-)1. Calculate its quantity demanded on its equilibrium price.413. Explain the effect of increase in income of buyers of a normal commodity on its equilibrium price. 414. State whether the following statements are true or false Give reasons for your answer(a) When total revenue is constant, average revenue allow be constant. (b) Average variable cost can fall even when marginal output is rising (c) When marginal product falls, average product will in like manner fall.615. Explain the law of variable proportions with the facilitate of total and marginal product curves. 616 Explain producers equilibrium with the help of a marginal cost and marginal revenue schedule 6