Question 1) Explain the following:
(a) Distinguish between Micro and Macro economics.
(b) State Law of Equi-marginal utility.
(c) Define Cross elasticity of demand.
(d) Describe Expansion path.
(e) Define Diseconomies of scale.
(f) What do you understand by Market?
(g) Write down the different assumptions of Monopolistic competition.
(h) What do you understand by Price discrimination?
(i) What do you understand by quasi-rent?
(j) Write a brief note on the concept of Interest.
Question 2) Describe the different properties of Indifference curve; also describe consumer's equilibrium with Indifference curve.
Question 3) Define Isoquants. Describe producer's equilibrium given the cost outlay.
Question 4) How short run traditional cost theory is different from modern short run cost approach?
Question 5) Describe equilibrium of the monopoly firm in the long run. Also explain Excess capacity Hypothesis under monopolistic competition.
Question 6) Critically examine the Marginal Productivity Theory of Wages.
Question 7) distinguish between Gross and Net profits. Describe Risk theory of profit.