Semester -1 Micro-Economics- Question Bank
Semester -1 Micro-Economics
Important
questions
Essay –questions
Unit-1
1. Why is growth
definition considered as superior to other definition?
2. Explain the nature
and scope of economics
3. Explain micro
and macro economics in detail
4. Explain
Partial & General equilibrium analysis.
Unit-2
1. Explain the
law of diminishing marginal utility
2. Explain the
law of equi-marginal utility
3. Define
indifference curve and what are the properties of IC?
4. Define IC and
how a consumer reaches equilibrium with the help of IC
Unit-3
1. Define
law of demand. What are the exceptional cases of law of demand?
2. Define
law of demand. Why demand curve slopes left to right downwards?
3. Define
law of Demand. What are the factors effecting law of demand?
4. Define
law of demand. Explain the concepts extension /contraction and increase
-decrease of demand?
5. Explain
the elasticity of demand and types of it
6. Define
elasticity of demand and what are the factors determining
7. Define
elasticity of demand and what are the methods used to measure it
8. Define
law of supply and what are the factors determining it
9. Define
equilibrium. Explain how equilibrium
price or market price is determined
10.
Explain the law of consumer’s surplus in detail
11. Define law of supply and what its
exceptional cases
12.
Define elasticity of supply and explain types.
13. Define
elasticity of supply and what the methods to measure the elasticity of supply.
14. Define law
of supply. Explain the difference between movement of supply curve and shifts
of supply curve. What factor determines supply?
Unit-4
1. Define
Isoquants and explain the properties in
it
2. Define Isoquants also explain and how the producer
achieve equilibrium through it.
3. Explain the various internal and external
economics of the firm
Unit-5
2. Explain the
relationship between long – Average cost and long run marginal cost
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