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Micro Economics Chapter 1 to 5 (Total Marks 40) Que.

3 to 9 are of 1
mark each
1.
2.
3.
a)
to

Explain four factors affecting price elasticity of demand. (6)


Explain any three determinants of demand for a commodity. (3)
Which of the following is not a central problem?
What to produce b) How to produce c) Why to produce d) For whom
produce

4. If the demand for good Y increases as the price of good X rises, how
are the two goods related?
a) Substitute goods
b) complementary goods
c) giffen goods
d)
None of the above
5. The demand for a good falls with an increase in income of the
consumer. What type of good is it?
a) Inferior good b) giffen good c) Normal good d) Both a and b.
6. When the demand is perfectly elastic, the demand curve is:
a) parallel to X axis
b) parallel to Y-axis
c) downward sloping curve
d) upward sloping curve
7. Which of the following is not a microeconomic study?
a) demand for a commodity b) price determination
level d) none of the above

c) general price

8. Discuss the central problems of an economy.


9. What is the difference between ordinal and cardinal utility analysis?
10.
What is meant by consumer equilibrium? State its condition in
case of a single commodity. (4)
11.
If the local pizzeria raises the price of medium pizza from Rs 60
to Rs 100 and quantity demanded falls from 700 to 100 pizzas a night,
what is the price elasticity of demand for pizzas? (4)
12.
The price of a commodity is Rs 100 per unit and quantity
supplied at this price is 500 units. If its price falls by 10 percent and
quantity supplied falls to 400 units. Calculate its price elasticity. (4)
13.
Given that the price of bananas is fixed at Rs 2 per banana and
the following table. Calculate optimum level of consumption. (4)
Numb
1
2
3
4
5
6
7
8
er
of
Banan
as
TU
5
9.5
13.5
17
20
22.5
24.5
26

14.
What is meant by consumer equilibrium? State its condition in
case of two commodities given by the utility approach. (4)
15.
Explain the concept of PPC with the help of a diagram. (4)
16.
Explain different situations/conditions under which a budget line
shifts. Use diagram. (6)