Micro Economics 131 Autumn 2007

ALLAMA IQBAL OPEN UNIVERSITY

Level: Bachelor: Autumn 2007

Paper: Micro Economics (Code 131) Maximum marks: 100

Time allowed: 3 Hours Pass marks: 40

Note: ATTEMPT ANY FIVE QUESTIONS. ALL QUESTIONS CARRY EQUAL MARKS

 

Q. No. 1

 Define the concept of indifference curve. Describe the changes in income and price graphically. Also drive the demand curve with the help of budget line and indifference curve.

 

Q. No. 2

Discuss the different forms of business organizations. Explain the scope and limitations of private and public limited companies.

 

Q. No. 3

Explain the following terms with examples:              

(i) Production Function                      

(ii) Law of diminishing return            

 

Q. No. 4

Describe the difference among following:    

(i) Total Product         

(ii) Marginal Product  

(iii) Average Product 

 

Q. No. 5                     

Economics is positive as well as normative science. Do you agree?

 

Q. No. 6

How micro economics as well as macro economics influence inflation, unemployment and economy.

 

Q. No. 7

Explain the differences, which may exist between monopolistic, competition and perfect competition.

 

Q. No. 8

Write short note on any two of the following:

(i) Opportunity Cost

(ii) Cross elasticity of demand

(iii) Price Discrimination

 



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