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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