ALLAMA IQBAL OPEN UNIVERSITY
Level: Bachelor: Spring 2008
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
What are the distinguishing economic characteristics of centrally planned and market economics? Why most governments are now relying on market system?
Distinguish marginal utility and Law of diminishing marginal utility.
Discuss utility of internal trade.
(i) Inferior goods
(ii) Geffen goods
(iii) Complementary goods
Why cost curves are always U shaped both in the short and long run?
What are the distinguishing characteristics of socialism and capitalism? Describe.
Describe price elasticity of demand and its categories.
Write short notes on the following:
(i) Price discrimination
(ii) Opportunity Cost
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