IGNOU B.COM ECO 06 ECONOMIC Theory important questions for december 2020 exam

 

 IMPORTANT QUESTIONS

ECO 06

1. Explain clearly the concept of economic system. What are the various form of economic system? Describe the feature of a mixed economy. Explain the fundamental problem of an economy.

2. Explain the law of diminishing marginal return. Also explain it assumptions and limitations.

3. What are the characteristics of a market structure? Explain the marginal and average revenue of a firm under perfect competition.

4. What i price discrimination? state the condition under which price determination can be practiced.

5 a) Describe the return to scale. Explain the cause of increasing return.
b) Explain clearly the 'law of demand' with the help of a demand schedule and demand curve.

6. a) What are the factor of production.
b) Explain the factor responsible for long run average cost curve being U shaped.

7.show how short term equilibrium of a firm under perfect competition would be determined?

8. a) What are the main determinant of demand for a consumer? Explain.
b) What do you mean by the term 'supply'? Explain it main determinant.

9. Discuss the 'recardian theory of rent'. What are it assumption? Explain.

10.  Describe the law of Equi Marginal utility. Explain with the help of diagram , how does a consumer attain equilibrium?

11. a) Explain the concept of indifference curve. What are it properties?
b) Explain the law of supply. Point out it exception and explain the various determinant of supply of a commodity.

12.a) Explain market equilibrium of a commodity with the help of diagram under perfect competition.
b) Explain the concept of price leadership. Does acceptance of price leadership solve the problem of oligopoly equilibrium.

13. a) What do you mean by elasticity of demand? How doe you measure the price elasticity of demand.
b) Explain the marginal and average revenue of a firm in both, perfect and imperfect competition .

14. What is long run cost curve? Why is short term average cost curve Tr shaped?

15. Write short notes on the following:

  • marginal cost
  • monopolistic competition
  • profit
  • lorenz curve
  • quasi rent
  • capitalization
  • monopoly
  • marginal productivity theory of distribution
  • consumer' surplus
  • socialism
  • perfect competition
  • oligopoly
  • cartel
  • opportunity cost
  • law of variable proportion

16. Diffentiate between:

  • poitive economic and nomative economic
  • fixed input and vaiable input
  • maginal cot and aveage cot
  • micoeconomic and macoeconomic
  • fixed cot and vaiable cot
  • ent and quai ent
  • inteet and pofit
  • money and eal wage
  • nomina and eal ate of inteet
  • fomal colluion and infomal colluion in elation to oligopoly



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