Ignou student zone_ISZ

    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 ma rginal return. Also explain it assumptions and limitations. 3. What are the characteristics of a market st ructure? Explain the marginal and average revenue of a firm under perfect competition. 4. What i p rice discrimination? state the condition under which price determination can be practiced. 5 a) De s c ribe the return to scale. Explain the cause of increasing return. b) Explain clea rly the 'law of demand' with the help of a demand schedule and demand curve. 6. a) What a r e the facto r of production. b) Explain the facto r responsible for long run average cost curve being U shaped. 7. s how how  s ho r t te r m equilib r ium of a fi r m unde r  pe r fect competition would be dete rmined? 8. a) What a r e the main...

IMPORTANT QUESTIONS ECO 06 1. What do you understand by 'Monopoly'? Explain its characteristics. How are output and price determine  under monopoly? Explain graphically. In what way does it differ from perfect competition. 2. a) What is long run cost curve? Explain the factors responsible for Long Run Average Cost Curve being U- shaped. b) How is the long run average cost curve related to short run average cost curve? 3.  Define Production. Distinguish between fixed and variable inputs. Explain their importance in theory of production. 4. What do you mean by elasticity of demand ? How would you measure the price elasticity of demand ?  5. Explain the concept of consumer's surplus. Does this concept have any utility in Practice? What are its limitations. 6. What is an economic system? Explain the fundamentals problem of an economy.  7. Critically examine the Marginal Productivity Theory of Distribut...