Important Questions — Micro Economics (Sem I)

Government College Ludhiana East • Micro Economics — B.Com (Sem I)
Prepared by: Jeevansh Manocha. Click a question to open its prepared answer page.

1. Critically discuss the Law of Demand and reasons for downward slope. Long answer 2. Explain movement vs shift in demand curve. Long answer 3. Explain Demand Function and types of demand. Long answer 4. Price Elasticity of Demand: meaning & methods of measurement. Long answer 5. Explain degrees of price elasticity of demand. Long answer 6. Factors affecting price elasticity & its importance. Long answer 7. Income and Cross Elasticity of Demand — short note. Long answer 8. Law of Diminishing Marginal Utility and its importance. Long answer 9. Law of Equi-marginal Utility and its importance. Long answer 10. Consumer Equilibrium — Cardinal Utility approach. Long answer 11. Indifference Curve — meaning and properties. Long answer 12. Consumer Equilibrium — Indifference Curve analysis. Long answer 13. Price Effect & Substitution Effect with diagrams. Long answer 14. Income Effect — positive, negative, zero (with diagrams). Long answer 15. Price Effect = Substitution + Income Effect — explain. Long answer 16. Law of Variable Proportions and reasons for applicability. Long answer 17. Law of Returns to Scale with table and diagrams. Long answer 18. Various laws of return to factors. Long answer 19. Economies and Diseconomies of Scale. Long answer 20. Cost Function — meaning and concepts of cost. Long answer 21. Traditional Theory of Cost: short-run & long-run. Long answer 22. Relationship between AC & MC. Why LAC is U-shaped? Long answer 23. Concepts of Revenue — relation between AR, MR, TR. Long answer 24. Relationship between AR and MR; importance of revenue. Long answer 25. Relation between AR, MR & Price Elasticity of Demand. Long answer 26. Perfect Competition — equilibrium of firm & industry. Long answer 27. Determination of market/normal price; effect of laws of return. Long answer 28. Monopoly — equilibrium in short & long run. Long answer 29. Price Discrimination — conditions & price/output determination. Long answer 30. Monopolistic Competition — equilibrium of firm & group. Long answer 31. Effect of product differentiation & selling cost on equilibrium. Long answer