Micro Economic Important Questions for Upcoming Exam
[Dibrugarh University BCOM 1st Sem CBCS Pattern
Unit I: Demand and Consumer Behaviour
PART A
Q. What is Elasticity of Demand? What
are various types of elasticity of demand? Mention various degrees of
elasticity with diagram. 2013, 2017, 2018
Q. Explain any one method of measuring
price elasticity of demand with the help of numerical
example. 2012, 2020
Q. What is price elasticity of demand?
What are its determinants (2013, 2016SN)? Explain the importance of price
elasticity of demand. 2012,
2014, 2015, 2016, 2019, 2021
Q. What is cross elasticity of demand
(2015SN)? Discuss the importance of cross elasticity of demand in business
decision making (2018SN). 2013,
2017
Q. What is Income elasticity of
demand? Discuss the importance of income elasticity of demand in business
decision making. 2015
Q. What is Elasticity of Supply?
Mention its determinants. 2014,
2016
Q. What is Revenue? Explain the
concept of AR, MR and TR.
PART B
Q. What is consumer’s equilibrium?
Explain with the indifference curve and budget constraint how a consumer
attains equilibrium. 2021
Q. What is an indifference curve?
Explain the main properties of an indifference curve. What are the assumptions on which indifference curve analysis of a
demand is based? 2020
Q. Explain why consumer’s
difference curve have negative slope, do not intersect and are convex to the
origin.
Q. Define income effect
and substitution effect. Explain how price effect of a commodity is decomposed
into income effect and substitution effect. 2021,
2022
Q. What is price
consumption curve? What is the relationship between price consumption curve and
price elasticity of demand? Derive demand curve from price consumption curve.
Q. What is law of Demand? How would
you explain it with substitution effect and income effect? Mention the
assumptions which are necessary for law of demand analysis (2012).
Q. Explain the concept of revealed
preference theory.
Unit 2: Production and Cost
PART A
Q. Explain with diagram the law of variable proportion. In which
stage output is decided? 2012, 2015, 2018, 2020
Q. What is an isoquant? Explain its properties. Identify the
economic region of production with the help of isoquant curve. 2012, 2013(SN), 2014,
2015(SN), 2016, 2018, 2019
Q. Write the meaning of ‘optimal combination’ of factor of
production. Explain the equilibrium of a firm with the help of isoquant and
isocost lines. (Write both output maximization and cost
minimization.) 2017, 2021, 2022
Q. Discuss the laws of returns to scale. Discuss the causes of
increasing return to scale (2016SN, 2018SN) and decreasing return to scale. How
are laws of returns to scale different from laws of variable proportions? 2013,
2019
Q. Explain marginal rate of technical substitution and the
expansion path.
Part B
Q. What do you mean by internal (2012SN) and external economies
(2017SN)? Explain the different factors responsible for internal and external
economics. 2013, 2015, 2019
Q. What do you mean by economies and diseconomies of large-scale
production? Discuss the different factors influencing economies and
diseconomies of large-scale production. 2017
Q. What is called production expansion path (2017SN)? Discuss how
it can be expressed with the help of budget line and iso-product curve. 2014, 2016
What are ‘envelop curves’ and ‘learning curves’? Explain why a
long-run average cost (LAC) curve is flatter than the short-run average cost
(SAC) curve. (Within 500 words) 2022
Unit 3: Market Structure: Perfect
Competition
Q. What is perfectly competitive
market? What are its characteristics and Assumptions? Explain the process of
price-output determination, under perfect competition. 2012, 2014, 2015, 2017, 2018, 2021
Q. Analyse the short run and long run
equilibrium of a business firm and industry under perfect competition with the
help of suitable diagram. 2013,
2014, 2016, 2017, 2018, 2021
Q. Explain how a firm
under perfect competition attains equilibrium with normal profit, super-normal
profit and loss in the short run. 2021
Q. Define normal price.
Diagrammatically explain how normal price is determined. Why does a firm under
perfect competition make only normal profit in the long run? 2021
Q. Explain the effect of imposition of
a specific tax and subsidies on equilibrium price and output under perfect
competition. 2019, 2022
Q. Explain Walrasian and Marshallian
stability analysis approach.
Q. Distinguish between perfect competitions, monopoly and imperfect competition.
Unit 4: Monopoly and Price Discrimination –
Meaning, Features and Price Determination
Q. What is monopoly market? What are
its features? How does a monopolist determine the price of his commodity under
condition of price discrimination? Illustrate your answer with suitable
diagram. 2020, 2022
Q. Describe how a monopolist
determines his profit-maximizing output and price in the long-run. How can
monopoly power be measured? 2019
Q. Explain with diagram how price and
output are determined under monopoly. 2020
Q. What is price discrimination?
Discuss the types of price discrimination with examples. Discuss the conditions
of price
discrimination. 2019,
2021
Q. Under what conditions price
discrimination is profitable? Is price discrimination socially justified?
Q. Write a brief note on demand and
supply curve in case of monopoly market.
Q. Write a brief note on social cost
of monopoly.
Q. Write short note on horizontal and
vertical integration of firms in case of monopoly.
Unit 5: Imperfect Competition
Part A
Q. What is monopolistic Competition?
What are its features?
Q. Discuss the
price-output determination under monopolistic competition both in short and
long run. 2021
Q. Illustrate how a firm in
monopolistic competition reaches its equilibrium in the short-run. Can economic
efficiency be attained in monopolistic competition?
Discuss. 2019
Q. What is meant by product
differentiation? Explain with the help of diagram the ‘individual equilibrium’
and ‘group equilibrium’ under monopolistic competition. 2020
Q. Explain the concept of economic
efficiency. Evaluate economic inefficiency of firms operating under
monopolistic competition.
Part B
Q. What is Oligopoly? Mention the main
features of oligopoly. What factors cause the emergence
of oligopoly? 2021
Q. Q. What is collusive oligopoly?
Explain how a cartel determines price and output under collusive oligopoly.
2020
Q. Why does price leadership sometimes
evolve in oligopolistic markets? Explain how the price leader determines a
profit-maximizing
price. 2019
Q. What is kinked demand curve? How
does it help in explaining price rigidity under oligopoly?
Q. What is oligopoly? What is ‘market
cartel’ under oligopoly? Explain the price-output determination process with
the help of Cournot’s model. (Within 500 words) 2022
Q. What is break-even principle?
Discuss critically the pricing policy of public utility undertakings. (Within
500 words) 2022
Also Read: Microeconomics Question Paper Dibrugarh University
Microeconomics Question Paper 2019
Microeconomics Question Paper 2020
Microeconomics Question Paper 2022
Microeconomics Question Paper 2023
Microeconomics Important Questions and Notes
Also Read:
Micro Economics Solved Question Paper 2019
Micro Economics Solved Question Paper 2020
Micro Economics Solved Question Paper 2021
Micro Economics Solved Question Paper 2022
Micro Economics Solved Question Paper 2023
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