In this article, we are going to discouss about Micro Economics Important Questions B.Com 1st Sem Hons.
Unit I: Demand and Consumer Behaviour
1. What is Elasticity of Demand? What are various types of elasticity of demand? Mention various degrees of elasticity with diagram. 2013, 2017, 2018
2. Explain any one method of measuring price elasticity of demand with the help of numerical example. 2012, 2020
3. 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
4. What is cross elasticity of demand (2015SN)? Discuss the importance of cross elasticity of demand in business decision making (2018SN). 2013, 2017
5. What is Income elasticity of demand? Discuss the importance of income elasticity of demand in business decision making. 2015
6. What is Elasticity of Supply? Mention its determinants. 2014, 2016
7. What is Revenue? Explain the concept of AR, MR and TR.
1. What is consumer’s equilibrium? Explain with the indifference curve and budget constraint how a consumer attains equilibrium. 2021
2. 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
3. Explain why consumer’s difference curve have negative slope, do not intersect and are convex to the origin.
4. Define income effect and substitution effect. Explain how price effect of a commodity is decomposed into income effect and substitution effect. 2021, 2022
5. 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.
6. 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).
7. Explain the concept of revealed preference theory.
Unit 2: Production and Cost
1. Explain with diagram the law of variable proportion. In which stage output is decided? 2012, 2015, 2018, 2020
2. 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
3. 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
4. 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
5. Explain marginal rate of technical substitution and the expansion path.
1. What do you mean by internal (2012SN) and external economies (2017SN)? Explain the different factors responsible for internal and external economics. 2013, 2015, 2019
2. 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
3. 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
4. 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
1. 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
2a. Analyse the short run and long run equilibrium of a business firm under perfect competition with the help of suitable diagram. 2013, 2014, 2016, 2017, 2018, 2021
2b. Analyse the short run and long run equilibrium of industry under perfect competition with the help of suitable diagram. 2013, 2014, 2016, 2017, 2018, 2021
3. Explain how a firm under perfect competition attains equilibrium with normal profit, super-normal profit and loss in the short run. 2021
4. 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
5. Explain the effect of imposition of a specific tax and subsidies on equilibrium price and output under perfect competition. 2019, 2022
6. Explain Walrasian and Marshallian stability analysis approach.
7. Distinguish between perfect competitions, monopoly and imperfect competition.
8. Short run and long run supply curve under perfect competition.
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Unit 4: Market Structure: Monopoly
1. 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
2. Describe how a monopolist determines his profit-maximizing output and price in the long-run. How can monopoly power be measured? 2019
3. Explain with diagram how price and output are determined under monopoly. 2020
4. What is price discrimination? Discuss the types of price discrimination with examples. Discuss the conditions of price discrimination. 2019, 2021
5. Under what conditions price discrimination is profitable? Is price discrimination socially justified?
6. Write a brief note on demand and supply curve in case of monopoly market.
7. Write a brief note on social cost of monopoly.
8. Write short note on horizontal and vertical integration of firms in case of monopoly.
Unit 5: Imperfect Competition
1. What is monopolistic Competition? What are its features?
2. Discuss the price-output determination under monopolistic competition both in short and long run. 2021
3. Illustrate how a firm in monopolistic competition reaches its equilibrium in the short-run. Can economic efficiency be attained in monopolistic competition? Discuss. 2019
4. What is meant by product differentiation? Explain with the help of diagram the ‘individual equilibrium’ and ‘group equilibrium’ under monopolistic competition. 2020
5. Explain the concept of economic efficiency. Evaluate economic inefficiency of firms operating under monopolistic competition.
1. What is Oligopoly? Mention the main features of oligopoly. What factors cause the emergence of oligopoly? 2021
2. What is collusive oligopoly? Explain how a cartel determines price and output under collusive oligopoly. 2020
3. Why does price leadership sometimes evolve in oligopolistic markets? Explain how the price leader determines a profit-maximizing price. 2019
4. What is kinked demand curve? How does it help in explaining price rigidity under oligopoly?
5. 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
6. What is break-even principle? Discuss critically the pricing policy of public utility undertakings. (Within 500 words) 2022