LL.B(hons.) 1st
semester - 2015
ECONOMICS-I
Third Paper (New Course)
NOTE- Question No.1 is compulsory.For the rest , and Attempt one question from ecach unit.
Total Five question are to be answered.
1.Explain briefly the following :
(i) Stable and Unstable equilibrium.
(ii) Role of Law in protecting the economic interests of people.
(iii) Relationship between Marginal utility and total
utility.
(iv) Concept of consumer’s surplus.
(v) Reasons responsible for working of law of demand.
(vi) Opportunity cost.
(vii) Demand curve of the firm in perfect competition.
(viii) Price discrimination.
(ix) Non-insurable risk.
(x) Liquidity trap.
UNIT – I
2.On the basis of definition of economics given by Robbins,
discuss the nature and scope of Economics. Compare his views with the view of
Marshall regarding nature and scope of Economics.
3.Differentiate between Micro Economics and Macro Economics.Discuss
the scope and limitation of micro economics and macro economics also.
UNIT – II
4.Differentiate between price elasticity of demand and cross
elasticity of demand. Explain the proportionate change method and point method
to measure the price elasticity of demand.
5.Explain the consumer’s equilibrium with the technique of
indifference curves. Do you feel that this technique is an improvement over the
cardinal utility analysis of Mrshall.
UNIT – III
6.Discuss the various concepts of a firm during the short
period.
7.Explain the price and output determination of a monopoly
firm. Is it true that monopolist price will alwaysv be higher than perfect
competitive price.
UNIT – IV
8.Critically evaluate the marginal productivity theory of
wages.
9.Rent can be earned
by any factor of production if supply of that factor is than perfectly elastic.
Explain modern theory of rent in the light of above
statement.
