Ques 1.

Explain the concept of a Production Possibility Curve. Enumerate its assumptions. Illustrate it with the help of an example.

Ques 2.

Distinguish between positive and normative economics. Which one should be preferred and why?

Ques 3.

Explain the law of variable proportions with the help of total, average and marginal product.

Ques 4.

What is backward bending supply curve? Explain with an example.

Ques 5.

Explain an industry's short period equilibrium in conditions of perfect competition.

Ques 6.

Explain the case of unitary elastic demand curve.

Ques 7.

What are the main determinants of Elasticity of Supply of a Commodity?

Ques 8.

How the various tools of government intervention are applied while determining the price?

Ques 9.

What is joint profit maximization? How is it sought to be achieved under oligopoly?

Ques 10.

Define functional distribution and distinguish it from personal distribution.

Ques 11.

What are the assumptions of indifference curves approach?

Ques 12.

Discuss the concepts of money wage and real wage.

Ques 13.

What are the properties of an Isoquant?

Ques 14.

Discuss the Ricardian theory of rent.