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Posted By: Reena Malik Member Level: Diamond Posted Date: 22 May 2008
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2005 Indira Gandhi National Open University (IGNOU) B.Com ECO6: Economic Theory , December, 2005 Question paper
Bachelors Degree Programme
Term-End Examination
December, 2005
Elective Course: Commerce
ECO6: Economic Theory
Time : 2 hours
Maximum Marks : 50 (Weightage 70%)
Note : The paper contains three sections A, B and C. Instructions are given in each section along with marks.
SECTION A
Answer any two questions from this section. (2x15=30)
l. (a) Distinguish between price elasticity of demand and income elasticity of demand.
(b) Describe the point method of measuring elasticity of demand.
(c) Explain the importance of the concept of elasticig of dernand.
2. (a) What do you mean by indifferencec curves?
(b) What are the properties of indifferencec curves?
(c) Dslinsuish between income consumption curve and price consumption curve
3. Explain how the firm reaches equilibrium under perfect competition in the short run. What happens when in the short run the average variable cost greater than the average revenue ?
4. Discuss the marginal productivity theory of distribution. I s it an incomplete explanation of the determination of factor prices ?
SECTTON B
Answer any two questions from this section. (2x7=14)
5. "Scarcity is the root cause of all economic problems" Dscuss.
6. What is price discrimination ? Under what necessary conditions can price discrimination be practiced?
7. How do you measure inequalities in the distribution of income ? Is complete quality desirable?
8. Explain with the help of a diagram the law of Variable Proportions.
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