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B.A.LL.B. (SEMESTER – I) Examination, October 2015
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ECONOMICS – I: MICROECONOMICS
Duration: 3 Hours
Total Marks: 75
Instructions: Answer any Eight from Q. No. 1 to 12. Question No.13 and 14 are compulsory. Draw the Appropriate diagrams wherever necessary.
- Explain the different methodologies in economics.
- Evaluate the role of Price Mechanism in an economy.
- State and explain the Law of Demand and Supply.
- Explain the Long Run equilibrium of the firm under Perfect Competition.
- Explain the Innovation and the Risk - bearing theory of Profits.
- Discuss the Net Present Value and the Internal Rate of Return criteria in Investment analysis.
- Elucidate on the Pigovian welfare economics.
- Explain the Short run equilibrium of the Monopolist.
- Critically evaluate the Liquidity Preference Theory of Interest.
- Elaborate on Consumers Surplus.
- Discuss the Law of Variable Proportion.
- Explain the Hicks Compensated Demand Curve.
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(8x8= 64)
13) Write Short notes on ANY TWO: (3x2 = 6)
- Categories of Welfare.
- Kinked demand curve
- State the Law of Equi - Marginal Utility.
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14) Write Short notes on ANY TWO: (2.5x2 = 5)
- Evils of Monopoly
- Concepts of Cost.
- What is Social Welfare Function?
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