M.A. (Economics) Part I Sem I 2018 19 Dec 2018-19 ECONOMICS MICROECONOMICS I Question Paper - Mumbai University | munotes

Questions asked in this paper

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• 2) Figures to the right indicate full marks assigned to each question

1. Q1 Answer any two from the following 15 marks
   • a. Discuss revealed preference approach to consumer choice
   • b. Write an explanatory note on income effect and substitution effect
   • c. Write a note on Slutsky equation
2. Q2 Answer any two from the following 15 marks
   • a. What is production function? production function varying
   • b. Write a note on profit maximization as an objective of firm
   • c. Write an explanatory note on long run cost curves
3. Q3 Answer any two from the following 15 marks
   • a. Write an explanatory note on price and output determination under perfect competition in short run
   • b. Explain the concept of existence and stability of equilibrium
   • c. Write a note on theory of Second Best
4. Q4 Answer any two from the following 15 marks
   • a. Explain the price-output determination under monopoly in short run
   • b. Explain the concept of price discrimination and state different types of price
   • c. Write an explanatory note of natural monopoly
   • 3) AA AIH

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