M.A. (Economics) Part I Sem I 2022 2023 Dec 2023 CREDIT SYSTEM ECONOMICS MICROECONOMICS Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 All questions are compulsory
2. Q2 Figures to the right indicate full marks
3. Q1 Answer the following questions :- 10 marks
   • a) Critically examine the theory of revealed preference
   • b) What is indirect utility function? explain with diagram the following questions :- (10)
   • a) Explain production function under varying proportions
   • b) Explain the short run cost curves
4. Q3 Answer the following questions :- 10 marks
   • a) Explain the short run equilibrium of the market
   • b) Discuss Marshallian approach of stability of equilibrium Answer the following questions :- (10)
   • a) Examine the pareto optimality criteria of social welfare
   • b) What is market failure? Discuss, how the market fails due to externalities?
5. Q5 Write short note :- 20 marks
   • b) Types of production function
   • d) The second fundamental theorem of welfare economics Select the best answer from the given options and rewrite the statement
6. Q1 Increasing prices and income by the same multiplicative factor leaves the. set unchanged
   • a) Income set
   • b) Goods set
   • c) Price set
   • d) Feasible set li) The total effect of a price change of a commodity is ili) Slope of budget line
   • iv) Slutsky equation deals with decomposition of
   • a) Price effect into substitution and income effects
   • b) Goods with superior and inferior goods
   • c) Goods into necessities and luxuries
   • d) Consumer and producer surplus
   • v) According to.every consumer is trying to maximize their utility
   • a) Prof. J. R. Hicks
   • b) Prof. R. Stone
   • c) Prof. J.B. Say
   • d) Prof. J. S. mill
   • vi) the relationship between the rate of inputs and output of production services of product
   • a) Production function
   • b) Selling function
   • c) Saving function
   • d) Investment function the man manufacturing industry in United States and presented the production function
   • a) Prof. Cobb and Douglas
   • c) Prof. Keynes and Carver In.production function some factors are fixed and Some factors are variable
   • a) Short term
   • b) Long term
   • c) Mid term
   • d) Mid and long term
   • ix) In the short run, the slope of total cost curve is the same as slope The .curve is similar to the English letter U but is of a
   • a) Short run average cost
   • c) Short run marginal cost x1) The market supply curve slope is
   • a) Positive
   • b) Negative
   • c) Parallel to X axis
   • d) Parallel to Y axis Xli) refers to a table which shows various quantities of a commodity, offered for sale by all the sellers in the market at different prices during a given period of time
   • a) Expansion in supply
   • d) Contraction of supply
   • xiii) Market demand is an aggregate of purchasing by . buyers
   • a) Some
   • b) All
   • c) One
   • d) Two XIV) Is a necessary condition for the long term equilibrium of the industry (market) in perfect competition
   • a) LFC = LMC
   • b) LMC = LMR XV) IS an approach where quantities are adjusted instead of prices
   • xvi) theory of General equilibrium is the theory of.among all parts of the economy
   • a) Inverse relation
   • b) Direct relation
   • c) Inter relationship
   • d) Linear relation
   • xvii) To achieve paroto's efficiency in resource allocation the.rate between the two units should be the same in the firms producing those
   • c) MRS xvili) The first theorem of welfare economics draws a relationship between the two XIX) IS amajor cause of market
   • a) Public goods
   • b) Private goods
   • c) Giffen goods
   • d) Capital goods Xx) goods that benefit every one and their availability is not diminished by the consumption of many people at the same time
   • a) Private goods
   • b) Public goods
   • c) Capital goods
   • d) Consumption goods
   • S) TAT
   • A) SIN
   • S) wa
7. Q12 aa
8. Q16 as

Read from the scan above, so a character or two may differ. The scan is the original.