M.A. (Economics) Part I Sem I 2022 2023 Jun 2023 ECONOMICS MICROECONIMICS I 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 the following questions :- 10 marks
   • a) Discuss the theory of revealed preference
   • b) Explain the utility maximisation problem
4. Q2 Answer the following questions:
   • a) What is production function? Explain the production function under varying
   • b) Explain the long run cost curve
5. Q3 the following questions: - 10 marks
   • a) What is market demand curve? Explain with diagram
   • b) Discuss Marshallian approach of stability of equilibrium
6. Q4 Answer the following questions: - 10 marks
   • a) Explain the Walara's general equilibrium in a competitive economy
   • b) Explain the causes of market failure
   • A) Write short notes :- 20
   • b) Constant elasticity of substitution production function
   • d) The first fundamental theorem of welfare economics Choose the correct answer from the given multiple choice is branch which deals with the various stages a consumer goes through before purchasing products or services for his and use
   • a) Consumer's behaviour
   • b) Consumer's interest
   • c) Consumer's attitude
   • d) Consumer's perception
   • ii) type of ---------- consumer decision rule in which a consumer mades a product choice on the basis of his previously established experience and rating of the product brand rather than on specific attributes
   • a) Compensatory decision
   • b) Conjunctive decision
   • c) Disjunctive decision Price line shifted to the left side or right side due to change in
   • a) Consumer's income
   • b) Prices of commodities
   • c) Investment
   • d) Saving
   • iv) The slope of indifference curve measure the
   • a) Slope of budget line
   • b) Total utility of a good
   • c) Space on an indifference map
   • d) Marginal rate of substitution
   • v) The expenditure function shows the ----------- necessary to achieve a given utility level for a particular set of prices
   • a) Maximum expenditure
   • b) Minimum expenditure
   • c) No expenditure
   • d) No limit expenditure
   • vi) of variable proportions initially production
   • a) Increases at a diminishing rate
   • b) Remains constant
   • c) Increases at an increasing rate
   • d) Increases at an constant rate
   • vii) The types of short run production is called
   • a) Law of returns to scale
   • b) Law of variable proportion
   • d) Constant return to scale
   • viii) In the long run all factors of production are
   • a) Fixed
   • b) Variable
   • c) Fixed and variable
   • d) Homogeneous
   • ix) The increase in total cost to produce one more unit in production is called
   • a) Average cost
   • b) Total cost
   • c) Marginal cost
   • x) Which of the following is called an envelop curve?
   • c) SAC
   • d) LAC
   • xi) The market supply curve slope is
   • a) Positive
   • b) Negative
   • c) Parallel to X axis
   • d) Parallel to Y axis
   • xii) The price at which the demand for goods and the supply of goods equals to the price is called the
   • a) General
   • b) Reserve
   • c) Long run
   • d) Equilibrium The demand curve for the firm under perfect competition is
   • a) Parallel to X axis
   • b) Parallel to Y axis
   • c) Positive slope
   • d) Negative slope
   • xiv) In the short term average cost of the firm is less than the short term average revenue then the short term yields a -------- profit
   • a) Super normal
   • b) Normal
   • c) Less than normal
   • d) Net
   • xv) The quantity adjustment approach was proposed by
   • b) Marshal
   • c) Arrow
   • xvi) The first attempt of general equilibrium analysis was made by French Economist
   • a) Leon Wallara
   • b) Adam Smith
   • c) Alfred Marshall
   • d) Sent siman In the Pareto's analysis, a ------------- line is obtained from the touch point in ISO quant curve of two commodities
   • a) Contract
   • b) Price
   • c) Iso Cost
   • d) Straight XVili) ------------ used a ordinal measure of utility when designing welfare economics
   • c) Hicks In the case of -------------- it is impossible to measure social benefits and loss
   • a) Public goods
   • b) Private goods
   • c) Geffen goods
   • d) Capital goods
   • xx) The effect that production and consumption have no society is called
   • a) General equilibrium
   • b) Exchange efficiency
7. Q3 TA FAH
   • A) ALATS
   • A) FEAT
   • H) HAT

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