Macro
Economics
Q1.
Explain the Basic Equation of National Income with its genesis meaning (10
Marks)
Q2. Explain
J M Keynes Criticism on Classical Theories of Macro Economics – Imp Points (10
Marks)
Q3.a. You
are given the following data. Calculate GNP and GDP at factor cost. (5 Marks)
Q3.b. Explain
the Demand Pull Inflation with example (5
Marks)
Micro Economics
Q1. “The root of the economic problem is the scarcity of
resources while our wants are infinite”. Elaborate the given statement
explaining the three types of problems in achieving in production and
distribution. (10 Marks)
Q2. Define the term “Elasticity of demand.” Discuss
different types of elasticity of demand. Also, explain why this concept should
be of interest to anyone including businessperson, policy maker etc. (10 Marks)
3.a. Complete the hypothetical table below and explain in
brief, the law of variable proportions. (5 Marks)
|
Quantity |
Total Product |
Average Product |
Marginal product |
|
1 |
10 |
|
|
|
2 |
30 |
|
|
|
3 |
48 |
|
|
|
4 |
56 |
|
|
|
5 |
56 |
|
|
|
6 |
52 |
|
|
3b. Vishal Ltd market share was declining due to high
competition in the market so it decided to enter a new segment. It wanted to
determine the relationship between changes in the quantity demanded of the
product due to change in the price of the product in the market. Assume that at
the price of ₹100, the demand for the product is 400 units. If the price
of the product increases to ₹120, the demand decreases to 250 units.
Calculate the price elasticity by percentage method. (5 Marks)
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