‘Total No. of Questions ; 8] | Tbtal No. of Printed Pages : ® 475/2004 B. E. (Third Semester) EXAMINATION, May, 2004 (Computer Exgz,) PRINCIFLES AND APPLICATIONS GF ECONOMICS (aUM-201-C) Time : Taree: Hours | [ Maximum Marks : 100 Note ; Attempt five questions in all. Q. No, L is eompulsory. 1. Answer any ten of the following : each @ oy © @) ic) Oo ® (h) o o «& oO ‘Who bas given the wealth concept of Economics ? Explain in brief. ‘Define engiacering- our characteristics of Economic lrws. Difference between sticro and macro Economies Law of Demand ‘Discconomies of scale ‘Opportunity cost Pour featares of oligopoly market Four characteristics nf Indian ceoomy Boonomic as a scitbee Factors of production Four forms of devision of lasour Ce12) Critically examine the scarcity coaeept of economic: in detail. 0 What is law of diminishing marginal utility ? Diseuss in detail, Also discuss itt limitations and applications. 20 What is elasticity of demand 7 How clastcity of demand is measurcd ? Also discuss the vatious factors affectiog ED. » Define law of variable proportion, Explain the production behaviour of a firm ot different stages of operations with reatous, a ‘Write short notes on aay bvo of the following: 10 cach What is perfect competition ? Explain its main features ip detail. » | Define globalisation. Diseuss merits and demerits of ‘globalisation of Indian economy. mw