This question paper contains 3 printed pages. 524 Your Roll Nooo a Subsidiary for Honours Courses AC ECONOMICS - Paper | [Economic Systems and Micro - economic Theory] Time : 3 hours Maximum Marks :100 (Write your Roll No, on the top immediately on receipt ofthis question paper.) Note :~ Answers may be written either in English or in Hindi: but the same medium should he used throughout the paper. Rah: ger wetaa a aire aA aT BD Ree vee ure Ht fer ee Altempt FIVE questions in all, selecting at least two questions from each section All questions carry equal marks ces eos 8 aH aH GP WET FA BR, ayer Whe wet ab were ere) wh neat & ste ware Bh Section -A (ws — '@) 1.’ Whatare the central problems of an economy ? How are they solved in a capitalist economy ? ve selaren a data wre gar 8 ? yw Gohard seferen 4 Gara wares fea were eat & 812 2. Explain different methods of estimating national income. What conceptual difficulties are faced in the estimation of national income. wee ara aa @ fats fatal a aren afc) weta sia aA 4 fe aeRO ofeargal war aT Tat B ? 128 3. What are the causes of inequality of income & wealth ? What measures can be undertaken to reduce these inequality? ara wen watt BW seaonit & an eR #2 ge oa oe S fea ea soa se) oT ward 81 10.10 4, Why does occupational structure changes as economic development takes place in an economy ? What are the main features of the occupational structure of India since independence ? 524(500) a)we seforren & sift fora & ere arcenfis star zai ofkdfte gar 81 eae } gearq anda arate 2h ot aan favo’ #1 10.10 5, Write short notes on any two @ Features of India’s economic system i) National Capital (ii) Cireular flows of income () __Lorenzcurve. fered at we wierd ale fet — @) ait anfifes some a faster: @ Tet yh Gi) ora aH Ware; @) a aH; 10.10 Section - B ws - a 6. Explain the Law of Demand ? What are the exceptions to the Law’? nit & Pram at caren anfire | ga aa od aay gare & ? 12,08 7. Distinguish between price elasticity of demand & income elasticity of demand, Explain the total outlay method of measuring elasticity of demand. ara wit A ote ote ona wit BH cia A Ag ene ahftig) Ain A ota wT aT & fre Be are fay a rear SiR 08. 12 8. Discuss the assumptions of utility analysis. Show with the help of a schedule and a diagram that total utility is, ‘maximum when marginal utility is zero. when faeetrr A aracist ar fea aie) GH after of fra ERT ere Ay a a ga suai aftoda al 8 aa Mra coat ya eh 81 08, 12 9. (@_Explain the relationship between average cost and marginal cost. Is it possible for the average cost to fall when marginal cost is increasing. 07,07 (6) Complete the following table Unitsof Total Cost TRC TVG) AFC AV MC output 0 300 1 600 2 700 3 750 4 780 5 800 6 900 06 524X500) (2)(@) sited are afk Stet arma S Tara BH aren wife) gar sites arta BS fed Pear wea 8 wa tris ord ag we 8? 07.07 (@) rafetaa onftrerr wt ger attire: were warrenty ote oth atin (eargai 3) (wo 4) “arrat aor Ree aaa arn arnt ara 300 600 700 750 780 800 900 06 one enaod 10, Write short noteson any two (@ Properties of Indifference curve; Gi) Lawof variable proportions; Gi) Features of Monopolistic competition (iv) _ Risk taking & uncertainity bearing theory of profits ford ch oe ate fefere — @ Sani om a farecg, di) oRafasite argue or Pram; Gi) Verferern aerate a faereery, dy) Ta or SiR aes cer aftvecan Rrra: 10,10 '524(500) «a