UNIVERSITY OF THE PUNJAB ‘Subject: Economics-I PAPER: Basic Mathematics Micro Econor NOTE: | - Attempt FIVE questions in all, selecting TWO questions from Part-I and THREE questions from Part-II. All questions carry equal marks. : PART-L (No. 1: (8) Differentiate between the following with the help of examples. (12, 8) 4) Function and relation, ii) Logarithmic and exponential fanetion. ») Wat esses eto sve the fling simltaneons quan wey 2105, 2-3-8 : EB a3 La SEB? «o Yor PigbCs Wy cb se bP ek Posie seden Sopaeharn ~ XLYE /06; 2X-3%28 2 Given the total cost and demand function of frm: a5,5) cde 7G +111. Q+50 &100-P Find out its profit maximizing level of output and price. F SD Whar wile he mana PO yr uteri red. aol KEEPS cae Ce 1485 JO +MAsS0 > A= /o-P : Tee cle tn orb ooU Git Bee Ct OS ou foe HP Q.No.3: Given the following demand function: 6,5, 5,5) Q=15-05P Then find: i) Total revenue function. fi) Marginal revenue function. iii) Relationship between the slopes of average revenue and marginal revenue function. iv) lastcity of demand when marginal revenve is zero! : Ae ee Std ayer j “QalS-05P reg ES LF LS cb ot we. Siege hea “QuNo. 4: Maximize the following profit function! 24 UH? 3"? ¥ G5 n= 64X- 2 HXYEAY + 32Y- 14 "subject tothe constraint X+¥ =79 eeu Usp per de He bYX 2K YK YY Bay iry Go & X4¥679 - AAA —PART-L (QNo. $: Explain the main features of Islamic économic system. How does this system solve the problems confronted by an economy at present? @0) yo? (Ory. ter tnd Miri oko k (hie any. Sedbr Tatlpe sy fir Laie or {QNo.6: Diteretatsbetueen Price Consumption Cue and Income Consumption Curve How demand care fora commodity can be desived fom Pe Consumption Care? (12) Ley. Bari sie BEM Li ecg «dr Sa Cb 5) ESA M Ve fe PY Q.No.7: Explain the long run average cost. How is the long run average cost curve obtained ‘from short run average cost curves? 0) spar wore iten, whoo Saye bel Lets 720 os A ot Ss § toil ql BU ow be Log ter seb IVE QNo.8: Explain the marginal productivity theory and critically examine its assumptions? (12, 08) fe be ayy Lan tL carta Cine 27 GP - 820 QNo9: — Whatis Oligopoly? Explain the price leadership model of Oligopoly. (5, 15) ; 2 : coborebeyi Sup feilewhos Je 170% egeoty SIBLE ‘QNo.10: Write notes on any TWO of the followings: 0, 10) i) Kinked demand curve 7 i) Giffen goods. es ii) Expansion path. eee i