IGNOU| ECONOMIC THEORY (ECO - 06)| ELECTIVE COURSE: COMMERCE| QUESTION PAPER

IGNOU| ECONOMIC THEORY (ECO - 06)| ELECTIVE COURSE: COMMERCE| QUESTION PAPER – (JUNE - 2021)| BDP| ENGLISH MEDIUM

Note: The paper contains three Section-A, B and C. Instruction are given in each Section along with marks.

Section-A

Note: Answer any two questions from this Section.

1. What are the various forms of economic system? Describe the features of ‘mixed economy’. 4, 8

2. Describe the law of variable proportions. Point out the areas in which the law of diminishing marginal return is applicable. 4, 8

3. Explain the marginal and average revenue of a firm in both perfect and imperfect competition. 12

4. What is ‘Monopoly’? How are output and price determined under Simple Monopoly? Explain graphically. 4, 8

Section-B

Note: Answer any two questions from this Section.

5. Critically examine the Ricardian Theory of Rent. 8

6. Define ‘Production’. Distinguish between fixed and variable inputs. 2, 6

7. What is long-run cost curve? Why is short-run average cost curve U-shaped? Explain. 3, 5

8. What do you mean by ‘elasticity of supply’? Explain its determinants. 2, 6

Section-C

Note: Answer any one question from this Section.

9. Explain the following: 5, 5

(a) Oligopoly

(b) Mixed Economy

10. Distinguish between the following: 5, 5

(a) Production cost and selling cost

(b) Positive and normative economics

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