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Odisha State Open University, Sambalpur
SESSION: 2023-24 ASSIGNMENTS
Course Code : GEEC-03 (Theory) Semester-3
Bachelor of Arts (Honours)
ASSIGNMENTS-1
Introductory Micro Economics
GEEC-03 Full Marks- 100
Group- ‘A’
Q. No. 1 Answer within one word or one sentence each 1×10=10
a. Define Indifference curve?
b. What do you mean by Unitary elastic demand?
c. Define Giffen Goods?
d. What do you mean by utility?
e. What do you mean by Price Consumption Curve?
f. What do you mean by Income consumption curve?
g. What do you mean by Normal Goods?
h. What is MRTS?
i. What is overhead cost?
j. Explain the concept of the economies of scope?
Group- ‘B’
Q. No 2. Short answer-type Questions (Word Limit: 100 Words) 2×10=20
a. What do you mean by an “Economic Model”?
b. Define Pareto’s welfare condition.
c. What do you mean by Marginal Rate of Substitution?
d. What do you mean by Price Effect?
e. What do you mean by Backward-Bending Labour Supply Curve?
f. What do you mean by Marginal Rate of Technical Substitution?
g. What do you mean by Iso-Cost line?
h. What do you mean by return to scale?
i. What do you mean by Expansion Path?
j. Distinguish between internal and external economies of scale.
GROUP- ‘C
Q. No 3. Medium answer-type Questions (Word Limit: 200 Words) 3×10=30
a. Summaries the ten principles of economics as put forth by Prof. N. Gregory Mankiw.
b. Explain the law of eventual diminishing marginal utility?
c. Derive Price Consumption Curve for a normal good.
d. Discuss how an increase in interest rate is likely to impact saving.
e. Distinguish between homogenous and non-homogenous production functions.
f. Discuss the relationship between AC and MC.
g. Explain ‘Product Exhaustion Theorem’.
h. Discuss Fisher’s theory of Interest.
i. Discuss three stages of production. Explain the economic region of production.
j. Explain “two indifference curves cannot intersect each other”.
GROUP- ‘D
Q. No 4. Long answer-type Questions (Word Limit: 300 Words) 10×4=40
a. Explain Hicksian method of isolating substitution and income effects for a normal commodity.
b. Discuss three stages of production. Explain the economic region of production.
c. Explain consumer’s equilibrium through ordinal utility approach.
d. Discuss various types of elasticity of demand and their economic interpretation.
******
ASSIGNMENTS-2
Introductory Micro Economics
GEEC-03 Full Marks- 100
Group- ‘A’
Q. No. 1 Answer within one word or one sentence each 1×10=10
a. The Circular flow diagram illustrates that in market for the factors of production, households are buyers and firms are _______.
b. _______ shows how much one variable change in corresponds to one unit change in other variable.
c. The law of supply states that there is a _______ relationship between price and supply of the commodity.
d. _______ shows the relationship between consumer’s income and his consumption of a specific commodity.
e. The necessary condition of equilibrium of a firm in perfect competition is_______
f. The costs that have already been committed and cannot be recovered are known as _______.
g. Since a competitive firm is a _______ its revenue is proportional to the amount of output it produces.
h. _______ goods are those goods where fall in the price of the good causes fall in its demand.
i. If proportionate change in demand is less than proportionate change in price demand is _______.
j. A good/service is said to be luxury when the income elasticity of demand is______.
Group- ‘B’
Q. No 2. Short answer-type Questions (Word Limit: 100 Words) 2×10=20
a. Define Economic Rent.
b. What is Envelop Curve?
c. What is meant by very short period?
d. What is Production Possibility Frontier?
e. What is time series graph?
f. Why MC is is U-shaped?
g. What is cross elasticity of demand?
h. What is income elasticity of demand?
i. What is price elasticity of demand?
j. What is indifference curve? What are its properties?
Group- ‘C’
Q. No 3. Medium answer-type Questions (Word Limit: 200 Words) 3×10=30
a. What are the factors that determine demand for a commodity?
b. What is Consumer Surplus?
c. State the conditions of consumer’s equilibrium.
d. Explain “The MRS between two goods must be equal to the ratio of the price of the good for the consumer to achieve maximum satisfaction”.
e. Distinguish between the ordinal utility and cardinal utility? Explain the assumption of cardinal utility is not needed in order to rank consumer choices.
f. Distinguish between SAC and LAC.
g. How is the wage rate determined?
h. Show that
AR MR
AR Ed
Where Ed=Elasticity of Demand
AR= Average Revenue
MR=Marginal Revenue
i. Explain the market structure under perfect competition.
j. Explain various types of cost curves.
Group- ‘D’
Q. No 4. Long answer-type Questions (Word Limit: 300 Words) 10×4=40
a. “A perfectly competitive firm is a price taker not a price maker.”Explain.
b. Discuss the marginal productivity theory of distribution.
c. Explain how the long run Marginal cost of a competitive firm can be derived using suitable diagram?
d. Explain the relationship between AC and MC.
******
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