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# ECO401 Current Mid Term Papers Nov 2011, (Fall 2011)

Current Mid Term Papers Nov 2011, (Fall 2011)

Current Spring 2011 Papers, May 2011 Papers, Mid Term Spring 2011 Papers, Solved Papers, Solved Past Papers, Solved MCQs

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See the attached file please ECO401 Mid term paper fall 2011

Attachments:

32 questions in all
28 Objectives
Question ( Marks: 1 ) - Please choose one A good for which income and quantity demanded are inversely related is known as:
Inferior good .
Complementary good.
Normal good.
None of the given options.

Question No: 33 ( Marks: 1 ) - Please choose one If the current market price is set above the market clearing level then which of the following will happen:
► There will be downward pressure on the current market price.
► There will be upward pressure on the current market price.
► There will be lower production during the next time period .
► There will be a surplus to accumulate .
There was one another similar question with "current market price set below the market clearing level.

4 Subjective (3, 3, 2+3, 2+3)

Q. Monopoly and elasticity demand curve. (3 marks)

Q. In modern life are firms only acting according traditional theory of firm or they have some other goals as well? (3 marks)

Q. Explain diminishing marginal utility (Labor and Land)
When?
Why?
(not exactly the same but similar question)

Good Luck to you all!

How the principle of diminishing marginal rate of technical substitution is related to the law of diminishing returns. 3 Marks

Assuming that supernatural profits can be made in the short run in a monopolistically competitive industry; will there be any difference in the long-run and short-run elasticity of demand? Justify your answer. 3 Marks

From the information given below: 5 Marks
TR = 100Q-Q2

Prove that the slope of marginal revenue (MR) is twice steeper than the slope of average revenue (AR) curve.

How can we achieve optimum combination of factors of production if: 5 Marks

MPPk > MPPL
PK PL

mcq's 20

subjective question was 6
2 numbers question was 2
3 numbers question was 2
5 numbers question was 2

total question was 26
most of question was related to programs
As a whole paper was easy!!!!!

28-11-2011 session 8:00 to 9:00 am

total 32 questions

28 mcqs

2 question each with 3 marks

2 question each with 5 marks

define price discrimination and degrees of PD 2+3 = 5

calculate MPP from the give data                 = 5

Differentiate monopolistic market with competitive market    = 3

and one question is forgotten

See the attached file for one more ECO401 Mid term paper fall 2011

Attachments:

Short notes
What is Economics?“Economics is the study of how we the people engage ourselves in production,distribution and consumption of goods and services in a society.”Normative economics:Normative economics refers to value judgments, e.g. what “ought” to be the goals, ofpublic policy. Normative statements cannot be tested.Positive Economics:The analysis of facts and behavior in an economy OR “the way things are.”GoodsAre the things which are produced to be sold.ServicesInvolve doing something for the customers but not producing goods.Factors of production:Factors of production are inputs into the production process. The factors ofproduction are: • Land includes the land used for agriculture or industrial purposes as well asNatural resources taken from above or below the soil • Capital consists of durable producer goods (machines, plants etc.) that are inTurn used for production of other goods • Labor consists of the manpower used in the process of production. • Entrepreneurship includes the managerial abilities that a person brings to theOrganization Entrepreneurs can be owners or managers of firms.Scarcity:Shortage of resources because economic resources are unable to supply all the goodsdemanded.RationingA process by which we limit the supply or amount of some economic factor which isscarcely available

Papers and notes

Total Mcqz 27

1. Equation of total revenue (TR) is given below

TR = 100Q – Q2

If Q =3 than calculate average revenue and slope of average revenue.

2. Explain the traditional theory of firm with the help of its basic equation.

3. Give the degree of discrimination of the following

a. an electric power supply company uses block prices for electric sales.

b. An airline company charges different ticket rates to passengers

c. Tennis court owner charges different from child and young ones

d. Producers sells commodity abroad at lower price and higher price in local market

e. Doctor charges high prices to rich than poor.

4. What would be the shape of indifference curve in each of the following?

a. A, B are two brands of the same product, consumer can not tell the difference whether which is good or preferred.

b. X is good and Y is bad like household refuses.

Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulates emitted by and local power plant, answer the following questions:
1.What two policies could you use to reduce the total amount of emissions?
2.Why do you think they each would work?
3.What would the benefits of each action be (besides emissions reduction)?
4.What would the costs of each action be?
5.How would you decide what was the best level of emission reduction?

1. What would be the shape of indifference curve in each of the following?

a. A, B are two brands of the same product, consumer can not tell the difference whether which is good or preferred.

b. X is good and Y is bad like household refuses.?

2)when price discrimantion when it would harmfull and beneficial for public investment?

3)characteristics of oligopoly and monopoly?

4)difference between external economies and external diseconomies?

few objectives from past papers

ECO CURRENT PAPERS 2-11---11 2 PM

Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulates emitted by and local power plant, answer the following questions:
1.What two policies could you use to reduce the total amount of emissions?
2.Why do you think they each would work?
3.What would the benefits of each action be (besides emissions reduction)?
4.What would the costs of each action be?
5.How would you decide what was the best level of emission reduction?

1

2

3

4

5

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