No.
of Printed Pages : 10 BECC-101
BACHELOR OF ARTS (HONOURS)
(ECONOMICS) (BAECH)
Term-End Examination
December, 2022
BECC-101 : INTRODUCTORY MICRO ECONOMICS
Time : 3 Hours Maximum Marks : 100
Note : (i) Answer questions from each Section as
per instructions given.
(ii) Section-A : Answer any two questions
from this Section.
(iii) Section-B : Answer any four questions
from this Section.
(iv) Section-C : Answer both the questions.
P. T. O.
[2] BECC-101
Section—A
1. (a) Show how can a production possibility
curve be used to solve some of the central
problems. 6
(b) Does massive unemployment shift the
production possibility curve to its left ?
Explain. 6
(c) Distinguish between the following : 8
(i) Stocks and flow concepts
(ii) Positive and normative economics
2. (a) Explain the tax burden under the following
situations : 10
(i) When demand curve is perfectly
elastic and supply curve is normal
shaped.
(ii) When supply curve is perfectly elastic
and demand curve is normal shaped.
(b) State the ‘Law of Diminishing Marginal
Utility’. What are its exceptions ? 5
(c) Explain the concept of consumer’s surplus.
5
[3] BECC-101
3. (a) What are the three stages of production ?
Which one of these do the producers prefer
and why ? 10
(b) Use iso-quant and iso-cost curves to
explain how does a producer minimize the
cost of production for a given level of
output. 10
4. (a) “Long-run equilibrium for a firm in perfect
competition occurs at a point where price
equals minimum long-run average cost.”
Explain with the help of a diagram. 10
(b) What is the price discrimination ? Explain
the different degrees of price
discrimination. 10
Section—B
5. (a) Given the following demand and supply
equations : 6
Qd 8000 − 200 Px
=
Qs 2000 + 100 Px
=
Determine the equilibrium price and
quantity with the help of above equations.
P. T. O.
[4] BECC-101
(b) Discuss the determinants of price elasticity
of demand. 6
6. (a) Discuss the law of equi-marginal utility. 6
(b) What are the conditions for consumer’s
equilibrium in ordinal utility approach ? 6
7. Derive the demand curve from ‘price
consumption curve’ in case of a normal good. 12
8. (a) Draw the expansion path of a firm in long-
run. State the conditions under which it
would be a straight line. 6
(b) Explain how the long-run average cost
curve is derived from different short-run
average cost curves. 6
9. What do you understand by ‘shut-down point’ ?
Will a firm in perfect competition continue to
operate of price is less than average variable
cost ? Explain. 12
10. Write short notes on the following : 3 each
(i) Kinked demand curve analysis
[5] BECC-101
(ii) Ricardian theory of rent
(iii) Minimum wage law
(iv) Excess capacity
Section—C
11. “Public goods are both non-rival and non-
exclusive.” Explain each of these terms and
show clearly how they differ from each other. 6
12. What is meant by “First mover advantage” ?
Give an example of a gaming situation with a
first mover advantage. 6
P. T. O.
[6] BECC-101
BECC-101
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[7] BECC-101
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P. T. O.
[8] BECC-101
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=
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=
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[9] BECC-101
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P. T. O.
[ 10 ] BECC-101
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BECC–101
