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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 [9] BECC-101

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P. T. O.
 [ 10 ] BECC-101

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BECC–101