ECONOMICS Introduction: Economics Definition, Basic economic problems, Resource constraints and welfare maximization. Micto and Macro economics. Production Possibility Curve. Circular flow of economic activities. Basics of pent: Supply and Equilibrium: Demands side and id supply side of the nvarket. Factors affecting demand & supply. Elasticity of demand & suppty price, income and cross-price elasticity. Market equilibrium price. UNIT II Theory of Consumer Choice: Theory of of Utility and consumer’ 's equilibrium. Indifference Curve analysis, Budget Constraints, Consumer Equilibrium. Ne Ee Demand forecasting: Regression Technique, Time-series, Smoothing Techniques: Exponential, Moving Averages Method UNIT I Cost Theory and Analysis: Naturé and types of cost, Cost functions- short run‘and lofg run, Economies and diseconomies of scale Market’Structure: Market structure and degree of competition, Perfect competition, Monopoly, Monopolistic competition, Oligopoly UNIT IV J a é Bo . fee Sear National Incoime Accounting: Overview of Macroeconomics, Basic concepts of National Income Accounting . an = Macro Ecoiromics Issues: Introduétion to Business Cycle, Inflation- causes,consequences and remedies: Monetary and Fiscal policy.(Please write your Enrolment No. immediately) Enrolment No, MID TERM EXAMINATION B. TECH PROGRAMMES (UNDER THE AEGIS OF USICT) 5" Semester, November 2023 Paper Code: HS-301 Subject: Economies for Engineers Time: 1% Hrs. Max. Marks: 30 fg Note: Attempt any Three questions including Q. No. 1 which is compulsory. QueNo. Question Max. CO's Marks Qi (a) Define the term "Elasticity of Demand” @) coi (>) Briefly explain the difference between Microeconomics and (2) coz Macroeconomics. (© What does Production Possibility Curve (PPC) stand forin (2) COZ economies? (@) Define the term Consumer Equilibrium’. @ cor (© Whatis the primary objective of Demand Forecasting in @® cor economies? Q2 (a) __ Discuss the factors that influence the elasticity of demand and (5) CO1 supply in the market. How do these factors impact consumer choices? Provide examples. 2 (>) Explain the term "Circular flow of economic acti examples. ities” with (5) CO2 Q3 (a) Elaborate on the Time-series method in Demand forecasting (5) CO2 with examples. () Discuss the challenges presented by resource constraints inan (5) COL economy. Provide practical examples to support your answer. Q4 (a) Describe the concept of 'price elasticity’ and ‘income elastici with examples. " 6) coi (») Explain the concept of 'Budget Constraints’ in the contextof (5) C02 consumer choice. Illustrate your answer with a relevant example. tensaEconomics Mace = Micro n p > Ipetine, —_|tndisiduat [fariy | hadica Ibchavtan ond aly. Hae chsices Hyak .ae_rmalse Gong Inelnashaine ph ssl csane _Yocllneake sibanenets mg Coa" soa the \ 4 ue Pgbroach| Rottom-Wo | “Top-down ae exnit - Ie nic cused o . e - st | - Gusic Prreblems' >What to pamdine [Opies to] Dgerabesnalt | Erdeomement + = Vm to panduce Alena Eteumat =e : ated be Seet. yn Pree vel Price Shab stl ata tet tet th Teter gh po | Faber a \s ccainarpyossing Sa ae PEVEATIT Ya anks y ayn ide J Lise a: Nae bp ferotech, \denteuiag reac avis ke i Be ~plera | = Pade eraedt Pla Prices | Ce Be reg fe for , | eo Tere ba Ge todnidua!) Welle Mori mization Produc! Reseiiily, Gane > _xele. 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