Podcast
Questions and Answers
Which factor is NOT typically considered a determinant of individual demand in consumer theory?
Which factor is NOT typically considered a determinant of individual demand in consumer theory?
- Prices of related goods
- Income levels
- Production costs (correct)
- Consumer preferences
What does the Law of Variable Proportions primarily explain in the context of production theory?
What does the Law of Variable Proportions primarily explain in the context of production theory?
- The distribution of income among different factors of production.
- The effect of technological advancements on production efficiency.
- The changes in output when one input is varied while others are held constant. (correct)
- The relationship between the cost of production and the scale of output.
In economics, what distinguishes monopolistic competition from perfect competition?
In economics, what distinguishes monopolistic competition from perfect competition?
- The degree of product differentiation. (correct)
- The presence of barriers to entry.
- The mobility of resources.
- The number of firms in the market.
Which of the following market structures is characterized by a few interdependent firms?
Which of the following market structures is characterized by a few interdependent firms?
What is a key characteristic of 'Revealed Preference' in consumer theory?
What is a key characteristic of 'Revealed Preference' in consumer theory?
What is the primary focus of 'welfare economics'?
What is the primary focus of 'welfare economics'?
Which concept is closely associated with the study of externalities?
Which concept is closely associated with the study of externalities?
In the context of 'general equilibrium', what condition must typically be met for Pareto efficiency?
In the context of 'general equilibrium', what condition must typically be met for Pareto efficiency?
What is the key implication of the 'indifference curve' in consumer theory?
What is the key implication of the 'indifference curve' in consumer theory?
What best describes 'price discrimination' as a strategy used by firms?
What best describes 'price discrimination' as a strategy used by firms?
Flashcards
Microeconomics
Microeconomics
The study of economic behavior of individual units like consumers, firms, and markets.
Indifference Curve
Indifference Curve
A curve showing combinations of goods that give the consumer the same level of satisfaction.
Utility
Utility
Extra satisfaction from consuming one more unit of a good or service.
Production Function
Production Function
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Law of Variable Proportions
Law of Variable Proportions
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Cost Function
Cost Function
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Economic Efficiency
Economic Efficiency
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Monopoly
Monopoly
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Oligopoly
Oligopoly
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General Equilibrium
General Equilibrium
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Study Notes
- The question paper contains 75 questions.
- All questions are compulsory and will be based on subject-specific knowledge.
- The questions will be bilingual (English/Hindi).
Micro Economics
- Consumer Theory or Behaviour: covers demand, utility, the indifference curve, and revealed preference theory, consumer surplus.
- Production Theory: covers production function, law of variable proportions, returns to scale, cost function, types, and concepts.
- Price and Output determination in Market: Focuses on perfect and imperfect competition (Monopoly, price discrimination, monopolistic, duopoly, and oligopoly models).
- General Equilibrium, Efficiency and Welfare: Describes equilibrium and efficiency under pure exchange and production. Covers overall efficiency and welfare economics, and externality.
Macro Economics
- Not enough provided in image
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