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Quaid-i-Azam University Islamabad B.A / B.SC. Part 1 Past Paper of Economics Annual Examinations-2013

Quaid-i-Azam University Islamabad B.A / B.SC. Part 1 Past Paper Of Economics Annual Examinations-2013

Quaid-i-Azam University Islamabad B.A / B.SC. Part 1 Past Paper of Economics  Annual Examinations-2013

QUAID-I-AZAM UNIVERSITY
ISLAMABAD
B.A. Annual Examinations – 2013
(PART – I)
Subject: ECONOMICS, (Paper:A) Time Allowed: 3 Hours Max Marks:100 July 2, 2013
Note: Attempt four questions from Section:I, three questions from Section:II and three questions from Section:III. All questions carry equal marks.
SECTION-I
(Marks: 40, Attempt any four questions from this section)
Q1. Explain the following statements: (marks: 5+5 =10)
a. Two indifference curves cannot cross,
b. Higher the indifference curve, greater the level of satisfaction
Q2. What does the convexity of an indifference imply? Are indifference curves always convex to origin? (explain) (marks: 5+5 =10)
Q3. What is income effect? Show income effect of an inferior commodity with the help of a diagram. (marks: 3+7 =10)
Q4. Explain the relation between average product of labor and marginal product of Labor. (marks: 10)
Q5. Distinguish between three stages of production in single input production function. Which is economic stage? (explain) (marks: 7+3 =10)
Q6. What is Expansion path? Explain with the help of diagrams. (marks: 3+7 =10)
SECTION-II
(Marks: 30, Attempt any three questions from this section)
Q7. What is Perfect Competition? Why do a firm operating under Perfect Competition always earn normal profit in the long run (marks: 2+8 =10)
Q8. What is Price Discrimination? What are its conditions and how price and output is determined under price discrimination? (marks: 2+8 =10)
Q9. What is Monopolistic Competition? Explain the price and output determination under Monopolistic Competition in the long run. (marks: 2+8 =10)
Q10. Derive a short run supply curve of a firm under Perfect Competition (marks: 10)
Q11. Differentiate between Total Revenue, Average Revenue and Marginal Revenue Curves in Monopoly and Perfect Competition. (marks: 10)
SECTION-III
(Marks: 30, Attempt any three questions from this section)
Q12. Find inverse of the following matrix: [41−5−2313−14] (marks: 10)
Q13. Use matrices to solve the following linear equations: 2

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