1. How is the concept of elasticity of demand
related to the Law of Demand?
2. Define elasticity of demand.
3. Differentiate between elasticity of demand
and cross-elasticity of demand. Give the
4. Explain the different cate
With the help of a diagram explain isoquant?
What are the properties of an isoquant?
What is an isoquant map? Draw one.
What is an isocost line?
Use a diagram to explain producer equilibrium.
How is producer equilibri
1. Define perfect competition.
2. What is a homogenous product? Give two
examples of homogenous product.
3. Define price taker.
4. Give five characteristics of a perfectly
5. Give a labeled diagram of equi
1. What is utility?
2. Draw a total utility curve.
3. What is marginal utility?
4. State the Law of Diminishing Marginal Utility.
5. Explain indifference curve. Draw one.
6. Draw an indifference map containing at least
four indifference curves (
WITH ONE VARIABLE INPUT
1. Define short-run production function.
2. Define long-run production function.
3. State two differences between short-run
and long-run production functions.
4. Explain and distinguish between total
1. The economy and its physical environment
are interdependent. Explain.
2. Define managerial economics?
3. What is PEST analysis in the context of the
4. How is production classified in
PRODUCTION FUNCTION - I
1. Define factors of production?
2. Name the factors of production and their
3. How does the reward for
entrepreneurship differ from the rewards
of the other factors of production?
4. What are the o