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Important long type Questions for exams 👇🏻 1) What is Economics? Mention its scope and Nature 2) Explain in detail Law of Demand. Why does demand curve slope downward? 3) Extension and contraction of demand curve 4) Determinants of demand and demand function 5) Relationship between Total and Marginal utility 6) Explain in detail Law of diminishing marginal utility with exceptions 7) Law of equi marginal utility (fully) 8) Consumer Equilibrium - Utility analysis 9) Law of Diminishing Marginal rate of substitution 10) Properties of Indifference Curves 11) Consumer Equilibrium - Indifference Curve Analysis 12) Price Effect is combination of Substitution Effect and Income Effect 13) Methods of measurement of Price elasticity of demand 14) Factors determining the Price elasticity of demand 15) Relationship between Total, Average and Marginal revenue 16) Comparative study of the revenue curves in different markets 17) Law of variable proportions 18) Kinds of laws of returns 19) Traditional Theory of Cost 20) Relation between Average and Marginal costs 21) Price determination under Perfect Competition (short & Long run) 22) Importance of time element in the determination of value in perfect competition 23) Price determination under Monopoly (Short & Long run) 24) Measure of Monopoly power or degree of monopoly power 25) Price and output determination under Monopolistic competition 26) All comparisons (perfect and Monopolistic), (Monopoly and Monopolistic), (Perfect and monopoly)