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Important Short type Questions for exam 👇🏻 1.Chapter- Introduction to Economics (What is economics, Wealth definition of economics, two points on scope) 2. Chapter- Theory of demand (What is demand, law of demand, what are Substitutes and complementary goods, Extension, Contraction) 3. Chapter- Utility analysis (definition of cardinal utility, meaning of utility, What is law of diminishing marginal utility, What is law of equi marginal utility, define consumer equilibrium) 4. Chapter- Indifference Curve Analysis (Meaning of Indifference Curve, Indifference curve schedule, Indifference map, Meaning of marginal rate of substitution, Price line or budget line, Consumer Equilibrium, Income consumption and Engel's curve, Inferior and giffen goods) 5. Chapter- Elasticity of demand (Meaning of elasticity of demand, what is Price elasticity of demand, Define income elasticity of demand, Meaning of cross elasticity of demand) 6. Chapter- Concepts of revenue (What is revenue , main relation between AR and MR) 7. Chapter- Theory of Production (What is production, Production Function, Define law of variable proportions, Definition- law of diminishing, increasing, constant returns, economics of scale- internal and external, diseconomies of scale) 8. Chapter- Thoery of Costs (What is cost of production, Explicit and implicit cost, Opportunity cost, What is total variable cost or prime cost, Why is MC U-Shaped, Envelope curve) 9. Chapter- Price determination under Perfect Competition (Meaning of perfect competition, Pure and perfect competition, what is market price, ideal properties of perfect competition) 10. Chapter- Equilibrium of firm and industry under perfect competition (Meaning of firm, Conditions of equilibrium, What is industry) 11. Chapter- Price determination under monopoly (What is monopoly, features, meaning of monopoly power, Learner's and bains measure, Meaning of price discrimination or discriminating monopoly) 12. Price determination under Monopolistic competition (What is Monopolistic competition, Meaning of product differentiation, Group equilibrium, Selling cost)

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)