Applied Economics 2024 Board Question Paper

Briefly explain the goals of macroeconomics.

Explain through a figure how a consumer is in equilibrium under the ordinal utility (indifference curve) analysis.

With the help of the following information on output (Q), short-run total fixed cost (TFC), and short-run total variable cost (TVC), compute short-run (i) total cost (TC), (ii) average fixed cost (AFC), (iii) average variable cost (AVC), (iv) average cost (AC), and (v) marginal cost (MC):

If the quantity supply of a commodity x (Q x ​ ) rises from 400 units to 1200 units as its price (P x ​ ) rises from Rs. 200 per unit to Rs. 400 per unit, then (i) compute the price elasticity of supply (e s ​ ) and, (ii) interpret this result.

Derive a short-run supply curve of a firm under the market of perfect competition.

Briefly explain the concepts and types of balance of trade and balance of payment.

Using the marginal cost-and-marginal revenue (MC-MR) approach and an appropriate figure, explain how the monopolist reaches a short-run equilibrium.

From the table given below, (i) compute the income elasticity of demand (E _QM ) for a commodity x for the movement from points A to B, B to C, C to D, D to E, and E to F; and (ii) also state the nature of this commodity x based on the values and signs taken by this e y ​ at different levels of income.
Table 1

From the following data in Table 2, compute these four concepts of national income by using the Expenditure Method:
(a) GDPₘₚ,
(b) GNPₘₚ,
(c) NNPₘₚ, and
(d) NNP𝒻𝒸 (= NI)
Table 2
Components for Computing the Four Concepts of National Income by Expenditure Method

Explain how a monopolist is in equilibrium in the long run with appropriate diagram.