BCA & MCA (IGNOU) http://www.ignouassignmentguru.com/IGNOUASSIGNMENTGURUIGNOU ASSIGNMENTGURU Page-1 EEC-11: Fundamentals of Economics Assignment (TMA) Programme Code: BDP Course Code: EEC-11 Assignment Code: EEC-11/TMA/2016-17 Maximum Mark: 100Note: All questions are compulsory Section A A) Long Answer Questions (Answer in about 500 Words each) 20 × 2 = 40 1. Distinguish between price elasticity of Demand and Cross elasticity of Demand with graphical presentation. How can you measure the elasticity of demand? Explain with example how the concept of elasticity of demand is useful for an industry in its decision making process? 2. State the constituents of National Income in three phases viz production, income and expenditure. How National income is measured in India? Explain the problems and difficulties encountered in computation of National Income in India. Section B B) Medium Answer Questions (Answer in about 250 Words each) 4 × 12 = 48 3. Explain the relationship between average product and average variable cost curve? Why the short run average cost curve is of U shape? 4. What is price discrimination? How does a price discriminating monopoly firm decide total output and price to be charged in each market? 5. Do you agree that wage rate becomes indeterminate in a situation when monopolistic producer bargains with monopolistic trade union? Give reasons in support of your answer. 6. Explain the difference between Keynesian and Friedman’s versions of demand for money. Section C C) Short Answer Questions (Answer in about 100 Words each) 2 × 6 = 12 7. Distinguish between any three of the following: i) Demand and demand function ii) Fiscal deficit and Revenue deficit iii) Commodity terms of trade and income terms of trade iv) Multiplier and Accelerator v) Partial and general equilibrium 8. Explain any three of the followings: i) Opportunity cost ii) Liquidity trap iii) Philips curve
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