Jammu University Non CBCS
Economics Previous Year Question Paper
1st Semester
EC-101
Jammu University Non CBCS Economics 1st Semester Previous Year Question Paper (EC-101: Micro-Economics)
This post provides a complete overview of the Jammu University B.A. Economics 1st Semester (Non-CBCS) Micro-Economics syllabus, along with the most important previous year questions. The paper aims to help students understand the basic economic principles, market mechanisms, and pricing theories. It covers both theoretical and analytical aspects of microeconomics to strengthen conceptual clarity and examination preparation.
Course Details
- Course Title: Micro-Economics
- Course Code: EC-101
- Duration of Exam: 3 Hours
- Credits: 4
- Total Marks: 100 (Theory: 80 | Internal Assessment: 20)
- University: University of Jammu
Syllabus Overview
Unit I: Introduction
- Nature and Scope of Economics
- Definition, scope, and importance of economics in understanding resource allocation and market behavior.
- Market Price Determination – Demand and Supply.
- Utility Concepts: Laws of Diminishing and Equi-Marginal Utility.
- Indifference Curves: Meaning, properties, and consumer equilibrium.
- Elasticity of Demand: Types – price, income, and cross elasticity.
- Consumer’s Surplus: Concept and Marshall’s interpretation.
📘 Important Questions:
- Explain the law of diminishing marginal utility with a diagram.
- Discuss indifference curve analysis and consumer equilibrium.
- What is elasticity of demand? Explain its types.
- Define consumer’s surplus. How is it measured?
Unit II: Theory of Production and Cost
- Production Function: Meaning and types.
- Isoquants: Meaning and properties.
- Producer’s Equilibrium: Least cost combination of factors.
- Expansion Path and Law of Variable Proportions.
- Returns to Scale: Internal and external economies of scale.
- Cost Concepts: Short-run and long-run costs and their relationship.
📘 Important Questions:
- What is an Isoquant? Explain its properties.
- Discuss the law of variable proportions with diagrammatic explanation.
- Differentiate between short-run and long-run cost curves.
- Explain the concept of economies of scale.
Unit III: Market Structure
- Market Forms: Perfect and Imperfect Competition.
- Equilibrium of Firm: Short-run and long-run.
- Monopoly: Price determination and price discrimination.
- Monopolistic Competition: Characteristics and equilibrium.
- Oligopoly: Features and Sweezy’s Kinked Demand Curve Model.
📘 Important Questions:
- Explain the price determination under perfect competition.
- Discuss price discrimination under monopoly.
- What is monopolistic competition? How does it differ from monopoly?
- Explain Sweezy’s Kinked Demand Curve Model of Oligopoly.
Unit IV: Factor Pricing and Welfare Economics
- Theories of Distribution: Marginal Productivity Theory of Distribution (Classical).
- Wage Theories: Modern theory of wages, Ricardian theory of rent, and concept of quasi rent.
- Interest Theories: Classical and Keynesian approaches.
- Profit Theories: Risk, uncertainty, and innovation theories.
- Welfare Economics: Concept and Pareto Optimality (marginal conditions).
📘 Important Questions:
- Discuss the Marginal Productivity Theory of Distribution.
- Explain the Ricardian Theory of Rent.
- What is Pareto Optimality? Explain its significance.
- Write a short note on Welfare Economics.
Paper Pattern & Evaluation
- Section A: 4 questions (Short answer type, 6 marks each) – attempt 4 out of 8.
- Section B: 4 questions (Long answer type, 14 marks each) – attempt 4 out of 8.
- Internal Assessment: 20 marks (Two written assignments of 10 marks each).
Recommended Books
- Ahuja, H. L. – Advanced Economic Theory (Microeconomic Analysis)
- Bhutani, Prem J. – Principles of Economics
- Chopra, P. N. – Principles of Economics
- Dwivedi, D. N. – Microeconomics
- Koutsoyiannis, A. – Modern Microeconomics
- Lipsey, R. G. and Chrystal, K. A. – Principles of Economics
- Mithani, D. M. – Microeconomics
Conclusion
This paper builds a foundation in understanding how individual consumers and producers make economic decisions. For excellent preparation, students should focus on diagrams, concept-based numericals, and previous year’s long-answer questions.
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