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14.

Draw average total cost, average variable cost, and marginal cost curves in a single diagram. Also explain the relationship between ATC and AVC.

For blind candidates in lieu of Q. NO. 14 Explain the relation between (i) ATC and AVC and (ii) MC and AVC.

15.

What is consumer’s equilbrium? Explain the conditions of consumer’s equilibrium assuming that the consumer consumes only two goods.

(6)

Distinguish between an inferior good and a normal good. Explain the effect of change in income on each giving suitable examples.

(6)

16.

Explain the reasons for : (i) increasing returns to a factor and (ii) increasing returns to scale. Section B

(6)

OR

Give meaning of involuntary unemployment. What is the relationship between marginal propensity to consume and

(1)

marginal propensity to save? State any two sources of non-tax revenue receipts. Why is entertainment tax an indirect tax? What is meant by Cash Reserve Ratio?

(1) (1) (1) (1)

17. 18.

19. 20. 21. 22.

(i) (ii) (iii) (iv) (v) (vi) Subsidy Sales Depreciation Exports Closing stock Opening stock (vii) Intermediate purchases From the following data relating to a firm, calculate its net value added at factor cost : (Rs. in Crores) 40 800 30 100 20 50 500 (3)

23.

Can there be a fiscal deficit in a government budget without a revenue deficit? Explain

OR Distinguish between direct tax and indirect tax. Give an example of each.

(3)

24.

Categorise the following government receipts into revenue and capital receipts Give reasons for your answer.

  • (a)

    Receipts from sale of shares of a public sector undertaking.

  • (b)

    Borrowings from public.

  • (c)

    Profits of public sector undertaking

(3)

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