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    Paper Economics

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    This document contains 30 questions related to key concepts in economics for engineers. The questions cover topics such as opportunity cost, production possibility curves, scarcity, market economies, laws of demand and supply, equilibrium price, price and income elasticities of demand, utility, indifference curves, and the substitution and income effects. They are designed to help engineering students understand foundational economic principles and how economies allocate scarce resources.

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    Paper Economics

    Uploaded by

    VAIBHAV
    13 views2 pages
    This document contains 30 questions related to key concepts in economics for engineers. The questions cover topics such as opportunity cost, production possibility curves, scarcity, market economies, laws of demand and supply, equilibrium price, price and income elasticities of demand, utility, indifference curves, and the substitution and income effects. They are designed to help engineering students understand foundational economic principles and how economies allocate scarce resources.

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    Paper Economics

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    This document contains 30 questions related to key concepts in economics for engineers. The questions cover topics such as opportunity cost, production possibility curves, scarcity, market economies, laws of demand and supply, equilibrium price, price and income elasticities of demand, utility, indifference curves, and the substitution and income effects. They are designed to help engineering students understand foundational economic principles and how economies allocate scarce resources.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    13 views2 pages

    Paper Economics

    Uploaded by

    VAIBHAV
    This document contains 30 questions related to key concepts in economics for engineers. The questions cover topics such as opportunity cost, production possibility curves, scarcity, market economies, laws of demand and supply, equilibrium price, price and income elasticities of demand, utility, indifference curves, and the substitution and income effects. They are designed to help engineering students understand foundational economic principles and how economies allocate scarce resources.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
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    Economics for Engineers

    Question Bank
    Q.1. Explain the concept of opportunity cost and discuss how it relates the problem of
    choice between alternatives.
    Q.2. Write a short note on Production Possibility Curve. How does it help in understanding
    the central problems of an economy?
    Q.3. How is production possibility curve used to explain the concepts of scarcity, choice and
    opportunity cost? What is the effect of economic growth on this curve?
    Q.4. Explain the concept of Scarcity. How does it give rise to economic problems?
    Q.5. What is a market economy? How does a market economy solve the central problems?
    Q.6. State the explain law of demand. Why does a demand curve slope downward to the
    right?
    Q.7. Explain the law of supply and point out its assumption.
    Q.8. Explain the factors affecting the supply of goods.
    Q.9. Distinguish between ‘Change in Supply’ and ‘Change in Quantity supplied’.
    Q. 10. What is equilibrium price? How is it determined? Explain the impact of change in
    demand and supply on equilibrium.
    Q.11. What is price elasticity of demand? Discuss the determinants of price elasticity of
    demand.
    Q.12. By using an example explain the total outlay method of measuring price elasticity of
    demand.
    Q.13. Define the concept of income elasticity of demand.
    Q.14. Explain cross elasticity of demand. How is elasticity measured at a point on a demand
    curve?
    Q.15. Distinguish between substitutes and complementary goods on the basis of cross-
    elasticity of demand.
    Q.16. Would two parallel straight line demand curves have the same elasticity of demand at
    a given price? Give reasons.
    Q.17. Compare elasticities of demand at the point of intersection of two straight line
    downward sloping demand curves.
    Q.18. Define price elasticity of supply. Explain the factors affecting price elasticity of supply.
    Q.19. Explain the law of Diminishing Marginal Utility. Also explain the relationship between
    Total and Marginal Utility.
    Q.20. Explain the law of equi-marginal utility. Show how the demand curve can be derived
    from the marginal utility curve.
    Q.21. Explain the law of Diminishing Marginal Utility and how does it help in the derivation
    of demand curve?
    Q.22. Write short notes on Consumer’s surplus.
    Q.23. What is an indifference curve? Discuss the properties of indifference curve.
    Q.24. Can two indifference curves intersect each other?
    Q.25. What do you understand by marginal rate of substitution of commodity X for
    commodity Y. Draw and indifference curve in each of the following cases:
    i) Marginal rate of substitution is Zero.
    ii) Marginal rate of substitution is increasing.
    Q.26. Explain consumer’s equilibrium using indifference curves. Discuss the effect of price
    and income changes on the equilibrium.
    Q.27. Derive the demand curve of a consumer from the price consumption curve.
    Q.28. Explain the substitution and income effects of a fall in the price of a commodity, with
    the help of indifference curve.
    Q.29. What would be the shape of the demand curve when the income effect is positive and
    is larger than the substitution effect?
    Q.30. Explain and show the slope of indifference curve in case of perfect substitutes and
    perfect complements.

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