problem 1) Answer all the problems:

(i) describe Business Economics.

(ii) Differentiate between Micro and Macro Economics.

(iii) What is utility?

(iv) What is income effect?

(v) Define cardinal approach of utility.

problem 2) describe inductive and deductive methods of economics.

problem 3) Describe the theory of law of diminishing marginal utility.

problem 4) Describe the Hicks method of price effect.

problem 5) Answer all the problems:

(i) What is demand?

(ii) What are the determinants of demand?

(iii) What is meant by production function?

(iv) What is meant by isoquants?

(v) Describe the characteristics of oligopoly market.

problem 6) Describe the different types of elasticity of demand.

problem 7) Describe the law of variable proportion.

problem 8) Describe the price and output determination under perfect competition.