Answer the following problems.

problem 1) Define and describe Basic Economic Problems.

problem 2) What is Price Elasticity of Demand? Describe its types.

problem 3) Critically examine Law of Variable Proportions.

problem 4) What is Demand Forecasting? Describe Methods of Demand Forecasting.

problem 5) Examine relationship between the following concepts:

AFC, AVC, AC, TFC, TVC, TC and MC.

problem 6) describe Ricardian Theory of Rent.

problem 7) Define and describe Features of Perfect Competition.

problem 8) describe Marginal Productivity Theory of Distribution.

problem 9) prepare brief notes:

(a) Consumer’s Surplus

(b) Properties of Indifference Curves

(c) Law of Demand

(d) Features of Monopolistic Competition

(e) Total Utility and Marginal Utility

(f) Gross Profit and Net Profit