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Please give me the answers of the following questions :

1. Define Microeconomics.

2. Why an economic problem does arises?

3. What are the central problems of an economy?

4. Define opportunity cost.

5. Define marginal opportunity cost.

6. Distinguish between micro and macro economics.

7. Why PPC is Concave from the origin.

8. Define Marginal Rate of Transformation (MRT)

9. Explain the problem, of what to produce and how to produce.

10. Explain the central problem of how to produce with the help of an example.

11. What is an indifference curve?

12. Define Utility.

13. What is budget set?

14. Define budget line.

30

15. Define MRS.

16. A consumer consumes only two goods. Explain the conditions of consumers

equilibrium with the help of IC analysis.

17. For a consumer to be in equilibrium, why must MRS be equal to the ratio of price of

two goods?

18. What is an indifference map?

19. Explain the law of demand with the help of diagram and schedule.

20. Write three causes of increase / decrease in demand

21. Distinguish between the change in quantity demanded and change in demand.

22. Explain any three factors or determinants of demand.

23. Explain any three factors affecting elasticity of demand

24. Explain the price elasticity of demand through geometric method.

25. Explain the price elasticity of demand through expenditure method

26. Explain the properties of indifference curve.

27. Why can not two indifference curves meet each other?

28. Why is indifference curve convex to origin?

29. Why does higher indifference curve gives higher levels of satisfaction?

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