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Indifference curve is vital in explaining the ordinal approach, yet is criticized on the various grounds. Enumerate the various points of criticism against indifference curve. |
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| Course | NMIMS Assignment Questions |
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| Short Name or Subject Code | Micro Economics |
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NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Micro Economics
Internal Assignment Applicable for December 2020 Examination
1. Indifference curve is vital in explaining the ordinal approach, yet is criticized on the
various grounds. Enumerate the various points of criticism against indifference curve.
2. Supply elasticity form an important part in every walks of life. Discuss the various
determinants of supply. Explain it with relevant examples wherever applicable.
(10 Marks)
3.a. Explain the types of elasticity of demand. Calculate elasticity of demand for the
following data.
Price of Apple (Rs.) Quantity demanded (KGs)
20 100
21 96
(5 Marks)
3.b. Distinguish between the features of perfect competition and monopolistic competition.
Give real world examples of each of these types of markets.