BECC-131 · December 2023 · English
IGNOU BECC-131 December 2023 Previous Year Question Paper
PRINCIPLES OF MICROECONOMICS—I
Structured previous year question paper for BECC-131, December 2023 session.
Max marks: 100 · Questions: 12 · Sections: 3
Verified: 5 Aug 2026
BACHELOR OF ARTS (GENERAL)
(BAG) (ECONOMICS)
Term-End Examination
December, 2023
BECC-131 : PRINCIPLES OF MICROECONOMICS–I
Time : 3 Hours Maximum Marks : 100
Note : Attempt questions from each Section as per
instructions given.
Section—I
Note : Answer any two of the following questions in
about 500 words each. 2×20=40
Q1.(a) What are the different concepts of elasticity of demand ? Explain. 10
(b) Given the following supply and demand equations : 10 QD = 200 – 10P QS = 10P
(i) Determine the equilibrium price and quantity.
(ii) If the government sets a minimum price of ` 15 per unit, how many units will be supplied and demanded ?
Q2.(a) “The elasticity of supply lies between zero and infinity. ” Explain with the help of diagrams. 10
(b) What are the conditions for consumer equilibrium ? Explain and show the consumer equili brium using indifference curve technique.
Q3.(a) Show the three stages of production under the law of variable pro portion. Why does a producer produce in the second stage only ?
(b) What are isoquants ? Discuss its properties.
Q4.(a) Explain why internal and external economies of scale arise. 10
(b) Define average cost, average variable cost and marginal cost and explain their relationship. 10 [ 3 ]
Section—II
Note : Attempt any four of the following questions
in about 250 words each. 4×12=48
Q5.Discuss the concept of production possibility curve. Can production possibility curve shift ?
Q6.Distinguish between change in quantity supplied and change in supply. Give reasons for change in supply.
Q7.What is price consumption curve ? Deriv e the demand curve from PCC in case of Giffen goods.
Q8.What are the conditions of produc er‟s equilibrium ? Explain it with the help of a diagram.
Q9.Discuss the relationship between long -run average cost curve and long-run marginal cost curve. Are long -run cost curves always „U‟ - shaped ?
Q10.What are the central problems of an economy ?
Q11.How do we solve these problems in a capitalist economy ? 12 [ 4 ]
Section—III
Q12.Make the distinction between any three of the following : 3×4=12
(a) Static vs. Dynamic
(b) External econom ies vs. External diseconomies
(c) Inferior goods vs. Giffen goods
(d) Economic cost vs. Accounting cost
(e) Stocks vs. Flow 2023 -131 2×20=40 QD = 200 – 10P QS = 10P
(ii) 4×12=48 3×4=12