IGNOU BCOG-171 June 2025 Previous Year Question Paper

Q1.(a) What do you understand by ‘factors of production’ ? Explain each of the four main factors. 4+6

(b) Explain the main determinants of demand of a commodity in the market.

Q2.Explain in detail the concept of price elasticity of demand, income elasticity of demand and cross elasticity of demand. Give suitable examples.

Q3.Explain in detail the attainment of equilibrium position by a consumer with the help of an indifference curve.

Q4.(a) Define marginal rate of technical substitution of capital for labour. Give your answer with diagram. 10

(b) What is market ? Explain market equilibrium of a commodity diagrammatically.

Q5.(a) Explain with a simple diagram how government controls the price charged by a monopolist. 10

(b) Explain how the value of marginal product determines the demand for a factor of production.

Q6.Distinguish between perfectly elastic, perfectly inelastic, unit elastic, inelastic and elastic supply curves with the help of diagrams.

Q7.Explain the law of variable proportions with the help of example and diagram.

Q8.(a) How are the _ various tools of government intervention applied while determining the price ? 10

(b) Explain how the solutions to the central problems of an economy are interlinked.

Q9.Write short notes on any two of the following : 2x10=20

(a) Ricardian theory of rent

(b) Distinguish between ‘extention in supply’ and ‘increase in supply’

(c) Full cost pricing

(d) Oligopoly

(e) Determination of price in agricultural markets 2x10=

(20)