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Join Online Video Classes by Prime Academy for MA Economics Entrance Examination. The Video Classes are prepared by Mr. Dheeraj Suri, an expert faculty teaching Economics for over 20 years.

The Micro Economics Course for MA Economics Entrance, has been taught by Mr. Dheeraj Suri. The Video Lectures are designed to cover the topics of MA Economics Entrance Exhaustively. The Duration of Video Lectures is approximately 130 Hours.

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Chapter-4-Price-Control

Demo Mock Test

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Utility Test #1

1. Please Read the Questions and all the options Carefully, Before Selecting Your Choice.
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3. The Paper has ten Questions
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1 / 10

Which of the following is not a monotonic transformation

f(u) = u^2, for u > 0

f(u) = e^u

f(u) = ln(u)

f(u) = 1/u

2 / 10

An Indirect Utility function

assumes profit maximization

is homogeneous of degree one

is defined over income and prices

satisfies all of the above

3 / 10

Suppose a consumers preferences over commodities 1 and 2 can be represented by utility function U(x1, x2) = min{x1, x2} where x1, x2 ≥ 0. The utility function of the consumer is

Continuous at all points in the domain but but not differentiable at all points in the domain.

Not continuous at all points in the domain

Differentiable at all points in the domain

None of the above

4 / 10

Which of the following represents the same preferences as U(x1, x2) = min{x1, x2} + max{x1, x2}

x1 + x2

x1 * x2

Min{x1, x2}

Max{x1, x2}

5 / 10

Which of the following represents the same preferences as U(x1, x2) = min{x1, x2} + max{x1, x2}

x1 + x2

x1 * x2

Min{x1, x2}

Max{x1, x2}

6 / 10

For a utility function representing strictly convex preferences, the marginal rate of substitution between two commodities must be

Diminishing

Constant

Increasing

Zero

7 / 10

Suppose a consumer’s preference are given by the utility function u =4(x^0.5) + y . Suppose the consumer’s original equilibrium was x = 9, y = 10. If the consumption of x reduces to 4, how many units of y must he consume to remain on the same indifference curve?

8 / 10

Rohit consumes soft drink which is available in ½ litre and 1 litre bottles. He allows himself only half litre of soft drink at a time, so if he has a bottle of 1 litre he will throw ½ litre in the sink. Considering 1/2 litre bottle as good 1, what is his utility function

U = min{x, y}

U = x + y

U = 2x + y

U = x + 2y

9 / 10

A consumer is indifferent between two hamburgers (good 1) and 3 Puri's (good 2) so his indifference curves are

Downward sloping straight lines with slope -1

Downward sloping straight lines with slope -3/2

Downward sloping straight lines with slope -2/3

L-Shaped

10 / 10

A consumer is indifferent between two hamburgers (good 1) and 3 Puri's (good 2) so his utility function is

U = X + Y

U = Min{3x, 2y}

U = 3x + 2y

U = 2x + 3y

Your score is

The average score is 37%

Please rate this quiz

Course Content of our Video Lectures

Chapter 1 : Introduction [171 Minutes]

Number of Lectures 8 Lectures

Total Duration 171 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Scarcity, Opportunity Cost Circular Flow,

► Production Possibility Curve, Gains from trade, Positive & Normative Economics,

Chapter 2 : Demand & Supply [122 Minutes]

Number of Lectures 3 Lectures

Total Duration 122 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Demand, Law of Demand, Factors Affecting demand,

► Supply, Law of Supply, Factors affecting supply,

► Market Equilibrium,

Chapter 3 : Elasticity of Demand & Supply [133 Minutes]

Number of Lectures 3 Lectures

Total Duration 133 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Price Elasticity of Demand, Income Elasticity of Demand, Cross Elasticity of Demand,

► Elasticity of Supply,

Chapter 4 : Price Control [56 Minutes]

Number of Lectures 2 Lectures

Total Duration 56 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Price Ceiling,

► Price Floor,

Chapter 5 : Consumer & Producer Surplus [66 Minutes]

Number of Lectures 2 Lectures

Total Duration 66 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Consumer Surplus,

► Producer Surplus,

► Effect of Elasticity of Demand & Supply on Consumer and Producer Surplus,

Chapter 6 : Tax Incidence [148 Minutes]

Number of Lectures 4 Lectures

Total Duration 148 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Tax on Buyers, Tax on Sellers,

► Deadweight Loss of Taxation,

Chapter 7 : Budget Constraint [218 Minutes]

Number of Lectures 7 Lectures

Total Duration 218 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Budget Constraint, Shift & Pivot in the Budget Line,

► Kink in the Budget Line, Rationing,

Chapter 8 : Consumer Preference [148 Minutes]

Number of Lectures 5 Lectures

Total Duration 148 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Consumer Preferences, Indifference Curves,

► Goods, Bads & Neuters,

► Well Behaved Preferences,

► Lexicographic Preferences,

Chapter 9 : Utility Functions [169 Minutes]

Number of Lectures 5 Lectures

Total Duration 169 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Utility Introduction,

► Utility Functions, Monotonic Transformation,

► Marginal Utility,

► Marginal Rate of Transformation,

Chapter 10 : Consumer’s Equilibrium [319 Minutes]

Number of Lectures 8 Lectures

Total Duration 319 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Consumer’s Equilibrium,

► Tangency & Consumer Equilibrium,

► Consumer Equilibrium for Various Utility Functions,

Chapter 11 : Income Effect & Price Effect [268 Minutes]

Number of Lectures 3 Lectures

Total Duration 268 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Income Effect, Income Offer Curve, Engel Curve,

► Price Effect, Price Offer Curve, Demand Curve,

► Inferior Goods, Giffen Goods,

Chapter 12 : Revealed Preferences [139 Minutes]

Number of Lectures 3 Lectures

Total Duration 139 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Revealed Preferences,

► Weak Axiom of Revealed Preferences (WARP),

► Strong Axiom of Revealed Preferences (SARP),

► Index Numbers,

Chapter 13 : Slutsky & Hicksian Decomposition [409 Minutes]

Number of Lectures 5 Lectures

Total Duration 409 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Price Effect, Income Effect, Substitution Effect,

► Slutsky Equation,

► Slutsky Decomposition for Normal Goods, Inferior Goods & Giffen Goods,

► Hicksian Decomposition for Normal Goods, Inferior Goods & Giffen Goods,

Chapter 14 : Production [518 Minutes]

Number of Lectures 15 Lectures

Total Duration 518 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Revenue, Cost & Production,

► Production in Short Run,

► Law of Variable Proportions,

► Isoquant,

► Marginal Rate of Technical Substitution,

► Returns to Scale,

► Elasticity of Substitution,

► Economies of Scale,

Chapter 15 : Cost of Production [543 Minutes]

Number of Lectures 12 Lectures

Total Duration 543 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Meaning of Cost,

► Opportunity Cost, Implicit & Explicit Cost, Sunk Cost,

► Fixed Cost and Variable Cost,

► Components of Cost,

► Cost Minimizing Input Choices,

► Firm’s Expansion Path,

► Contingent Demand for Inputs,

► Short Run Costs,

► Relation between Average Cost, Marginal Cost & Total Cost,

► Long Run Cost Functions,

► Shephard’s Lemma,

Chapter 16 : Perfect Competition [151 Minutes]

Number of Lectures 6 Lectures

Total Duration 151 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

► Features of Perfect Competition, Demand Curve of Perfectly Competitive Curve,

► Short Run Supply Curve,

► Long Run Equilibrium,

► Long Run Industry Supply,

Chapter 17 : Monopoly [383 Minutes]

Number of Lectures 7 Lectures

Total Duration 383 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

►,

Chapter 18 : Imperfect Competition [543 Minutes]

Number of Lectures 12 Lectures

Total Duration 543 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

►,

Chapter 19 : Game Theory [325 Minutes]

Number of Lectures 8 Lectures

Total Duration 325 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

►,

Chapter 20 : Buying and Selling [441 Minutes]

Number of Lectures 8 Lectures

Total Duration 543 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

►,

Chapter 21 : Intertemporal Choice [370 Minutes]

Number of Lectures 8 Lectures

Total Duration 370 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

►,

Chapter 22 : General Equilibrium [597 Minutes]

Number of Lectures 11 Lectures

Total Duration 597 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

►,

Chapter 23 : Welfare [252 Minutes]

Number of Lectures 4 Lectures

Total Duration 252 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

►,

Chapter 24 : Risk & Uncertainty [329 Minutes]

Number of Lectures 6 Lectures

Total Duration 329 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

►,

Chapter 25 : Externalities [259 Minutes]

Number of Lectures 6 Lectures

Total Duration 259 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

►,

Chapter 26 : Public Goods [189 Minutes]

Number of Lectures 6 Lectures

Total Duration 189 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

►,

Chapter 27 : Asymmetric Information [228 Minutes]

Number of Lectures 5 Lectures

Total Duration 228 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests

Topics Covered

►,

Chapter 28 : Theory of Distribution [146 Minutes]

Number of Lectures 4 Lectures

Total Duration 146 Minutes

Number of Questions in Notes Questions

Number of MCQ Tests on this Chapter Tests