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SESSION AUG 2022
PROGRAM BACHELOR OF COMMERCE (B.COM.)
SEMESTER I
COURSE CODE & NAME DCM 1102– ECONOMIC THEORY
Assignment Set – 1
1. Discuss the law of demand. Also enumerate few cases of exception to this law (include
examples).
Ans: LAW OF DEMAND:-
The law of demand is used to explain the relationship between the price of a product and the
demand for its quantity over a certain time. According to this law, other things remaining the
constant, there is an inverse relationship between the price of a commodity and its quantity
demanded. As long as things remain constant when the prices increase, people will buy less
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2. Write a note on equilibrium analysis. Discuss the concept of shift and movement
along demand and supply.
Ans: Equilibrium analysis is the determination of equilibrium of quantity and price. The
economy is driven by the forces of supply and demand of the commodities that are affected
due to the change in prices. It is seen at a low price of a commodity in the market, the
3. Elucidate law of variable proportion with the help of a suitable example.
Ans: The important assumptions for the law of variable proportion are as follows:
• Constant state of technology: It goes with the assumption that the state of technology will
be same and production will increase with improvements in the technology.
• Variable factor proportions: according to assumptions of the law the factors of production
are not constant. If the factors of production were
Assignment Set – 2
4. Define perfect competition? Enumerate its major features and also differentiate it
from imperfect competition.
Ans: PERFECT COMPETITION:-
A perfect competition market is a market system that is characterised by several buyers
and sellers. In this form of perfect competition, there are a large number of buyers and sellers.
Since there are so many people and players in the market, no one of them can bring any
5. Elucidate the importance of marginal productivity theory of distribution along with
the criticism of the theory.
Ans: MARGINAL PRODUCTIVITY THEORY:
FEATURES, ASSUMPTIONS AND CRITICISM
The marginal productivity theory of distribution is a general theory that describes the
determination of prices for the different factors of production and the distribution of the
national income among the four factors of production. At the end of the 19th century, the
6. Discuss the different concepts of national income. Also elaborate how is national
income estimated?
Ans: PRODUCT METHOD
The net product method utilises the process of ascertaining the national income for all the
aggregate products and services manufactured within an economy during a year. The product
method is also called the output method, and in this method, the national income is computed
in terms of final products and services manufactured in an economy during a particular