ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD

(Department of Economics)
PLAGIARISM OR HIRING OF GHOST WRITER(S) FOR SOLVING THE ASSIGNMENT(S) WILL DEBAR THE STUDENT FROM AWARD OF DEGREE/CERTIFICATE, IF FOUND AT ANY STAGE. 2. SUBMITTING ASSIGNMENTS BORROWED OR STOLEN FROM OTHER(S) AS ONES OWN WILL BE PENALI ED AS DEFINED IN !AIOU PLAGIARISM POLICY". C#$%&'( E)#*#+,)& (-.2) S'+'&/'%( A$/$+*, 2.10 L'1'2( B.A T#/32 M3%4&( 1.. P3&& M3%4&( -. 1.

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ASSIGNMENT N#. 1
(U*,/&( 15-) Q.1 Define economics in the words of Adam Smith. Also explain on which grounds the definitions of Alfred marshal and Professor Robins about economics are different from that of Adam Smith. (2.) Q.2 What are the indifference cur es! "ow the# are used to show the e$uilibrium condition of a consumer! Also explain briefl# the di ision of price effect into substitution effect and income effect diagrammaticall#. (2.) Q.% &a' &b' What is elasticit# of demand! Also explain with the help of formulas( how the measurement of point elasticit# and are elasticit# is carried out. )f the price of meat has increased from Rs. *+ per ,g to Rs. 1-+ per ,g and resultantl# demand for meat decreases from .+ ,g to -+ ,g( find the elasticit# of demand. (2.)

Q.- Define total re enue( a erage re enue( and marginal re enue. Also show their interrelationship with the help of a table and diagram. (2.) Q./ Write a short notes on the following0 (6767676) &a' 1ixed and ariable cost &b' Short2run and long2run a erage cost cur es &c' 3lasticit# of suppl# &d' Deri ation of demand cur e b# using the concept of indifference cur es.

ASSIGNMENT N#. 2
(U*,/&( 658) Q.1 What is meant b# perfect competition! Also show e$uilibrium of a perfectl# competiti e firm under its different cases with the help of diagrams. (2.) Q.2 Define labour. Also write a detailed note on the importance of labour( its characteristics( efficienc# and its determinants( mobilit# and its determinants. (2.)
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Q.% 3xplain Ricardo4s theor# of rent. Also point out demerits of this theor#. Do #ou thin5 that theor# of rent based on suppl# and demand is comparati el# better substitute for Ricardo4s theor# of rent! (2.) Q.- &a' &b' What is a deri ati e! Also explain different t#pes of deri ations with the help of suitable examples. (1.) 3xplain the basic concepts of central tendenc# and a erage with the help of examples. (1.) (6767676)

Q./ Write a short notes on each of the following0 &a' 1actors determining the scope of a mar5et. &b' Definition of capital( its importance and t#pes. &c' 6heories of wage. &d' 6#pes of 3$uation.

ASSIGNMENT N#. 0
(U*,/&( 9510) Q.1 Are national income and national product two names of the same concept! 7i e arguments to pro e #our answer. Also explain the circular flow of national income in detail. (2.) Q.2 What is a multiplier! 3xplain its concept with the help of diagram. Also dri e mathematicall# consumption multiplier( super multiplier go ernment expenditure multiplier. (2.) Q.% What are the functions of mone#! 8n which grounds mone# is demanded in the societ#! Also explain the basic concept of $uantit# theor# of mone#. (2.) Q.- What is a central ban5! Also write a detailed note on the e olution and functions of central ban5. (2.) Q./ What is difference between domestic and foreign trade! Also gi e an informati e discussion on the merits and demerits of international trade. (2.)

ASSIGNMENT N#. (U*,/( 1-518) Q.1 Define commercial polic#. Also write a note on different t#pes of import duties and $uota. (2.) Q.2 What is meant b# public debts! Also discuss different t#pes of public debts( limitations of borrowing( nonpa#ment of debts and burden of public debt. (2.) Q.% Define fiscal polic#. Also explain the role of fiscal polic# in determining the income of a countr# in the following cases. (1.71.) &a' 3ffect of go ernment expenditure on national income. &b' 3ffect of go ernment taxes on national income. Q.- Define economic de elopment. Also explain in detail how economic( administrati e and social factors of a countr# participate in its economic de elopment. (2.)
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Q./ 3xplain the concept of economic planning. Also write a detail discussion on the machiner# of economic planning( its functions and problems. (2.)