Nirma University Institute of Law B. A. LLB (Hons. Mid_ Semester Exam (NT — RPR Students) Semester - II Economies-II (2BAL204) : Date: 09/09/11 Ti 2.30 p.m. to 2.00 p.m. { Marks: 50 Number of Pages: 1 Roll. No. Invigilators Sign “ Instruetion: Write in legible handwriting & use diagrams wherever required Q:1_ (@) Explain the features of Land. 646 = (12) Q:1_ (b) Why is Labour a ‘Special’ factor? Explain the key features, Q:2_ (@) What is a Production Function? How is a short run production function (4 Marks) different from a long run production function? (b) Draw a diagram showing the Total Product Curve & Average Product (4 Marks) Curve. (©) What are Constant Returns? What is the significance of this concept? (4 Marks) @ Briefly mention the functions of an entrepreneur. (4 Marks) Q:3._ Find out the Total Cost, Average Cost & Marginal Cost : (12 Marks) oO Labor Fixed | Variable Total ‘Average | Marginal Units_| Cost Cost Cost Cost Cost 1 30 200 2 2 2 2 30 490 2 2 2 3 30__| 870 2 2 2 4 30 800 2 2 2 3 50] 1000 2 2 2 6 30 1200 2 z 2 f Q:4 Write a short note on features of Perfect Competition (10 Marks) OR Q:4 Describe the Law of Variable Proportions in detail. (10 Marks)