PMS Economics Paper-I 2021

Here you will get the PMS Economics Paper-I 2021. PMS Economics Paper-I 2021. Provincial Management Services (PMS) is a competitive examination held at the provincial level. PPSC is conducting this PMS 2021 from June 23, 2022, to July 07, 2022.

PMS Economics Paper-I of 2021

The following questions were asked in the Paper-I of Economics 2021:

Q1. (i) Briefly explain and differentiate between changes In supply and changes in quantity supplies. Point out such impact on the price of a commodity (s).

(ii) Analyze the backward bending supply curve of labor. Explain its special shape and market conditions.

Q2. (i) Describe the Elasticity of demand so that you can identify demand for the normal commodities, Giffen goods, and inferior goods.

(ii) Explain the Engel curve and justify the shape of the Indifference curve you applied in this case. Besides, also point out whether the Indifference curve could be a straight line, and if so, then how the consumer will make a decision.

Q3. (i) Explain the Income and Substitution effect, as a result of price change. You must apply the Hicksian method to explain your point of view.

(ii) Apply (I) above in the case of demand for potato; identify the nature of this commodity i.e. normal or inferior commodity etc.

Q4. (i) Explain any two types of production functions and discuss their characteristics.

ii) Explain Iso-cost and Iso quants and apply cost minimization for decision-making. How economies of scale affect such curves.

Q5. i) Explain Monopoly and monopsony. Analyze price determination under monopoly.

(ii) Why monopolists prefer price discrimination and under which conditions monopolists can succeed in it.

Q6. (i) Analyze the industry’s demand for factors of production under perfect competition.

(ii) Describe the expansion path (due to changes in wages of a factor of production) and its implication for factors demand for the firm.

Q7. Write a note on any TWO of the following:

(i) How duopoly is different from oligopoly? Also, explain the decisions of firms (supply and prices) under these conditions.

(ii) Analyze efficiency losses under monopoly. How such losses may be avoided or minimized by imposing taxes or subsidies? the marginal cost curve from the total cost curve and discuss its economic

(iii) Derive average cost and implications. How do their magnitudes (values) change along the curves?

View the PMS Economics Paper-I 2021

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