Mathematical Economics Past Papers


Subject: Mathematical Economics-I

Time Allowed: 15 Minutes

Maximum Marks: 10

NOTE: Attempt this Paper on this Question Sheet only. Please encircle the correct option. Division of marks is given in front of each question. This Paper will be collected back after expiry of time limit mentioned above.


Part-I Encircle the right answer, cutting and overwriting is not allowed. (10)

When we give one value to independent variable and attain one value. for dependent variable then it is called:

a) Relation

b) Function

c) Multi-vatued function

d) Decreasing function

The general representation of implicit function is:

a) I =f(y)

b) Y=f(I)

c) F (x, y) =0

d) Y = f(x)

Slope of function Y = f(x) = I I is

a) Positive

b) Negative

c) Infinite

d) Zero

If Qd1 =10-2P1 +P2 here the positive sign of P2 shows that goods are:

a) Complements

b) Substitutes

c) Luxuries

d) Inferior

The variable whose value is determined within the model is called:

a) Endogenous variables

b) Exogenous variables

¢) Independent variables

d) Dependent variables ,

According to the transpose property if (AB)t= _______

a) A1B1

b) B1A1

c) A-1B1

d) A1B-1

If the matrix has zeros above or below the principle diagonal, then it is called:

a) Diagonal matrix

b) Identity matrix

c) Tri-angular matrix

d) Null matrix

If QP=a. this type of function has elasticity equal to:

a) E > 1

b) E < 1

c) E = 1

d) E = 0

If f(x) = (dy/dx) >0, then the function is:

a) Increasing function

b) Decreasing function

c) Implicit function

d) Explicit function

If d(TC)/dQ =0, d2(TC)/dQ2 > 0, then the cost will be:

a) Maximum

b) Minimum

c) Increasing

d) Decreasing


Subject: Mathematical Economics-I

Time Allowed: 2 Hour and 45 Minutes

Maximum Marks: 50



Part-II Give Short answers, each question carries equal marks. (20)

Q#1: Differentiate Singular and Non-singular matrix

Q#2: Differentiate Endogenous variable and Exogenous variable

Q#3: Differentiate Function and Relation

Q#4: Write down the properties of Matrix Inversion.

Q#5: If Q= 70 -5P. Then find the slope of TR (Total Revenue)


Part-III Give detailed answers, each question carries equal marks. (30)

Q#1: if Qd = 20- 3p Qs=-3429 and Qd=Qs

  1. a) Find equilibrium price (p) and equilibrium quantity (Q).
  2. b) Find Elasticity of demand and elasticity of supply at P and Q

Q#2: a) If slope=m= 3 and intercept is at (0, 5). Find the equation of straight line.

  1. b) If Qd = 20-5P and Qs = 4 + 3P (Govt. Imposes 20% tax on supplier) then find the values of P and Q with and without tax.

Q#3: Use Cramer’s Rule to solve the following equations systems:

8X1 – X2 = 16

2X2 + 5X3 = 5

2X1 + 3X3 =7