I had several doubts and did not find any comprehensive discussion on the above paper, hence this thread. For those unaware, this an old model paper that was published on the website some time ago.
1) Skilled worker earn more than unskilled worker because
a) they have higher marginal value
b) of compable- worth legislation
c) the supply of skill labour is more elastic
d) The demand of skill labour is more elastic
2) If goods A and B are complementary goods(in consumption) and the cost of
resources used in the production of A decreases then
a) the price of B will fall but price of A will rise
b) the price of b will fall but price of A will fall
c) the price of both A and B will rise
d) the price of both A and B will fall
6) If the demand function for a good is P = 100- 2Q, over the range of prices is demand
inelastic
a) Rs. 5 to Rs. 50
b) Rs. 0 to Rs. 50
c) Above Rs. 40
d) Above Rs. 50
6th is (a). I tried putting the options in the equation of elasticity, and then compared the absolute value of resulting figure. Only in part (a) did I get a figure whose absolute value was less than one.
does anyone knows the syllabus for the gokhale exam..
i think it is posted on the website..but i cant find it..
if anyone finds it..plz post the link
thanks :)