SECTION -A (4 x5)= 20 Q. 1) What is law of demand? What are the assumptions of law of demand? Q.2) What is meant by consumer's equilibrium and write down its assumptions? Q.3) What are the three stages of law of variable proportion? Q. 4) Define the term supply schedule and supply curve? SECTION-B (3x 10) = 30 Q. 1) Discuss the different type of degree of elasticity of demand? Q. 2) Discuss the factors affecting supply of commodity? Q.3) What are the criticisms of the marginal productivity theory