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Submission
B.E.C.C – 132
PRINCIPLES
OF MICROECONOMICS – II BECC 132
Solved Assignment 2022-23
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Assignment I
Answer the following questions in about 500 words each.
1. (a)
Discuss the implications of price regulation adopted in terms of MC/AC pricing
by a public monopoly on the consumer welfare.
(b)
Consider a Monopoly producing good X. The firm has fixed costs equal to Rs 100
and the firm’s total costs increase by Rs 10 for each additional good X they
produce. The inverse demand curve for good X is given by: P(X) = 200 – X, where
P is the price.
(i)
Write down an equation giving total costs for the firm as a function of X.
(ii) What
will be the equilibrium quantity of good X that the firm will produce? Also
calculate the equilibrium profit.
(iii)
What would have been the equilibrium quantity had it been a perfectly
competitive firm?
2. (a)
Discuss characteristic features of an Oligopolistic market structure. What are
the various reasons that have led to emergence of this market structure?
(b)
With regards to the Kinked demand curve theory given by Paul Sweezy, answer the
following:
(i) The
demand curve facing an oligopolist is relatively more elastic above the kink
and less elastic below the kink. Discuss.
(ii)
Comment on the shape of the Marginal revenue curve of this model.
Assignment - II
Answer the following questions in about 250 words each.
3. A country can have a comparative advantage in producing a
good even if it is absolutely less efficient at producing that good. Do you
agree? Explain using an example.
4. (a) Compare and contrast the Marshall’s concept of rent with
that given by the Ricardian.
(b) Draw a backward bending labour supply curve. Explain why
does this curve bend backwards?
5. Using appropriate diagrams compare the level of production
when there is a positive production externality with the production level when
there is a negative production externality. How can the resulting inefficient
production levels be corrected?
Assignment - III
Answer the following questions in about 100 words each.
6. Discuss the theory of Excess capacity associated with the
long run equilibrium under Monopolistic competition.
7. How is equilibrium achieved when labour market is imperfectly
competitive?
8. What is a Cartel? Comment upon the stability of a cartel.
9. What are the major agreements of the WTO?
10. Compare and contrast the elasticities of demand curves under
Monopoly and Monopolistic competition.
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Solved Assignment English Medium 2022-23 The Indira Gandhi National Open
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