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B.E.C.C – 131
PRINCIPLES
OF MICROECONOMICS - I IGNOU BECC 131 Solved Assignment 2023-24
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NOTE: All questions
are compulsory.
Assignment
One
Answer the following questions in about 500 words each.
Q1. (a) The behaviour
of the firm which seems to be efficient in the short-run may found to be inefficient
in the long-run. Do you agree? Explain using appropriate diagram.
(b) Discuss the
reasons behind a typical U-shaped long-run average cost curve (LAC) that a firm
may face over its range of output in the long run.
Q2. (a) Explain the
concept of an Expansion path? Explain why an expansion path in case of a linear
homogeneous production function is a straight line? Discuss.
(b) Illustrate
isoquants having positively sloped segments. In the same diagram construct ridge
lines and explain the concept of Economic Region of Production.
Assignment
Two
Answer the following questions in about 250 words each.
Q3. (a) Discuss the
concept of Utility. How is the cardinal utility approach different from the
ordinal utility approach?
(b) On what grounds is
the law of diminishing marginal utility being criticized by the modern
economists?
Q4. (a) Illustrate the
impact of a price support measure imposed by the government on the market of a commodity
under the following conditions:
(i) When the price
floor is fixed at a price lower than the equilibrium price.
(ii) When the price
floor is fixed at a price equal to the equilibrium price.
(b)What will be the
consequences of setting up a price floor above the equilibrium price?
Q5. (a) For
equilibrium, a producer may attempt maximization of output subject to a given
cost or alternatively, he may seek to minimize cost subject to a given level of
output. Do you agree? Discuss.
Assignment
Three
Answer the following questions in about 100 words each.
Q6. Why does the
marginal rate of technical substitution (MRTS) decline as we move rightward and
downward along a convex-shaped isoquant?
Q7. The concept of
consumer’s surplus is derived from the law of diminishing marginal utility.
Discuss.
Q8. What is meant by
Arbitrage?
Q9. Draw an income
consumption curve in case the good marked on the horizontal axis is a necessity
good while that marked on the vertical axis is a superior good.
Q10. Who does bear the
tax burden when the demand is perfectly elastic and supply is of normal shape?
IGNOU BECC 131 Solved
Assignment English Medium 2023-24 The Indira Gandhi National Open
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2023-24 December Session so that students can know if their submission is
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Grade Card. So we decided to come up with https://ignouadmission.samarth.edu.in/ Assignment 2023-24.
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