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BECC-101 EM 2024-25 SOLVED ASSIGNMENT

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BECC-101 : INTRODUCTORY MICROECONOMICS
Tutor Marked Assignments
Course Code: BECC-101
Assignment Code: BECC-101/2024-25
ENG MED

Description

BECC-101 : INTRODUCTORY MICROECONOMICS
Tutor Marked Assignments
Course Code: BECC-101
Assignment Code: BECC-101/2024-25
Total Marks: 100
Assignment One
Answer the following Descriptive Category questions in about 500 words each. Each question carries
20 marks. Word limit does not apply in case of numerical questions. 2×20 = 40
1. (a) How is Monopoly different from that under Perfect Competition? Explain the long run
equilibrium under Monopoly.
(b) Give reasons for diminishing returns to scale accruing to a firm in the long run.
2. (a) In a duopolist market two firms can produce at a constant average and marginal cost of
AC = MC = 2. They face the market demand curve P = 14 – Q, where Q = Q1 + Q2, here Q1 is the
output of Firm 1, Q2 is the output of Firm 2. In the Cournot’s model:
(i) Find the action-reaction functions of the two firms.
(ii) What are the profits of the two firms.
(iii) Calculate the profit maximizing levels of output (Q1 and Q2) and price.
(b) The Paul Sweezy’s kinked demand curve model shows price rigidity under Oligopoly.
Explain how.
Assignment Two
Answer the following Middle Category questions in about 250 words each. Each question carries 10
marks. Word limit does not apply in application part of the question. 3× 10 = 30
3. (a)What is economic rent? Discuss the Ricardian theory of economic rent.
(b)The demand for factors is called derived demand . Explain .
4. Why do you find variations in the wage-rates across different professions? Give reasons as to
why a professor is paid higher salary than a school teacher?
5. What are externalities? Explain with diagram why is the optimal output not reached under
negative externality.
Assignment Three
Answer the following Short Category questions in about 100 words each. Each question carries 6
marks.Word limit does not apply in application part of the question. 5 × 6 = 30
6. What do you understand by the term “Excess Capacity”?
7. What is an Income consumption curve? Draw the Income consumption curve for an inferior
good.
8. What are the policy instruments available for government intervention to regulate inefficient
market situations?
9. What is the concept of efficiency in economics? How is the efficient allocation of resources
done among firms?
10. Elucidate the features existing under Oligopolistic market structur

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