BECC-131 PRINCIPLES OF MICROECONOMICS-I Solved Assignment 2022-2023
PRINCIPLES OF MICROECONOMICS – I
Tutor Marked Assignments
Course Code: BECC-131
Assignment Code: Asst /TMA /2022-23
Total Marks: 100
BECC-131 Solved Assignment 2022-2023
|Service Type||Solved Assignment (Soft copy/PDF)|
|Course||BAG(Economics Hons (BAECH))|
|Semester||2022-2023 Course: BA(Economics Hons (BAECH))|
|Session||July 2022 – January 2023 sessions|
|Short Name||BECC-131 (Economics Hons (BAECH))|
|Assignment Code||Asst /TMA /2022-23|
|Product||Assignment of BAG(Economics Hons (BAECH)) 2022-2023 (IGNOU)|
|Submission Date||For students of July cycle: 30 April
For students of January cycle: 31 October
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. Using appropriate diagrams discuss the rationale behind rationing system for allocation
of scarce resources? What are the consequences associated with the rationing system?
2. (a) Consider a consumer earning income M and facing a choice between two
commodities X and Y available at price PX and PY, respectively. Using appropriate
diagrams with plotting good X and Y on the horizontal and vertical axis, respectively,
bifurcate the price effect into substitution and income effect in case the price of
good Y increases from PY to PY’ and the fact that both the commodities are normal
(b) Consider a consumer who has to choose between two normal goods A and B. Initially
his income is Rs 10, and the per unit price of good A and good B is Rs 2 and Rs 3,
respectively. Now, assume income of the consumer increases to Rs 20, the price of
good A rises to Rs 3 and that of good B rises to Rs 4.50. What will be the impact of
this change on the demand of the two goods? (5)
Answer the following Middle Category questions in about 250 words each. Each question
carries 10 marks. Word limit does not apply in case of numerical questions.
3 × 10 = 30
3. (a) Given that a firm experiences a linear homogenous production function, comment
upon the shape of the Expansion path, both in the long run and in the short run. (4)
(b) Consider the following Table which gives total cost schedule of a firm. Given that the
average fixed cost of producing 2 units of output is Rs. 10. Find the total variable
cost, total fixed cost, average variable cost, average fixed cost, short-run average
cost, and short-run marginal cost schedules of the firm for the corresponding values
of output. (6)
Quantity Total cost
4. (a) With respect to the demand and supply analysis, discuss the Walrasian equilibrium
and the Walrasian stability condition. (4)
(b)The income elasticities of demand of two goods, X and Y are + 3.0 and − 0.2,
respectively. Assuming income rises by 5 per cent. What will be the respective
change in the quantities demanded of good X and good Y? (4)
(c) How can the cross-price elasticity of demand be used to identify the relationship
between any two goods? (2)
5. (a) Draw a concave Production Possibility curve. What does the downward slope andthe
concavity of the curve imply? (6)
(b)Mark in the same figure, a production combination which is: (2)
(i) feasible and not efficient, and
(ii) both feasible and efficient.
(c) What could bring a leftward shift in the production possibility curve? (2)
Answer the following Short Category questions in about 100 words each. Each question
carries 6 marks.
5 × 6 = 30
6. Explain the Law of diminishing marginal utility. In what case(s) this law may not apply?
7. Scarcity is the root cause for all Economic problems. Do you agree? Elaborate. (6)
8. What are the reasons behind varying returns viz., increasing, constant and decreasing
returns to a factor in production? (6)
9. Discuss the shape of Input-output Isoquants. (6)
10. Differentiate between
(i) Internal Economies and Internal Diseconomies of Scale. (3)
(ii) Public good and Merit good
The Advantages of studying IGNOU Solved Assignments are given below:
- Easy Accessibility: IGNOU solved assignments are easily accessible online, which means students can access them anytime and anywhere.
- Comprehensive Solutions: The solved assignments provide comprehensive answers to the questions asked in the assignments, which makes it easier for students to understand and study the topics.
- Cost-Effective: The solved assignments are available at a very economical rate, which makes them a great option for those who are on a budget.
- Reference Material: The solved assignments can be used as reference material for further study, as they provide detailed answers to the questions asked.
- Time-Saving: The solved assignments save a lot of time for students as they do not need to spend time researching and writing the answers themselves.
Can I score good marks by getting solved assignments?
Yes, you can get good marks by getting the Solved Assignment as it contains the answers to the questions asked in the assignment and will help you to understand the concepts better and score better.
Read more: How to Make IGNOU Solved Assignment?