BECC-132 PRINCIPLES OF MICROECONOMICS – II in English Solved Assignment 2022-2023

BECC-132 PRINCIPLES OF MICROECONOMICS – II Solved Assignment 2022-2023

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PRINCIPLES OF MICROECONOMICS – II
Tutor Marked Assignments
Course Code: BECC-132
Assignment Code: Asst /TMA /2022-23
Total Marks: 100

Title Name

BECC-132 Solved Assignment 2022-2023

University IGNOU
Service Type Solved Assignment (Soft copy/PDF)
Course BAG(Economics Hons (BAECH))
Language ENGLISH
Semester 2022-2023 Course: BA(Economics Hons (BAECH))
Session July 2022 – January 2023 sessions
Short Name BECC-132 (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

 

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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) Discuss the implications of price regulation adopted in terms of MC/AC pricing by a
public monopoly on the consumer welfare. (8)
(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.
(2)
(ii) What will be the equilibrium quantity of good X that the firm will produce?
Also calculate the equilibrium profit. (5)
(iii) What would have been the equilibrium quantity had it been a perfectly
competitive firm? (5)
2. (a) Discuss characteristic features of an Oligopolistic market structure. What are the
various reasons that have led to emergence of this market structure? (10)
(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. (5)
(ii) Comment on the shape of the Marginal revenue curve of this model. (5)
Assignment Two
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 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. (10)
4. (a) Compare and contrast the Marshall’s concept of rent with that given by the
Ricardian. (4)
(b) Draw a backward bending labour supply curve. Explain why does this curve bend
backwards? (6)
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? (10)
Assignment Three
Answer the following Short Category questions in about 100 words each. Each question
carries 6 marks.
5 × 6 = 30
6. Discuss the theory of Excess capacity associated with the long run equilibrium under
Monopolistic competition. (6)
7. How is equilibrium achieved when labour market is imperfectly competitive? (6)
8. What is a Cartel? Comment upon the stability of a cartel. (6)
9. What are the major agreements of the WTO? (6)
10. Compare and contrast the elasticities of demand curves under Monopoly and
Monopolistic competition.

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