BECC
131 Solved Assignment 2021-22
PRINCIPLES
OF MICROECONOMICS - I
BECC 131 Solved Assignment 2021-22 : All assignments are in PDF format which would be send on email/WhatsApp (8130208920) just after payment.
Course
Code: BECC 131
Assignment
Code: Asst /TMA /2021
Total
Marks: 100
Assignment
One
Answer the following Descriptive Category questions in
about 500 words each. Each question carries 20 marks
2 × 20 =
40
1. (a) Explain the concept of short-run and the
long-run as associated with a firm.
4
(b) Illustrate the relation between Marginal Cost (MC),
Average Total Cost (ATC), Average Variable Cost (AVC) and Average Fixed Cost
(AFC) curves. Given a total cost function,
TC(Q) =
50Q2 + 10Q + 75
where Q represents quantity of output produced. Find
the expression for Variable Cost (VC), Fixed Cost (FC), AVC, AFC and ATC.
8
(c) Describe with the help of a diagram interaction
between the Short-run Average Total Cost curves and the Long-run Average Total
Cost curve given that the firm has five plant sizes to consider viz. I, II,
III, IV and V (in ascending order of their size), wherein plant size III turn
out to be optimal plant size in the long run.
8
2. Illustrate with the help of a diagram, lower the
price elasticity of demand, lower will be the per unit tax burden borne by the
producers.
8
(a) In the Demand-Supply analysis, what is meant by a
Marshallian cross? Illustrate
4
(b) The demand and supply functions of a good are given
by QD = 110 − 5P; QS = 6P where P, QD and QS denote price, quantity demanded
and quantity supplied, respectively. Find the inverse demand and supply
functions and the market equilibrium price and quantity.
8
Assignment
Two
Answer the following Middle Category questions in about
250 words each. Each question carries 10 marks.
3 × 10 =
30
3. What is meant by a firm’s expansion path? Illustrate
and distinguish between the Expansion path in case of a non-linear production
function and a linear homogeneous production function.
5
4. (a) Cardinal Utility analysis is not free from
criticism. Do you agree? Elaborate.
5
(b) Consider a consumer who consumes two goods X and Y,
priced at PX and PY, respectively. Suppose price of good X falls to PX’.
Decompose price effect of this fall in price into substitution and income
effect using Hicksian approach.
5
5. A rent ceiling prohibits charging rent that exceeds
the ceiling amount. Suppose government decides to put a rent ceiling.
(a) With the help of a diagram show the effect of a
rent ceiling on the supply and demand of a rented house if the ceiling is set
below the market equilibrium rent.
5
(b) What will be the resultant effects on supply and
demand of a rented house if the ceiling is set above the market equilibrium
rent?
5
Assignment
Three
Answer the following Short Category questions in about
100 words each. Each question carries 6 marks.
5 × 6 =
30
6. Given that the two factors of production are used in
fixed proportion in the production process, what will be the shape of the
corresponding isoquants? Illustrate. Also, is it possible to increase the
output by increasing only one factor keeping constant the other factor of
production? Give reason for your answer.
7. Differentiate between Static Economics and Dynamic
Economics.
8. What causes diminishing returns to a variable factor
in the production process?
9. Law of Variable Proportion is not a long-run
concept. Do you agree? Elaborate.
10. Differentiate between
(i) External Economies and External Diseconomies
(ii) Explicit Cost and Implicit Cost
BECC 131
Solved Assignment 2021-22 : All assignments are in PDF format which would be
send on email/WhatsApp (8130208920) just after payment.
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Those students who had successfully submitted their
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department. After which the evaluation of IGNOU Assignment Solutions takes
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