BECC
105 Solved Assignment 2022-23
INTERMEDIATE
MICROECONOMICS - I
BECC 105 Solved Assignment 2022-23 : All assignments are in PDF format which would be send on email/WhatsApp (9958676204) just after payment.
Course
Code: BECC 105
Assignment
Code: Asst /TMA /2022-23
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) Distinguish between substitution effect and
Income effect. Make a comparison with illustration between Slusky’s approach
and Hicksian approach to decompose the price effect into substitution effect
and income effect.
5
(b) Consider a consumer with the utility function given
by U(X, Y) = XY where X and Y represent the two goods of consumption priced at
Px and Py, respectively. The income of this consumer is assumed Rs 120, Px =
Rs. 3 and Py = Rs.1. Suppose price of good X falls to Rs. 2.50, what will be its
impact on consumption quantities of both the goods.
15
2. (a) What is the distinction between short run
production function and long run production function? Explain with example and
diagram the various stages of total product associated with law of variable
proportions.
10
(b) For the given production function
Q = 4.5 K 0.4 L 0.7
Drive a function in the form K = f (L) for the isoquant
representing an output of 54.
10
Assignment
Two
Answer the following Middle Category questions in about
250 words each. Each question carries 10 marks.
3 × 10 =
30
3. Consider A Firm facing the demand schedule P = 190 –
0.6q and the total cost function TC = 40 + 30q + 0.4q2
a) What output will maximize profit?
5
b) What output will maximize total revenue?
3
c) What will the output if the firm makes the profit of
Rs. 4,760
2
4. Given a firms’ demand schedule P = 200 – 2q and its
total cost function TC = 2 3 𝑞 3 − 14𝑞 2 + 222𝑞 + 50, find out its
10
(i) Total revenue
(ii) Marginal revenue
(iii) Profit
5. Given the utility function of a consumer, U = 4 A0.5
B 0.5, he spends all his income amounting Rs. 120 on the two goods A and B.
Good A costs Rs. 10 a unit and B Costs Rs. 15. What combination of A and B will
be purchased by him?
10
Assignment
Three
Answer the following Short Category questions in about
100 words each. Each question carries 6 marks.
5 × 6 =
30
6. What is consumer’s surplus and how it is measured?
Explain with illustration.
6
7. Distinguish between utility function and expected
utility function. Discuss the assumptions associated with the Von Neumann
Morgenstern Utility Function.
6
8. ‘The second fundamental theorem of welfare economics
treats the concepts of efficiency and equity differently’. Explain.
6
9. A firm faces the Average Fixed Cost function as AFC
= 200x-1 and Average Variable Cost function as AVC = 0.2x2 where x represents
output. Show diagrammatically what shape will its total cost function (AC)
take?
6
10. Make distinction between any three of the
followings:
6
(i) Weak preference and strong preference
(ii) Numeraire good and non-discrete good
(iii) Homogenous function and Homothetic function
(iv) Compensating variation and Equivalent variation.
BECC 105 Solved Assignment 2022-23 : All assignments are in
PDF format which would be send on email/WhatsApp (9958676204) just after
payment.
BECC 105 Solved Assignment 2022-23, BECC 105 Solved Assignment
2022-23, BECC 105 Solved Assignment 2022-23, BECC 105 Assignment,
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