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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Assignments to their allocated study centers can now check their Assignment
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marks & result. All this is often available in a web mode. After submitting
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