"A good salesman not only sells the product but also builds a relationship."Comment.

Do you think it is important to use selling process steps in personal selling?  Discuss the various steps of selling process.

Solve the following game using iterated elimination of strictly dominated strategies.

 Distinguish between Strategic (or Normal Form) and Extensive Form Games.

If U (X₁, X₂) = 10x₁⁰.³ X₂⁰.⁷, M=200, p₁=5 and p₂=2, set up the Lagrange function and
derive the simplest form of dU(x₁,x₂)/dx₁ = p₁/p₂
dU(x₁,x₂)/dx₂

Consider a Cobb-Douglas utility function
U (X, Y)= X¹/² Y¹/²
Where X and y are the two goods that a consumer consumes at per unit prices of Px and Py respectively. Assuming the income of the consumer to be ₹M, determine:
a. Marshallian demand function for goods X and Y.
b. Indirect utility function for such a consumer.
c. The maximum utility attained by the consumer where Px= ₹ 5, Py = ₹ 5 and M= ₹ 5000.
d. Derive Roy's identity.

Determine the conditions that need to be fulfilled by an allocation to be termed as Pareto efficient allocation.

 Consider a pure-exchange economy of two individuals (A and B) and two goods (X and Y) Individual A is endowed with 5 units of good X and 3 units of good Y, while individual B with 3 and 4 units of goods X and Y respectively. Assuming utility functions of individuals A and B to be UA=XA YA² and UB=XB² YB where X¡ and Y¡ for i= {A, B} represent individual i's consumption of good X and Y respectively, what will be the set of Pareto optimal allocation in this economy?

Absolute and Conditional Convergence

Lucas Critique

By using relevant macroeconomic theory, explain why prices and wages may not be flexible in an economy.

 What do the IS and LM curves signify? Why is it called the neoclassical synthesis?

Critically evaluate the relevance and implications endogenous growth theory.

By using appropriate diagram, explain why inflation unemployment trade-off is not possible in the long run.

Consider the overlapping generations model where each member lives for two time periods 't' and (t+1). Assume that individuals work in time period 't' and earn wage income, while they do not work in time period (t+1) and survive on interest income. Explain the impact of an increase in interest rate on consumption during time period 't'.

What is meant by steady state in the Solow model? Derive the conditions for steady state in an economy. What is the significance of decreasing returns in the Solow model?

 Explain the meaning of cost-benefit analysis. Describe briefly the usual steps taken in a typical cost-benefit exercise.

Discuss the Harris-Todaro model of migration. What has been the impact of this model? What is its relevance for developing nations.

Compare and contrast Adam Smith's theory of development with that of Ricardo's.

What are the main propositions of the Real Business Cycle model? Describe the basic structure of a prototype Real Business Cycle model.