Discuss the relationship between marginal and average product curves.
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Explain with diagrams the approaches that are used to decompose the price effect into substation effect and income effect.
See Answer →What do you understand by the term 'market failure'? Explain the various sources of market failure. Which policy instruments can be resorted to regulate the inefficient market situations?
See Answer →Distinguish between public monopoly and private monopolist. How does public monopoly firm makes its price and output decisions? Illustrate.
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What are implicit costs? How are these implicit costs estimated? Do you think that these costs be included as part of costs of production? Give reasons for your answer.
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On what grounds, the law of diminishing marginal utility is criticized by the modern economists?
See Answer →How does want and utility are interconnected to each other? How is the cardinal approach different from ordinal approach to consumer behavior?
See Answer →What will be the consumer's marginal utility for Y.
See Answer →What will be the consumer's marginal utility for X.
See Answer →A consumer has utility function for goods X and Y as under :
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What is production possibility curve (PPC)? How does a PPC provide an economy's menu of choices?
See Answer →Explain with illustration the three stages of production. Why should a rational producer under competitive condition should produce in stage II?
See Answer →Qs=-4000+2000Px
See Answer →Qd=8000- 1000Px
See Answer →प्रतिकूल चयन तथा नैतिक खतरे
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