Analyse the significance of the Opium Wars in the evolution of the Sino-Western relations in the nineteenth century.
See Answer →Write a note on the New Cultural Movement in China after 1911. Discuss the role of intellectuals in China’s Cultural Revolution.
See Answer →CES production function
See Answer →Labor- deepening Technical Progress
See Answer →Certainty Equivalent
See Answer →Compensating Variation
See Answer →What is a Walrasian equilibrium? Explain how a “non-competitive equilibrium is inefficient”.
See Answer →What are the two approaches to profit maximization under perfect competition? If TR= 400Q - 2Q2 , TC= 1800 +50Q + 3Q2 . Find the profit maximizing level of output for the firm.
See Answer →If production function is given by
(i) Calculate the elasticity of output with respect to labor (L)
(ii) Calculate the elasticity of output with respect to capital (K)
(iii) What kind of returns to scale does it exhibit?
List the three important properties about preferences. When are preferences said to be “wellbehaved”?
See Answer →State and explain the two fundamental theorems of welfare economics.
See Answer →What is meant by “Cost Minimisation”? Explain how a rational producer maximizes his profits using Isoquant and Isocost line.
See Answer →Consider the following Cobb-Douglas utility function
P1= 10, P2= 5
Where x1 and x2 are the two goods and P1 and P2 are their respective prices.
(i) Determine the optimal choice of consumption of x1 and x2
(ii) Find the expression for Indirect Utility Function
Consider a market for good X represented by the following demand function, q = 125– 20 P. Now assume the market price of this good to be Rs. 5, calculate
a) The initial consumer’s surplus at market price of Rs. 5.
b) The change in consumer’s surplus when price falls to Re 1.
c) The gain due to fall in price to the consumers who could buy at old price of Rs. 5 (that is, the gain to the old buyers); also the gain to the new buyers of good X at lower price of Re 1.
What is an Isoquant? Explain the properties of an Isoquant. How do you define the economic region of production? Explain using diagram.
See Answer →Differentiate between Risk aversion and Risk neutrality. How does insurance help in reducing risk? Show with an example.
See Answer →Decompose the Price Effect into Slutsky Substitution and Income effect for an inferior commodity. Use diagram to show the same
See Answer →Elucidate the features existing under Oligopolistic market structure
See Answer →What is the concept of efficiency in economics? How is the efficient allocation of resources done among firms?
See Answer →What are the policy instruments available for government intervention to regulate inefficient market situations?
See Answer →