Explain the efficiency in product-mix with the help of efficiency in consumption and efficiency in production.

Differentiate between the stated preference and revealed preference methods of evaluating environmental resources and describe the Travel cost method.

Explain Command and Control Approach (CAC) approach. Outline its advantages and disadvantages.

Explain the rejection regions for small samples and large samples.

What are the three methods of estimation? Discuss.

There are two types of estimation of parameters: Point Estimation and Interval Estimation. Explain the interval estimation method briefly.

Discuss the remedial measures of multicollinearity.

Discuss the remedial measures of multicollinearity.

Two variable regression model could have three functional forms as given below:

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What is an estimator? Explain all the properties of an estimator with reference to BLUE.

Differentiate between Chi-square distribution and t-distribution

(a) Measurement error in variables is a serious problem in econometric studies. Find out the consequences of measurement errors in i) dependent variable and ii) independent variables.

What are the assumptions of a classical regression model?

Distinguish between the Population Regression Function and Sample Regression Function in detail. Use appropriate diagram to substantiate your response.

Differentiate between a Normal form game and Extensive form game.

Discuss the concept of Pareto Optimality and briefly explain its criteria.

What do you mean by the term ‘Dead Weight Loss’? Explain with the help of a diagram. Discuss the reasons of its existence.

Briefly explain the problem of Moral Hazard that arises in the insurance industry.

Do you think in a system where people pay for their own education, there might be underspending on education? Give reasons for your response.

With the help of Grand Utility Possibility Curve, explain how does society maximise social welfare.