Differentiate between Signalling and Screening as solutions to problem of asymmetric information. Give a brief explanation of how do these solutions work.

What is a natural monopoly? Discuss and differentiate the marginal cost pricing and average cost pricing under natural monopoly. What is a natural monopoly? Discuss and differentiate the marginal cost pricing and average cost pricing under natural monopoly.

C) Consider the following version of the prisoner’s dilemma game:                   

                                  Player Two

a) What is each player’s dominant strategy? Explain. 

b) Explain the Nash equilibrium of the game.

Explain the pure strategy equilibria.

Write down the payoff matrix for this game.

Consider the following game: Two criminals are thinking about pulling off a bank robbery. The take from the bank would be Rs.25,000 each, but the job requires two people (one to rob the bank and one to drive the getaway car. Each criminal could instead rob a liquor store. The take from robing a liquor store is only Rs.2000 but can be done with one person acting alone.

What is the difference between a Dominant strategy and a Nash equilibrium?

Explain the First theorem of welfare and Second theorem of welfare

(iii) Compare parts (i) and (ii) in terms of social welfare. Explain what you infer.

Assume now that the government considers a different redistribution scheme. Starting with the original endowments, the government takes 175 units from A. This time it wishes to give them to C, but in transportation it destroys 91 units, so C only gets 84 of these extra units. What is each person’s utility level now? Find the social welfare level in this case.

The government decides to redistribute food more equally, so it takes 175 units from A and gives them to B. However, the government spoils 79 of these units in transportation, so B ultimately gets only 96 units of food. What is each person’s utility level now? Find the social welfare level in this case

Consider an economy with only one good, food. There are three people in the economy, A, B and C. A has 400 units of food, B has 100 units, and C has only 16 units. All have the same utility, Ui =√f for i = A, B, C and where f stands for food. The social welfare function for this society is the sum of the utilities of the three individuals.

Make an interview guide to conduct research on a park in an urban locality to see the economic sustainability of that space.

Take photographs of 5 graffiti art in your city and explain the social and political meanings behind them

Find out how your own locality/neighbourhood has changed over ten years and discuss about the new developments that can be observed. Discuss your research methodology and tell us about the rationale behind choosing this methodology.

Road-side shrines

Myth Debunking

Cosmopolitan Identity

Extended Family Enclaves

Political Assertion of Caste Groups