Compare and contrast the elasticities of demand curves under Monopoly and Monopolistic competition.

What are the major agreements of the WTO?

What is a Cartel? Comment upon the stability of a cartel.

How is equilibrium achieved when labour market is imperfectly competitive? 

 Discuss the theory of Excess capacity associated with the long run equilibrium under Monopolistic competition.

Using appropriate diagrams compare the level of production when there is a positive production externality with the production level when there is a negative production externality. How can the resulting inefficient production levels be corrected? 

(b) Draw a backward bending labour supply curve. Explain why does this curve bend backwards? 

(a) Compare and contrast the Marshall’s concept of rent with that given by the Ricardian.

A country can have a comparative advantage in producing a good even if it is absolutely less efficient at producing that good. Do you agree? Explain using an example

(b) With regards to the Kinked demand curve theory given by Paul Sweezy, answer the
following:

(i) The demand curve facing an oligopolist is relatively more elastic above the kink
and less elastic below the kink. Discuss. 

(ii) Comment on the shape of the Marginal revenue curve of this model. 

(a) Discuss characteristic features of an Oligopolistic market structure. What are the various reasons that have led to emergence of this market structure? 

(b) Consider a Monopoly producing good X. The firm has fixed costs equal to Rs 100
and the firm’s total costs increase by Rs 10 for each additional good X they
produce. The inverse demand curve for good X is given by: P(X) = 200 – X, where P
is the price.

(i) Write down an equation giving total costs for the firm as a function of X.
 
(ii) What will be the equilibrium quantity of good X that the firm will produce?
Also calculate the equilibrium profit.
(iii) What would have been the equilibrium quantity had it been a perfectly competitive firm?

 (a) Discuss the implications of price regulation adopted in terms of MC/AC pricing by a public monopoly on the consumer welfare

 Differentiate between

(i) Internal Economies and Internal Diseconomies of Scale. 
(ii) Public good and Merit good 

Discuss the shape of Input-output Isoquants.

What are the reasons behind varying returns viz., increasing, constant and decreasing returns to a factor in production?

Scarcity is the root cause for all Economic problems. Do you agree? Elaborate.

Explain the Law of diminishing marginal utility. In what case(s) this law may not apply?

(c) What could bring a leftward shift in the production possibility curve?

(b)Mark in the same figure, a production combination which is: 

(i) feasible and not efficient, and

(ii) both feasible and efficient.