Explain the concept of excess capacity under Monopolistic Competition.
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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 Q =10 √LK
(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?
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What are Iso-welfare curves? How do they help in determining the maximum point of social welfare?
See Answer →Consider the following Cobb-Douglas utility function
U(X1, X2)= X12X22
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
See Answer →What is Pareto Efficiency? Explain the statement that Pareto efficiency requires Efficiency in exchange, production and output mix.
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What is an Isoquant? Explain the properties of an Isoquant. How do you define the economic region of production? Explain using diagram.
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Differentiate between Risk aversion and Risk neutrality. How does insurance help in reducing risk? Show with an example.
See Answer →Explain how the presence of externalities in the market does not lead to optimal production of goods? Suggest at least three ways of internalizing the externalities.
See Answer →Write a note on Role of civil society.
See Answer →Write the functions of Finance commission of India.
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. Describe the organisation and functions of food Safety and Standards Authority of India.
See Answer →Describe the Role and functions of Executive of India.
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