1. What is the function of the Prologue in Abhijnana Shakuntala?
Well, that's quite a leap from economics to Sanskrit drama! Abhijnana Shakuntala is a classical Sanskrit play written by Kalidasa, and the Prologue serves a significant function in setting the stage for the unfolding drama.
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Explain why a monopolist does not have a well-defined supply curve?
Consider Figure 1 below where MC, ATC, AVC, D, and AR represent the marginal cost, average total cost, average variable cost, demand, and average revenue curve respectively under a perfect competition. Based on the figure, answer the following questions: 10
(i) What is the profit maximising level of output for this firm in the short-run? At this quantity, what is the marginal revenue?
(ii) How much is the total cost for this firm in the short-run equilibrium?
(iii) In the short run, is the firm making economic profit or suffering loss? How much is that profit or loss? Should the firm shut down?
(iv) What is the fixed cost of production faced by this firm?
(v) What is the break-even price for this firm? What is the shut down price for this firm?
(vi) If fixed cost increases further, what impact will this have on this firm’s profit maximising level of output in the short run?
Discuss the central problems of an Economy.
Compare and contrast Marshallian theory with the Ricardian theory of rent.
Consider the demand curve AC of a good in Figure 2. Given distance AB and BC as x and y, units respectively,
(i) What will be the price elasticity of demand for the good at point B? What will be the price elasticity of demand for the good at point A and at point C?
(ii) Given that price elasticity at point B is 1, how x and y will be related?
1. What is the function of the Prologue in Abhijnana Shakuntala?
A Monopoly faces market demand given by Q = 30 – P, where Q stands for quantity and P for price. Total cost function is given by C(Q) = 2Q2 . Find the profit maximising price and quantity and the resulting profit to the monopoly. Compare your results with the equilibrium quantity and price of that of a perfect competitive industry.