2. Discuss the significance of the Palace of Illusions/ Maya in the Mahabharata.
Ah, the Palace of Illusions in the Mahabharata, a captivating metaphor that resonates even in the realm of introductory microeconomics. Just as the palace is a manifestation of illusions and deceit, the economic landscape often presents illusions that shape decision-making and outcomes.
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Is monopoly productively and allocatively efficient?
Name some of the prominent Classical Sanskrit playwrights and attempt a critical analysis of
their words.
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?
Explain the First Fundamental Theorem of Welfare Economics.
4. Write a note on Jain influences in Cilappatikaran.
4. Comment on the female presence in Cilappatikaran.
What is meant by derived demand of a factor?