Illustrate the relation between the Value of Marginal product and Marginal Revenue product of a factor under imperfect competition.
In the realm of imperfect competition, the relationship between the Value of Marginal Product (VMP) and Marginal Revenue Product (MRP) of a factor is crucial in understanding how firms determine their optimal input usage and factor pricing.
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(ii) Compare the Sanskrit Epic and the Sanskrit Drama/ Play
iii) Prakarana
Compare and contrast Marshallian theory with the Ricardian theory of rent.
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.
How does a Pigouvian tax works to solve the externality problem?
Discuss various forms of departures from the assumptions of a Perfect competitive market structure.