BECC 105 Solved Assignment 2022-23

INTERMEDIATE MICROECONOMICS - I

BECC 105 Solved Assignment 2022-23 : All assignments are in PDF format which would be send on email/WhatsApp (9958676204) just after payment.

Course Code: BECC 105

Assignment Code: Asst /TMA /2022-23

Total Marks: 100

Assignment One

Answer the following Descriptive Category questions in about 500 words each. Each question carries 20 marks. Word limit does not apply in case of numerical questions.

2 × 20=40

1. (a) Distinguish between substitution effect and Income effect. Make a comparison with illustration between Slusky’s approach and Hicksian approach to decompose the price effect into substitution effect and income effect.

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(b) Consider a consumer with the utility function given by U(X, Y) = XY where X and Y represent the two goods of consumption priced at Px and Py, respectively. The income of this consumer is assumed Rs 120, Px = Rs. 3 and Py = Rs.1. Suppose price of good X falls to Rs. 2.50, what will be its impact on consumption quantities of both the goods.

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2. (a) What is the distinction between short run production function and long run production function? Explain with example and diagram the various stages of total product associated with law of variable proportions.

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(b) For the given production function

Q = 4.5 K 0.4 L 0.7

Drive a function in the form K = f (L) for the isoquant representing an output of 54.

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Assignment Two

Answer the following Middle Category questions in about 250 words each. Each question carries 10 marks.

3 × 10 = 30

3. Consider A Firm facing the demand schedule P = 190 – 0.6q and the total cost function TC = 40 + 30q + 0.4q2

a) What output will maximize profit?

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b) What output will maximize total revenue?

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c) What will the output if the firm makes the profit of Rs. 4,760

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4. Given a firms’ demand schedule P = 200 – 2q and its total cost function TC = 2 3 𝑞 3 − 14𝑞 2 + 222𝑞 + 50, find out its

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(i) Total revenue

(ii) Marginal revenue

(iii) Profit

5. Given the utility function of a consumer, U = 4 A0.5 B 0.5, he spends all his income amounting Rs. 120 on the two goods A and B. Good A costs Rs. 10 a unit and B Costs Rs. 15. What combination of A and B will be purchased by him?

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Assignment Three

Answer the following Short Category questions in about 100 words each. Each question carries 6 marks.

5 × 6 = 30

6. What is consumer’s surplus and how it is measured? Explain with illustration.

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7. Distinguish between utility function and expected utility function. Discuss the assumptions associated with the Von Neumann Morgenstern Utility Function.

8. ‘The second fundamental theorem of welfare economics treats the concepts of efficiency and equity differently’. Explain.

9. A firm faces the Average Fixed Cost function as AFC = 200x-1 and Average Variable Cost function as AVC = 0.2x2 where x represents output. Show diagrammatically what shape will its total cost function (AC) take?

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10. Make distinction between any three of the followings:

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(i) Weak preference and strong preference

(ii) Numeraire good and non-discrete good

(iii) Homogenous function and Homothetic function

(iv) Compensating variation and Equivalent variation.

BECC 105 Solved Assignment 2022-23 : All assignments are in PDF format which would be send on email/WhatsApp (9958676204) just after payment.

POST GRADUATE DIPLOMA IN AUDIO PROGRAMME PRODUCTION Bachelor’s Degree Programmes (CBCS B.A. and BSCANH) ASSIGNMENTS

Dear Learner,

You have to submit one assignment in each course, i.e. BECC 105. All these are Tutor Marked Assignments (TMAs). Before attempting the assignments, please read the instructions provided in the Programme Guide carefully.

Kindly note, you have to submit these assignments to the Coordinator of your Study Centre within the stipulated time for being eligible to appear in the term-end examination. You must mention your Enrolment Number, Name, Address, Assignment Code and Study Centre Code on the first page of the assignment. You must obtain a receipt from the Study Centre for the assignments submitted and retain it. Keep photocopies of the assignments with you.

After evaluation, the assignments have to be returned to you by the Study Centre. Please insist on this and keep a record with you. The marks obtained by you will be sent by the Study Centre to the Student Evaluation Division at IGNOU, New Delhi.

Guidelines for Doing Assignments

There are five questions in each assignment, all carry equal marks. Attempt all the questions in not more than 500 words (each). You will find it useful to keep the following points in mind:

Planning: Read the assignments carefully. Go through the units on which they are based, make some points regarding each question and then rearrange them in a logical order

Organization and Presentation: Be analytical in your selection of the information for your answer. Give adequate attention to the introduction and the conclusion. Make sure that your answer is logical and coherent; has a proper flow of information.

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