# MEC 003 Solved Assignment 2022-23

**MEC 003 Solved Assignment 2022-23**

**QUANTITATIVE METHODS FOR ECONOMIC ANALYSIS**

**Course Code: MEC 003**

**Asst. Code: MEC 003/TMA/2022-23**

**Total Marks: 100**

**Note:
Answer all the questions.**

**SECTION A**

**Answer
the following questions in about 700 words each. The word limits do not apply
in case of numerical questions. Each question carries 20 marks.**

**1. The
derivatives have wide application in economics. Explain the following through
derivatives:**

**4 X 5 = 20**

**(i)
Average Revenue and Marginal Revenue**

**(ii)
Average Cost and Marginal Cost**

**(iii)
Elasticity of demand**

**(iv)
Constant Elasticity Demand Curve
**

**2. (i)
If the second derivative is zero at a point, the function may have a maximum, a
minimum or a point of inflexion. In the light of this statement, explain a
maximum, a minimum and point of inflexion.**

**15**

**(ii)
Find the point of inflexion for the following functions**

**5**

**(a) f(x)
= 3x3 + 4**

**(b) f(x)
= x3 + x2 + x + 1**

**SECTION B**

**Answer
the following questions in about 400 words each. Each question carries 12
marks.**

**3.
Explain any two economic applications of Definite Integral. Use examples to
illustrate the applications.**

**12**

**4. Under
perfect competition, there is a firm producing two products. Quantity of first
product is q1 and quantity of second product is q2 . Prices of both commodities
must be taken as exogenous. The price of first product is given by p1 = 5 and
the price of second product is given by p2 = 3. The firm’s cost function is
assumed to be C = 2q1 2 + 2q2 2 + q1q2. Find out the following:**

**12**

**a)
firm’s revenue function**

**b)
firm’s marginal cost function for first product**

**c)
firm’s marginal cost function for second product**

**d)
firm’s profit function**

**e) the
value of q1 and q2 that maximise the firm’s profits**

**f) Value
of Hessian matrix**

**5. (i)
What is a partial derivative? Find the partial derivative of: f (x1 , x2 ) =
4x1 + 5x1x2 + 2x2**

**12**

**(ii)
What is a cross partial derivative? Find the cross partial derivative of: f (x1
, x2 ) = 4x3 + x2 4 + 3x1 3x2 4 + 5x1 x2**

**4**

**(iii)What
is a total differential? Find out the total differential of: f (x1 , x2 ) =
10x1 + x2 4 + 2bx1x2 + 5x2**

**6. What
do you understand by constrained optimisation? Let the utility function be U
(X, Y) = X2 + Y. Price of commodity X is Px = 2 and price of commodity Y is Py
= 1. The income is M = 200. Find out the equilibrium quantities of X and Y,
given the constraint M = PxX+ PyY.**

**12**

**7. Write
short notes on the following:**

**12**

**(i)
Algebraic function and Non-Algebraic function**

**(ii)
Right-hand limit and left-hand limit**

**(iii) Probability
distribution function**

*MEC 003 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 Master's
Degree Programmes (M.A. ECONOMICS) ASSIGNMENTS**

Dear Learner,

You have to submit one assignment in each course, i.e. MEC 003. 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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