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IGNOU BECC-131 July 2023 - January 2024 - Solved Assignment

Are you looking to download a PDF soft copy of the Solved Assignment BECC-131 - Principles of Microeconomics-I ? Then GullyBaba is the right place for you. We have the Assignment available in English and Hindi language.

This particular Assignment references the syllabus chosen for the subject of Economics , for the July 2023 - January 2024 session. The code for the assignment is BECC-131 and it is often used by students who are enrolled in the BAG Degree.

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IGNOU BECC-131 (July 2023 - January 2024) Assignment Questions

Assignment One

Answer the following Descriptive Category questions in about 500 words each.

1. (a) The behaviour of the firm which seems to be efficient in the short-run may found to be inefficient in the long-run. Do you agree? Explain using appropriate diagram. (b) Discuss the reasons behind a typical U-shaped long-run average cost curve (LAC) that a firm may face over its range of output in the long run.

2. (a) Explain the concept of an Expansion path? Explain why an expansion path in case of a linear homogeneous production function is a straight line? Discuss. (b) Illustrate isoquants having positively sloped segments. In the same diagram construct ridge lines and explain the concept of Economic Region of Production.

Assignment Two

Answer the following Middle Category questions in about 250 words each.

3. (a) Discuss the concept of Utility. How is the cardinal utility approach different from the ordinal utility approach? (b) On what grounds is the law of diminishing marginal utility being criticized by the modern economists?

4. (a) Illustrate the impact of a price support measure imposed by the government on the market of a commodity under the following conditions: (i) When the price floor is fixed at a price lower than the equilibrium price. (ii) When the price floor is fixed at a price equal to the equilibrium price. (b)What will be the consequences of setting up a price floor above the equilibrium price?

5.(a) For equilibrium, a producer may attempt maximization of output subject to a given cost or alternatively, he may seek to minimize cost subject to a given level of output. Do you agree? Discuss.

Assignment Three

Answer the following Short Category questions in about 100 words each.

6. Why does the marginal rate of technical substitution (MRTS) decline as we move rightward and downward along a convex-shaped isoquant?

7. The concept of consumer’s surplus is derived from the law of diminishing marginal utility. Discuss.

8. What is meant by Arbitrage?

9. Draw an income consumption curve in case the good marked on the horizontal axis is a necessity good while that marked on the vertical axis is a superior good.

10. Who does bear the tax burden when the demand is perfectly elastic and supply is of normal shape?

IGNOU BECC-131 (July 2022 - January 2023) Assignment Questions

1. Using appropriate diagrams discuss the rationale behind rationing system for allocation of scarce resources? What are the consequences associated with the rationing system?

2. (a) Consider a consumer earning income M and facing a choice between two commodities X and Y available at price PX and PY, respectively. Using appropriate diagrams with plotting good X and Y on the horizontal and vertical axis, respectively, bifurcate the price effect into substitution and income effect in case the price of good Y increases from PY to PY’ and the fact that both the commodities are normal goods. (b) Consider a consumer who has to choose between two normal goods A and B. Initially his income is Rs 10, and the per unit price of good A and good B is Rs 2 and Rs 3, respectively. Now, assume income of the consumer increases to Rs 20, the price of good A rises to Rs 3 and that of good B rises to Rs 4.50. What will be the impact of this change on the demand of the two goods?

3. (a) Given that a firm experiences a linear homogenous production function, comment upon the shape of the Expansion path, both in the long run and in the short run. (b) Consider the following Table which gives total cost schedule of a firm. Given that the average fixed cost of producing 2 units of output is Rs. 10. Find the total variable cost, total fixed cost, average variable cost, average fixed cost, short-run average cost, and short-run marginal cost schedules of the firm for the corresponding values of output.

becc 131 solved assignment free download pdf in hindi

4. (a) With respect to the demand and supply analysis, discuss the Walrasian equilibrium and the Walrasian stability condition. (b)The income elasticities of demand of two goods, X and Y are + 3.0 and − 0.2, respectively. Assuming income rises by 5 per cent. What will be the respective change in the quantities demanded of good X and good Y? (c) How can the cross-price elasticity of demand be used to identify the relationship between any two goods?

5. (a) Draw a concave Production Possibility curve. What does the downward slope and the concavity of the curve imply? (b)Mark in the same figure, a production combination which is: (i) feasible and not efficient, and (ii) both feasible and efficient. (c) What could bring a leftward shift in the production possibility curve?

6. Explain the Law of diminishing marginal utility. In what case(s) this law may not apply?

7. Scarcity is the root cause for all Economic problems. Do you agree? Elaborate.

8. What are the reasons behind varying returns viz., increasing, constant and decreasing returns to a factor in production?

9. Discuss the shape of Input-output Isoquants.

10. Differentiate between

(i) Internal Economies and Internal Diseconomies of Scale. (ii) Public good and Merit good

सत्रीय कार्य -1

निम्नलिखित वर्णनात्मक श्रेणी के प्रत्येक प्रश्न का उत्तर लगभग 500 शब्दों में लिखें।

1. क) क्या आप इस बात से सहमत हैं कि किसी फर्म का जो व्यवहार अल्पकाल में दक्ष (efficient) लगता है वहीं दीघकाल में अदक्ष पाया जा सकता है? उपयुक्त रेखाचित्र का प्रयोग करते हुए व्याख्या करें। ख) दीर्घकालीन औसत लागत वक्र (LAC) की U आकृति होने के कारणों की जिसका एक फर्म दीर्घकाल में उत्पादन करने के दौरान सामना करती है. चर्चा कीजिए।

2. क) विस्तार पथ की अवधारणा की व्याख्या करें। रेखीय समजातीय उत्पादन फलन के मामले में विस्तार पथ एक सीधी रेखा क्यों होती है? ख) ऐसे समोत्पाद वक्र का प्रदर्शन करें जिसका ढलवाँ भाग (sloped segments) सकारात्मक होता है। उसी रेखाचित्र में रिज रेखाओं की रचना करें तथा उत्पादन में आर्थिक क्षेत्र की अवधारणा की व्याख्या करें।

सत्रीय कार्य 2

निम्नलिखित मध्यम श्रेणी के प्रत्येक प्रश्न का उत्तर 250 शब्दों में लिखें।

3. क) उपयोगिता की अवधारणा की चर्चा करें। गणनात्मक उपयोगिता दृष्टिकोण क्रमवाचक उपयोगिता दृष्टिकोण से किस प्रकार भिन्न है? ख) आधुनिक अर्थशास्त्रियों द्वारा किन आधारों पर हासमान सीमात उपयोगिता की आलोचना की जाती है?

4. क) निम्नलिखित शर्तों के अधीन सरकार द्वारा किसी वस्तु के बाजार पर कीमत समर्थन संबंधी उपायों के प्रभाव को बताइये । i) जब किसी वस्तु की कीमत संतुलन स्तर से नीचे निर्धारित की गई हो। ii) जब किसी वस्तु की कीमत संतुलन स्तर के बराबर निर्धारित की गई हो। ख) संतुलन स्तर से ऊपर आधार कीमत (price floor) तय करने के क्या परिणाम होते हैं?

5. संतुलन की स्थिति प्राप्त करने के लिए कोई उत्पादक दी हुई साधन लागत पर उत्पादन को अधिकतम करने का प्रयास कर सकता है, वैकल्पिक रूप से वह दिये हुए उत्पादन स्तर पर लागत को न्यूनतम करने का प्रयास भी कर सकता है। क्या आप इस बात से सहमत हैं? चर्चा करें।

सत्रीय कार्य-3

प्रत्येक लघु उत्तर के प्रश्नों के उत्तर 100 शब्दों में लिखें।

6. जब हम किसी उन्नतोदर (convex) समोत्पाद वक्र के ऊपर तथा नीचे की ओर गमन करते हैं तब तकनीकी सीमांत स्थानपित्त दर (MRTS) क्यों घटती है?

7. 'उपभोक्ता की बचत की अवधारणा ह्रासमान सीमांत उपयोगिता के नियम से व्युत्पन्न की जाती है'- व्याख्या करें।

8. अंतर्पण्य (Arbitrage) से आप क्या समझते हैं?

9. एक ऐसे आय उपभोक्ता वक्र की रचना करें जहाँ वस्तु बाजार में क्षितिजीय अक्ष पर आवश्यक वस्तु तथा ऊर्ध्व अक्ष पर श्रेष्ठ वस्तु का प्रदर्शन हो रहा हो।

10. उस स्थिति में कर का भार कौन वहन करता है जब वस्तु की माँग पूर्णतया लोचदार हो तथा पूर्ति सामान्यतया लोचदार ।

सत्रीय कार्य - 1

1. उपयुक्त रेखाचित्र की सहायता से दुर्लभ संसाधनों के आवंटन हेतु राशनिंग व्यवस्था के पीछे प्रदत्त तर्कों का विवेचन करें।

2. क) एक ऐसे उपभोक्ता पर विचार करें जिसकी आय M है, वह दो वस्तुओं X तथा वस्तु का चयन करता है जिनकी कीमत क्रमशः Px तथा PY है। उपयुक्त रेखाचित्र का प्रयोग करते हुए उस रेखाचित्र के क्षितिज अक्ष पर x वस्तु तथा ऊर्ध्व अक्ष पर Y वस्तु को अंकित करें। यदि वस्तु की कीमत Py से बढ़कर Py' हो जाती है तो इस कीमत प्रभाव को प्रतिस्थापन प्रभाव एवं आय प्रभाव में विभाजित करें, यह मानते हुए कि दोनों ही वस्तुएँ सामान्य हैं। ख) मान लीजिए कि एक उपभोक्ता को A तथा B नामक दो सामान्य वस्तुओं में से चयन करना है। शुरुआत में उसकी आय रु.10 है तथा प्रति इकाई A वस्तु की कीमत रु. 2 तथा B वस्तु की कीमत रु. 3 है। अब मान लीजिए कि उपभोक्ता की आय बढ़कर रु. 20 हो जाती है, A वस्तु की कीमत बढ़कर रु.3 तथा B वस्तु की कीमत रु.4.50 हो जाती है। इस परिवर्तन का दोनों वस्तुओं की माँग पर क्या प्रभाव पड़ेगा?

मध्यम श्रेणी के प्रत्येक प्रश्न का उत्तर 250 शब्दों में लिखें।

3. क) मान लीजिये कि किसी फर्म का उत्पादन फलन रेखीय सजातीय है। अल्पकाल एवं दीर्घकाल दोनों के तहत उस फर्म के विस्तार पथ की आकृति पर टिप्पणी करें। ख) निम्नलिखित तालिका पर विचार करें जो किसी फर्म की कुल लागत सूची को व्यक्त करती है। उत्पादन की दो इकाइयों के पैदा करने पर औसत स्थिर लागत रु.10 आती है। उत्पादन के संबंधित मूल्यों के फर्म की कुल परिवर्ती लागत, कुल स्थिर लागत औसत परिवर्ती लागत, औसत स्थिर लागत, अल्पकालीन औसत लागत और अल्पकालीन सीमांत लागत अनुसूची का आकलन करें।

4. क) माँग एवं पूर्ति विश्लेषण के संबंध में वालरसियन संतुलन एवं वालरसियन स्थिरता शर्त पर चर्चा करें। ख) दो वस्तुओं X तथा Y की माँग की आय लोच क्रमशः + 3.0 तथा -0.2 है। आय के 5 प्रतिशत बढने पर X तथा Y वस्तुओं की माँग की गयी मात्रा में क्या परिवर्तन होगा ? ग) किन्हीं दो वस्तुओं के बीच संबंध ज्ञात करने के लिए माँग की आड़ी कीमत लोच का प्रयोग किस प्रकार किया जा सकता है?

5. क) एक नतोदार उत्पादन संभावना वक्र की रचना करें नीचे की ओर ढलते हुए वक्र की नतोदारता का निहितार्थ क्या है? ख) इसी चित्र में उस उत्पादन संयोग को चिन्हित करें। (i) जो प्राप्त करने योग्य हो परंतु दक्ष न हो। (ii) जो प्राप्त करने योग्य भी हो परंतु दक्ष भी हो। ग) उत्पादन संभावना वक्र में बायीं ओर विवर्तन क्या ला सकता है?

प्रत्येक लघु वर्ग के प्रश्नों के उत्तर 100 शब्दों में लिखें।

6. घटती हुई सीमांत उपयोगिता के नियम की व्याख्या करें किन मामलों में यह नियम लागू नहीं होता है।

7. दुलर्भता सभी आर्थिक समस्याओं का मूल कारण है। क्या आप इस कथन से सहमत हैं? व्याख्या करें।

8. उत्पादन में किसी साधन में परिवर्तन करने पर उसके वृद्धि, स्थिर एवं घटते हुए प्रतिफल के पीछे क्या कारण हैं?

9. आदा-प्रदा समोत्पादक वक्र की आकृति पर विचार-विमर्श करें।

10. निम्नलिखित के बीच अंतर स्पष्ट करें - (i) पैमाने की आंतरिक मितव्ययताएँ एवं आंतरिक अमितव्ययताएँ । (ii) सार्वजनिक वस्तु एवं मैरिट वस्तु ।

BECC-131 Assignment Details

University IGNOU (Indira Gandhi National Open University)
Title Principles of Microeconomics-I
Language(s) English and Hindi
Session July 2023 - January 2024
Code BECC-131
Subject Economics
Degree(s) BAG
Course Core Courses (CC)
Author Gullybaba.com Panel
Publisher Gullybaba Publishing House Pvt. Ltd.

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Students need to submit BECC 131 Solved Assignment for the Core Course (CC) in Principles of Microeconomics – I (BECC-131). It is one of the core course of CBCS BAG. It is valid for those students who took admission in July 2023 and January 2024 Cycles. It is available in English and Hindi medium.

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FREE IGNOU BECC-131 SOLVED ASSIGNMENT 2023-24

by Team Guffo · Published 2023 · Updated 2023

IGNOU BECC-131 is a course under the Bachelor of Arts (BA) program offered by Indira Gandhi National Open University (IGNOU). To successfully complete the course and be eligible to appear for the exams in June 2024, students are required to submit the IGNOU BECC-131 SOLVED ASSIGNMENT 2023-24 for the academic year 2023-24.

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IGNOU BECC-131 SOLVED ASSIGNMENT 2023-24 Submission: Students are advised to submit the IGNOU BECC-131 SOLVED ASSIGNMENT 2023-24 as per the specified schedule. The assignments must be submitted in soft copy/PDF format through the designated portal or email, as instructed by the university.

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Short-Run Efficiency: In the short-run, a firm’s efficiency is often analyzed through the lens of its production and cost curves. The short-run is characterized by the presence of fixed inputs, which restrict the firm’s ability to make major adjustments to its production process. This leads to the concept of diminishing marginal returns. As the firm increases its variable inputs (like labor), the additional output gained from each additional unit of input decreases after a certain point, leading to a flatter portion of the firm’s production curve.

In the context of cost, the short-run efficiency is assessed using the average total cost (ATC) curve. The ATC curve is U-shaped due to economies of scale initially and diseconomies of scale at higher levels of output. Short-run efficiency is achieved when the firm produces at the point where marginal cost (MC) intersects ATC, ensuring that costs are minimized for the given level of output. If the firm produces below this point, it can increase efficiency by producing more; if it produces beyond this point, efficiency can be improved by producing less.

Long-Run Efficiency: In the long-run, a firm has the flexibility to adjust all inputs, including capital and labor. This allows it to fully optimize its production process and overcome the limitations imposed by fixed inputs in the short-run. The concept of economies and diseconomies of scale becomes more pronounced in the long-run. A firm can expand or contract its scale of operations to achieve the lowest possible cost per unit of output.

The long-run average cost (LRAC) curve represents the minimum possible average cost for each level of output when all inputs are variable. The shape of the LRAC curve depends on the extent of economies and diseconomies of scale. If a firm’s scale of operation allows it to exploit economies of scale fully, the LRAC curve will exhibit a downward-sloping trend over a wide range of output. On the other hand, if the firm faces significant diseconomies of scale, the LRAC curve might be upward-sloping beyond a certain level of output.

Efficiency Comparison and Diagram: Now, let’s consider a diagram to illustrate the evolution of efficiency from the short-run to the long-run. Imagine an initially small firm in a perfectly competitive market. In the short-run, the firm might operate at point A on the ATC curve, producing Q1 units of output. At this point, the firm’s behavior seems efficient because it’s producing at the minimum point of its short-run cost curve.

However, as the firm expands its operations in the long-run and experiences economies of scale, it can achieve lower costs per unit of output. This is represented by the downward-sloping segment of the LRAC curve. The firm moves from point A to point B on the LRAC curve, producing Q2 units of output. At this point, the firm has achieved higher efficiency than in the short-run because it’s operating at a lower cost level.

It’s important to note that beyond a certain level of output, the firm might encounter diseconomies of scale, causing the LRAC curve to slope upwards. This means that while the firm appeared efficient at point B, producing even more in the long-run could lead to cost inefficiencies, represented by points C and D on the LRAC curve.

In conclusion, the behavior of a firm that appears efficient in the short-run can indeed become inefficient in the long-run. This transition is driven by the dynamic nature of production processes, the ability to adjust all inputs, and the interplay between economies and diseconomies of scale. The evolution of efficiency is graphically illustrated through the short-run and long-run cost curves, which depict how a firm’s cost-minimizing behavior can change with changes in its scale of operation.

LRAC | C

| / | / | / | / | / | / | / | / | /

——–|————> Quantity of Output

| | | | B | | | | | | | |

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IGNOU: BECC-131 Solved Assignment 2022-2023 (PRINCIPLES OF MICROECONOMICS – I)

1 Assignment One
2 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
3 1. Using appropriate diagrams discuss the rationale behind rationing system for allocation of scarce resources? What are the consequences associated with the rationing system?
4 2. (a) Consider a consumer earning income M and facing a choice between two commodities X and Y available at price PX and PY, respectively. Using appropriate diagrams with plotting good X and Y on the horizontal and vertical axis, respectively, bifurcate the price effect into substitution and income effect in case the price of good Y increases from PY to PY’ and the fact that both the commodities are normal goods.
5 (b) Consider a consumer who has to choose between two normal goods A and B. Initially his income is Rs 10, and the per unit price of good A and good B is Rs 2 and Rs 3, respectively. Now, assume income of the consumer increases to Rs 20, the price of good A rises to Rs 3 and that of good B rises to Rs 4.50. What will be the impact of this change on the demand of the two goods?
6 Assignment Two
7 Answer the following Middle Category questions in about 250 words each. Each question carries 10 marks. Word limit does not apply in case of numerical questions. 3 × 10 = 30
8 3. (a) Given that a firm experiences a linear homogenous production function, comment upon the shape of the Expansion path, both in the long run and in the short run.
9 4. a) With respect to the demand and supply analysis, discuss the Walrasian equilibrium and the Walrasian stability condition.
10 (b)The income elasticities of demand of two goods, X and Y are + 3.0 and − 0.2, respectively. Assuming income rises by 5 per cent. What will be the respective change in the quantities demanded of good X and good Y?
11 (c) How can the cross-price elasticity of demand be used to identify the relationship between any two goods?
12 5. (a) Draw a concave Production Possibility curve. What does the downward slope andthe concavity of the curve imply?
13 (b)Mark in the same figure, a production combination which is:(i) feasible and not efficient.
14 (ii) both feasible and efficient.
15 (c) What could bring a leftward shift in the production possibility curve?
16 Assignment Three
17 Answer the following Short Category questions in about 100 words each. Each question carries 6 marks. 5 × 6 = 30
18 6. Explain the Law of diminishing marginal utility. In what case(s) this law may not apply?
19 7. Scarcity is the root cause for all Economic problems. Do you agree? Elaborate.
20 8. What are the reasons behind varying returns viz., increasing, constant and decreasing returns to a factor in production?
21 9. Discuss the shape of Input-output Isoquants.
22 Differentiate between(i) Internal Economies and Internal Diseconomies of Scale.
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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. using appropriate diagrams discuss the rationale behind rationing system for allocation of scarce resources what are the consequences associated with the rationing system.

Ans: Rationing is a system of allocating scarce resources to different individuals or groups based on certain criteria such as need, priority, or fairness. The rationale behind rationing systems is to ensure that the available resources are distributed in an equitable and efficient manner, so that everyone has access to the necessary goods and services. The use of appropriate diagrams is an effective way to illustrate and clarify the principles and outcomes of rationing systems.

Diagram 1: Scarcity and Allocation of Resources

This diagram depicts the basic economic problem of scarcity, where limited resources are used to meet unlimited wants and needs. The allocation of resources is the process of deciding how scarce resources should be used to satisfy different demands. Rationing is one way of allocating resources, as it limits the amount of a particular good or service that an individual can consume.

Diagram 2: Criteria for Rationing

The criteria for rationing vary depending on the specific situation, but they typically involve factors such as need, priority, or fairness. In emergency situations, such as natural disasters or public health crises, rationing may be based on need, with the most essential goods and services going to those who are most in need. In other cases, such as the allocation of limited medical resources, the criteria may be based on priority, with priority going to those who are most likely to benefit from treatment.

Diagram 3: Consequences of Rationing

The consequences of rationing can be both positive and negative. On the positive side, rationing can help ensure that scarce resources are distributed equitably and efficiently, reducing the waste and inefficiencies that can result from a free market approach. On the negative side, rationing can lead to increased waiting times and reduced access to goods and services for some individuals, especially those with lower priority or less need.

2. (a) Consider a consumer earning income M and facing a choice between two commodities X and Y available at price PX and PY, respectively. Using appropriate diagrams with plotting good X and Y on the horizontal and vertical axis, respectively, bifurcate the price effect into substitution and income effect in case the price of good Y increases from PY to PY’ and the fact that both the commodities are normal goods.

Ans: The consumer’s choice between two commodities, X and Y, is influenced by their respective prices, PX and PY. When the price of good Y increases from PY to PY’, the consumer’s budget constraint changes and affects their consumption of both goods X and Y. In this situation, it is helpful to bifurcate the price effect into the substitution effect and the income effect.

Diagram 1: Budget Constraint before Price Change

Initially, the consumer has an income of M and faces a choice between two commodities X and Y. The budget constraint shows the combinations of X and Y that the consumer can afford, given their income and the prices of the two goods. The budget constraint is represented by a straight line, where X is plotted on the horizontal axis and Y is plotted on the vertical axis.

Diagram 2: Price Effect after Price Change

After the price of good Y increases from PY to PY’, the budget constraint shifts inward and to the left, reflecting the fact that the consumer now has less purchasing power. The change in price has two effects on the consumer’s consumption: the substitution effect and the income effect.

The substitution effect refers to the effect of the price change on the consumer’s consumption of X and Y, without considering the change in their real income. The substitution effect is illustrated by the movement along the budget constraint from point A to point B. As the price of Y increases, the consumer substitutes Y with X, as X becomes relatively cheaper.

The income effect refers to the effect of the price change on the consumer’s consumption of X and Y, after considering the change in their real income. The income effect is illustrated by the movement from point B to point C. As the price of Y increases, the consumer’s real income decreases, and they consume less of both X and Y.

Diagram 3: Final Consumption

The final consumption of X and Y is represented by point C, which lies on the new budget constraint. The final consumption of X and Y reflects both the substitution effect and the income effect of the price change.

It is important to note that both goods X and Y are normal goods, meaning that as their prices change, the consumer’s consumption of them changes as well. If both goods were inferior goods, their consumption would increase as their prices increased.

(b) Consider a consumer who has to choose between two normal goods A and B. Initially his income is Rs 10, and the per unit price of good A and good B is Rs 2 and Rs 3, respectively. Now, assume income of the consumer increases to Rs 20, the price of good A rises to Rs 3 and that of good B rises to Rs 4.50. What will be the impact of this change on the demand of the two goods?

Ans: The choice of a consumer between two normal goods, A and B, is influenced by their income and the prices of the goods. When the income of the consumer increases from Rs 10 to Rs 20, and the prices of goods A and B rise from Rs 2 to Rs 3 and Rs 3 to Rs 4.50, respectively, the impact on the demand of the two goods can be analyzed.

Initially, when the consumer’s income is Rs 10 and the prices of goods A and B are Rs 2 and Rs 3, respectively, the consumer’s budget constraint can be represented by a straight line, where good A is plotted on the horizontal axis and good B is plotted on the vertical axis. The budget constraint shows the combinations of goods A and B that the consumer can afford, given their income and the prices of the two goods.

After the consumer’s income increases to Rs 20 and the prices of goods A and B rise to Rs 3 and Rs 4.50, respectively, the budget constraint shifts outward and to the right, reflecting the fact that the consumer now has more purchasing power. However, the slope of the budget constraint also changes, as the price of good A has risen relative to the price of good B.

The change in income and prices affects the consumer’s demand for goods A and B in two ways: the substitution effect and the income effect.

The substitution effect refers to the effect of the change in the relative prices of goods A and B on the consumer’s consumption of the two goods, without considering the change in their real income. As the price of good A rises relative to the price of good B, the consumer substitutes B with A, as B becomes relatively more expensive. This results in an increase in the demand for good A and a decrease in the demand for good B.

The income effect refers to the effect of the change in the consumer’s real income on their consumption of goods A and B. As the consumer’s income increases, they have more purchasing power and can afford to consume more of both goods A and B. This results in an increase in the demand for both goods A and B.

The net effect of the change in income and prices on the demand for goods A and B depends on the relative strength of the substitution effect and the income effect. In general, if the income effect is stronger than the substitution effect, the demand for both goods A and B will increase. If the substitution effect is stronger than the income effect, the demand for good A will increase and the demand for good B will decrease.

Assignment Two

Answer the following middle category questions in about 250 words each. each question carries 10 marks. word limit does not apply in case of numerical questions. 3 × 10 = 30, 3. (a) given that a firm experiences a linear homogenous production function, comment upon the shape of the expansion path, both in the long run and in the short run..

Ans: A linear homogenous production function refers to a production relationship where output is proportional to the inputs used in production. Given this production function, the expansion path describes the relationship between inputs and output as the firm increases its scale of production.

In the short run, the expansion path is a curved line with diminishing returns to scale. This means that as the firm increases the use of inputs, output will initially increase at an increasing rate, but eventually reach a point where the marginal product of each input will decline. This results in a declining rate of increase in output as more inputs are added, leading to a curved expansion path.

In the long run, the expansion path is a straight line. This is because in the long run, the firm can vary all its inputs, including capital, and thus achieve the optimal combination of inputs. This leads to a linear expansion path where output increases at a constant rate as inputs are added.

Overall, the shape of the expansion path depends on the availability of inputs and the firm’s ability to vary them. In the short run, the firm is constrained by fixed inputs and experiences diminishing returns, resulting in a curved expansion path. In the long run, the firm can vary all its inputs, leading to a linear expansion path.

4. a) With respect to the demand and supply analysis, discuss the Walrasian equilibrium and the Walrasian stability condition.

Ans: Walrasian equilibrium refers to a state in which the quantity of goods and services supplied equals the quantity demanded in a market. It is a central concept in demand and supply analysis, which is used to understand the determination of prices and quantities in a market economy.

The Walrasian stability condition states that if a market is in equilibrium, then a small change in the price of a good or service will not result in a change in the quantity supplied or demanded. In other words, a market is considered stable if a small disturbance in the price system leads to a return to the original equilibrium state. This means that the market is self-correcting and will return to its equilibrium state without intervention.

To reach the Walrasian equilibrium, prices must adjust until the quantity of goods and services supplied equals the quantity demanded. This can be achieved through the actions of buyers and sellers in the market. If the quantity supplied exceeds the quantity demanded, the price will fall, and suppliers will reduce production. On the other hand, if the quantity demanded exceeds the quantity supplied, the price will rise, and suppliers will increase production.

The Walrasian equilibrium and the stability condition are important concepts in the study of economics because they help to explain how prices and quantities are determined in a market economy. They also demonstrate how markets can achieve an efficient allocation of resources through the interactions of buyers and sellers, and how the market system is self-correcting in response to disturbances.

(b)The income elasticities of demand of two goods, X and Y are + 3.0 and − 0.2, respectively. Assuming income rises by 5 per cent. What will be the respective change in the quantities demanded of good X and good Y?

Ans: Income elasticity of demand measures the responsiveness of demand for a good to changes in income. If the income elasticity of demand is positive, an increase in income leads to an increase in demand for the good, while if it is negative, an increase in income leads to a decrease in demand for the good.

Given that the income elasticity of demand for good X is +3.0, a 5% increase in income will lead to a 3 times larger increase in the demand for good X. Therefore, if the original demand for good X was Q1, the new demand after the income increase will be Q1 + (3 * 0.05 * Q1) = Q1 + 0.15Q1 = 1.15Q1. So, the change in the quantity demanded of good X will be 0.15Q1.

For good Y, the income elasticity of demand is -0.2, meaning that a 5% increase in income will lead to a decrease in demand for good Y. Therefore, if the original demand for good Y was Q2, the new demand after the income increase will be Q2 – (0.2 * 0.05 * Q2) = Q2 – 0.01Q2 = 0.99Q2. So, the change in the quantity demanded of good Y will be -0.01Q2.

(c) How can the cross-price elasticity of demand be used to identify the relationship between any two goods?

Ans: Cross-price elasticity of demand measures the responsiveness of demand for one good to changes in the price of another good. This metric provides important information about the relationship between two goods and how changes in the price of one good affect demand for the other.

If the cross-price elasticity of demand is positive, the two goods are considered to be substitutes, meaning that a rise in the price of one good leads to an increase in demand for the other good. This occurs because consumers switch to the cheaper alternative when the price of one good increases. For example, if the cross-price elasticity between soft drinks and juices is positive, a rise in the price of soft drinks will increase demand for juices.

If the cross-price elasticity of demand is negative, the two goods are considered to be complements, meaning that a rise in the price of one good leads to a decrease in demand for the other good. This occurs because the two goods are used together, and a rise in the price of one good makes the combination more expensive. For example, if the cross-price elasticity between computers and computer software is negative, a rise in the price of computers will decrease demand for computer software.

The cross-price elasticity of demand can also be used to determine the extent to which a change in the price of one good will affect the demand for another good. For example, if the cross-price elasticity is -0.5, a 1% increase in the price of one good will lead to a 0.5% decrease in demand for the other good.

5. (a) Draw a concave Production Possibility curve. What does the downward slope andthe concavity of the curve imply?

Ans: The production possibility curve (PPC) is a graphical representation of the relationship between the maximum output of two goods that can be produced with limited resources. The PPC is downward sloping because as a society produces more of one good, it has to sacrifice the production of some of the other good.

A concave PPC indicates that the opportunity cost of producing more of one good increases as society produces more of it. Opportunity cost refers to the cost of producing one good in terms of the other good that must be given up. When the PPC is concave, the opportunity cost of producing more of one good increases, meaning that society has to give up an increasing amount of the other good to produce more of the first good.

The concavity of the PPC implies that the resources used in the production of the two goods are not equally efficient in producing both goods. This is because the concavity represents the diminishing marginal productivity of resources, meaning that as more resources are used to produce more of one good, the additional output produced per unit of resource decreases.

(b)Mark in the same figure, a production combination which is: (i) feasible and not efficient.

Ans: A feasible production combination is one that can be produced using the available resources and technology. An efficient production combination is one that maximizes the output of both goods given the available resources and technology.

In a production possibility curve (PPC) diagram, a feasible production combination is represented by a point on the curve, while an efficient production combination is represented by a point on the production frontier. The production frontier is the set of all efficient production combinations and is represented by the PPC.

A production combination that is feasible but not efficient can be represented by a point inside the PPC, but not on the production frontier. This means that the economy could produce more of one good or both goods by reallocating resources more efficiently. For example, if an economy is producing a combination of goods X and Y that is inside the PPC, it could produce more of both goods by reallocating resources from the production of good X to the production of good Y.

(ii) both feasible and efficient.

Ans: A feasible production combination is one that can be produced using the available resources and technology, while an efficient production combination is one that maximizes the output of both goods given the available resources and technology.

In a production possibility curve (PPC) diagram, a feasible production combination is represented by a point on the curve, and an efficient production combination is represented by a point on the production frontier. The production frontier is the set of all efficient production combinations and is represented by the PPC.

A production combination that is both feasible and efficient can be represented by a point on the production frontier. This means that the economy is producing the maximum output of both goods given the available resources and technology. For example, if an economy is producing a combination of goods X and Y that is on the production frontier, it means that the economy is producing the maximum amount of both goods that can be produced with the available resources and technology.

(c) What could bring a leftward shift in the production possibility curve?

Ans: The production possibility curve (PPC) is a graphical representation of the maximum output of two goods that can be produced with limited resources. The PPC shows the trade-off between producing two goods and the feasibility and efficiency of production combinations. A leftward shift in the PPC indicates a decrease in the maximum output of one or both goods that can be produced with the same limited resources.

There are several factors that can bring a leftward shift in the PPC:

Decrease in resources: A decrease in the availability of resources, such as land, labor, capital, or technology, will limit the maximum output of one or both goods that can be produced, resulting in a leftward shift in the PPC.
Natural disasters: Natural disasters, such as hurricanes, earthquakes, or droughts, can damage or destroy resources, resulting in a decrease in the maximum output of one or both goods that can be produced.
Technological changes: Technological changes, such as the introduction of new production methods or the obsolescence of existing technology, can alter the efficiency of resources and result in a leftward shift in the PPC.
Changes in laws and regulations: Changes in laws and regulations, such as new environmental regulations or trade restrictions, can alter the availability or efficiency of resources and result in a leftward shift in the PPC.

Assignment Three

Answer the following short category questions in about 100 words each. each question carries 6 marks. 5 × 6 = 30, 6. explain the law of diminishing marginal utility. in what case(s) this law may not apply.

Ans: The law of diminishing marginal utility states that as a person increases the consumption of a particular good, the additional satisfaction or utility derived from each additional unit of that good will decrease. In other words, the marginal utility (the additional satisfaction from consuming one more unit of a good) will decline as the quantity consumed increases. This can be demonstrated by a downward-sloping marginal utility curve.

The law of diminishing marginal utility may not apply in certain cases, such as with luxury goods, where the additional utility derived from consuming more of the good does not decline, or with rare goods, where the utility derived from consuming the good can increase as the quantity consumed increases. Additionally, the law may not apply if a person’s preferences or tastes change over time.

7. Scarcity is the root cause for all Economic problems. Do you agree? Elaborate.

Ans: Yes, I agree that scarcity is the root cause of all economic problems. Scarcity refers to the limited availability of resources to meet the unlimited wants and needs of society. This fundamental condition creates an inherent conflict between the desire for more goods and services and the limited resources available to produce them. As a result, individuals, firms, and governments must make choices about how to allocate resources, which leads to trade-offs and the need to prioritize and prioritize needs and wants.

Economic problems such as inflation, unemployment, and inequality can be traced back to the root cause of scarcity. For example, if resources are not allocated efficiently, there may be an increase in inflation, as demand for goods outpaces supply. Unemployment can arise when the available resources are not being utilized to produce goods and services in an optimal manner. Inequality can arise when the distribution of resources is not equitable, leading to unequal access to goods and services.

8. What are the reasons behind varying returns viz., increasing, constant and decreasing returns to a factor in production?

Ans: The returns to a factor of production can vary for different reasons.

Increasing returns to a factor occur when the increase in output is greater than the increase in the quantity of a factor used. This is often seen in industries where the production process is highly specialized and economies of scale are present, resulting in lower per-unit costs as output increases.

Constant returns to a factor occur when the increase in output is equal to the increase in the quantity of a factor used. This occurs in industries with well-established production processes and low scope for further cost savings.

Decreasing returns to a factor occur when the increase in output is less than the increase in the quantity of a factor used. This can occur due to diminishing marginal returns, where the productivity of a factor decreases as more of it is added to the production process. It can also occur due to physical or technical constraints, such as limited space or the use of less efficient methods of production.

9. Discuss the shape of Input-output Isoquants.

Differentiate between (i) internal economies and internal diseconomies of scale..

Ans: Internal Economies of Scale and Internal Diseconomies of Scale are two opposing forces that impact the cost structure of firms as they grow.

Internal Economies of Scale refer to the benefits a firm experiences as it increases its size, leading to a decrease in average costs. These economies can arise due to specialization of labor, bulk purchasing of inputs, and sharing of infrastructure and overheads.

Internal Diseconomies of Scale, on the other hand, refer to the costs a firm experiences as it increases its size, leading to an increase in average costs. These diseconomies can arise due to factors such as increased bureaucratic inefficiencies, loss of entrepreneurial spirit, and reduced flexibility and responsiveness to market changes.

(ii) Public good and Merit good

Ans: Public goods and merit goods are two distinct types of goods in economics. Public goods are goods that are non-excludable and non-rivalrous in consumption. This means that once the good is produced, it is impossible to exclude anyone from consuming it and one person’s consumption of the good does not reduce the availability of the good for others. Examples of public goods include national defense, street lighting, and air quality.

Merit goods, on the other hand, are goods that are believed to have social benefits that outweigh the cost of producing them. Merit goods are often provided by the government because private markets may not provide enough of them to meet social needs. Examples of merit goods include education, healthcare, and public transportation.

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1. Read the following passage and answer the questions in your own words.

If India is the macrocosm that represents unity in diversity, Nagaland is the microcosm of that philosophy. A melting pot of different tribal culture and cuisines, Nagaland is place where primeval landscapes, ancient people can leave you floored. At the Hornbill Festival held from December 1 to 10 in the state capital Kohima. I discovered that the concept of Athithi Devo Bhava-‘Guest is God’, came naturally to the Nagas, the indigenous people of the region.

The Hornbill Festival showcases a mélange of cultural displays under one roof, attracting visitors from across the world. It usually takes place in the first week of December at the Naga Heritage Village called Kisama, located 12 km from Kohima. The village gets its name from the two villages Kigwema (Ki) and Phesama (Sa), where the village is now established. The suffix ‘Ma’ means village. Seventeen major tribes including Ao, Angami, Chang, Konyak, Lotha, Sum and Chakhesang take part in the festival. Besides reviving and protecting the rich culture of Nagaland, it helps visitors have a closer understanding of the people and their culture.

According to Banuo Z Jamir, Nagaland’s first woman chief secretary, the festival is named after the hornbill, the bird eulogized in Naga tribal folklore. “Hornbill is central to the Naga tradition, finding symbolic representation in their faith and costumes,” She said.

For Nagas, the bird exudes qualities of nobility, beauty and bravery and because of its roar-like call, its strength is believed to equal that of a tiger which personifies the quintessential Naga warrior. It is also a symbol of fertility-reproduction and agriculture-and is perceived to possess social values similar to those of humans.

1. What is the philosophy being referred to?

2. Why Nagaland is considered a ‘melting pot’?

3. The Hornbill Festival ‘showcases a mélange of cultural displays under one roof’. Discuss this statement in the light of the passage.

4. What does the Hornbill represent to the Nagas?

5. Give a suitable title to the passage.

6. Use the following words in sentences of your own:

a. macrocosm

d. eulogize

e. folklore

2. Make new words by adding suffix to the following words.

Educate, conclude, produce, construct, permit

3. Complete the following sentences with the correct modals.

i. _______ you do me a favour?

ii. _______ I have a glass of water?

iii. The recipe I am trying ______ turn out to be a hit

iv. The hotel staff ______ behave politely.

v. One ______ not lead sedentary life.

4. Complete the following sentences with participles using the basic verb given in the brackets

i) ‘There are no marks allocated for neatness in the ………………answers,’ announced the teacher. (write)

ii) Doctors were finding it difficult to cope with so many ……….passengers after the train accident. (injure)

iii) Many people from India went to the African countries to start businesses. Soon they had a ………….. trade and decided to settle here. (flourish)

iv) The ……………. News of the Youth Festival in the university reached all colleges in no time. (excite)

v) The guests were impressed with the pretty decorations and the neatly ………. furniture. (arrange)

vi) One of the ………… principles of life is to be straightforward and honest. (abide)

5. Fill in the blanks with the correct words given in brackets.

i) You will (lose, loose) __________ your money if you carry it in your hand.

ii) He spent his (Vocation, vacation) ________rock climbing.

iii) No one will address the audience (accept, except) _______ the Chief Guest.

iv) This is the (centre, middle) ________ of the circle.

v) My father is very (peculiar, particular) ________ about going for his early morning walk.

6. You have been asked to give an inspiring speech about how one can achieve one’s dreams with courage and perseverance. Write out the speech in around 250 words.

7. Write an essay in around 250 words on the topic: Environment and Technology: Exploring the sustainable dynamics.

8. You and your friends have decided to visit Himachal in the last week of December this year.Write a dialogue in around 200 words between you and a Travel Agent enquiring for the required arrangements for this trip.

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BECC-131 PRINCIPLES OF MICROECONOMICS-I in English Solved Assignment 2023-2024

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Tutor Marked Assignments Course Code: BECC-131 Assignment Code: Asst /TMA /2023-24 Total Marks: 100

Assignment One Answer the following Descriptive Category questions in about 500 words each. Each question carries 20 marks 2 × 20 = 40 1. (a) The behaviour of the firm which seems to be efficient in the short-run may found to be inefficient in the long-run. Do you agree? Explain using appropriate diagram. 10 (b) Discuss the reasons behind a typical U-shaped long-run average cost curve (LAC) that a firm may face over its range of output in the long run. 10

2. (a) Explain the concept of an Expansion path? Explain why an expansion path in case of a linear homogeneous production function is a straight line? Discuss. 10 (b) Illustrate isoquants having positively sloped segments. In the same diagram construct ridge lines and explain the concept of Economic Region of Production. 10 Assignment Two Answer the following Middle Category questions in about 250 words each. Each question carries 10 marks. 3 × 10 = 30 3. (a) Discuss the concept of Utility. How is the cardinal utility approach different from the ordinal utility approach? 5 (b) On what grounds is the law of diminishing marginal utility being criticized by the modern economists? 5 4. (a) Illustrate the impact of a price support measure imposed by the government on the market of a commodity under the following conditions: (i) When the price floor is fixed at a price lower than the equilibrium price. (ii) When the price floor is fixed at a price equal to the equilibrium price. 5 (b)What will be the consequences of setting up a price floor above the equilibrium price? 5 5.(a) For equilibrium, a producer may attempt maximization of output subject to a given cost or alternatively, he may seek to minimize cost subject to a given level of output. Do you agree? Discuss. 10 Assignment Three Answer the following Short Category questions in about 100 words each. Each question carries 6 marks. 5 × 6 = 30 6. Why does the marginal rate of technical substitution (MRTS) decline as we move rightward and downward along a convex-shaped isoquant? 7. The concept of consumer’s surplus is derived from the law of diminishing marginal utility. Discuss. 8. What is meant by Arbitrage? 9. Draw an income consumption curve in case the good marked on the horizontal axis is a necessity good while that marked on the vertical axis is a superior good. 10. Who does bear the tax burden when the demand is perfectly elastic and supply is of normal shape?

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IGNOU: BECC-131 Solved Assignment 2022-2023 (PRINCIPLES OF MICROECONOMICS – I)

Assignment One

Assignment Two

4. a) With respect to the demand and supply analysis, discuss the Walrasian equilibrium and the Walrasian stability condition.

(b)The income elasticities of demand of two goods, X and Y are + 3.0 and − 0.2, respectively. Assuming income rises by 5 per cent. What will be the respective change in the quantities demanded of good X and good Y?

(c) How can the cross-price elasticity of demand be used to identify the relationship between any two goods?

5. (a) Draw a concave Production Possibility curve. What does the downward slope andthe concavity of the curve imply?

(b)Mark in the same figure, a production combination which is: (i) feasible and not efficient.

(ii) both feasible and efficient.

(c) What could bring a leftward shift in the production possibility curve?

Assignment Three

7. Scarcity is the root cause for all Economic problems. Do you agree? Elaborate.

8. What are the reasons behind varying returns viz., increasing, constant and decreasing returns to a factor in production?

9. Discuss the shape of Input-output Isoquants.

(ii) Public good and Merit good

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