BECC 101
INTRODUCTORY MICROECONOMICS
IGNOU BECC 101 Free Solved Assignment 2024
IGNOU BECC 101 Free Solved Assignment July 2024 & Jan 2025
Assignment One
Q 1. (a) How is Monopoly different from that under Perfect Competition? Explain the long run equilibrium under Monopoly.
(b) Give reasons for diminishing returns to scale accruing to a firm in the long run.
Q 2. (a) In a duopolist market two firms can produce at a constant average and marginal cost of AC = MC = 2. They face the market demand curve P = 14 – Q, where Q = Q1 + Q2, here Q1 is the output of Firm 1, Q2 is the output of Firm 2. In the Cournot’s model:
(i) Find the action-reaction functions of the two firms.
(ii) What are the profits of the two firms.
(iii) Calculate the profit maximizing levels of output (Q1 and Q2) and price.
(b) The Paul Sweezy’s kinked demand curve model shows price rigidity under Oligopoly. Explain how.
Assignment Two
Q 3. (a)What is economic rent? Discuss the Ricardian theory of economic rent.
(b)The demand for factors is called derived demand . Explain .
Q 4. Why do you find variations in the wage-rates across different professions? Give reasons as to why a professor is paid higher salary than a school teacher?
Q 5. What are externalities? Explain with diagram why is the optimal output not reached under negative externality
Assignment Three
Q 6. What do you understand by the term “Excess Capacity”?
Q 7. What is an Income consumption curve? Draw the Income consumption curve for an inferior good.
Q 8. What are the policy instruments available for government intervention to regulate inefficient market situations?
Q 9. What is the concept of efficiency in economics? How is the efficient allocation of resources done among firms?
Q 10. Elucidate the features existing under Oligopolistic market structure.
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BECC 134 Free Solved Assignment July 2024 & Jan 2025