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MEC 001/101: MICRO ECONOMIC ANALYSIS
Tutor Marked Assignments
Course Code: MEC-001/101
Assignment Code: Asst /TMA /2024-25
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.
2 x 20 = 40
- a. The production function of a small factory that produces and sells toys is:
[ Q = 5 \sqrt{L \cdot K} ]
Where ( Q ) is the number of toys produced each day, ( L ) is the labour hours and ( K ) is the machine hours. Suppose 9 labour hours and 9 machine hours are used every day, what is the maximum number of toys that can be produced in a day? Calculate the marginal product of labour when 9 labour hours are used each day together with 9 machine hours.
Suppose the firm doubles both the amount of labour and machine hours used per day. Calculate the increase in output. Comment on the returns to scale in the operation.
b. Define the term “Shepard’s lemma”. Assume that the production function of a producer is given by ( Q = L^{0.5} K^{0.3} ), where ( Q, L ) and ( K ) denote output, labour and capital respectively. If labour costs ₹1 per unit and capital ₹2, find the least cost combination of inputs (L & K).
- Consider a Cobb-Douglas utility function
[ U (X, Y) = X^{\alpha} Y^{(1-\alpha)} ]
Where ( X ) and ( Y ) are the two goods that a consumer consumes at per unit prices of ( P_x ) and ( P_y ) respectively. Assuming the income of the consumer to be ₹M, determine:
a. Marshallian demand function for goods ( X ) and ( Y ).
b. Indirect utility function for such a consumer.
c. The maximum utility attained by the consumer where ( \alpha = 1/2, P_x = ₹2, P_y = ₹8 ) and ( M = ₹4000 ).
d. Derive Roy’s identity.
SECTION B
Answer the following questions in about 400 words each. Each question carries 12 marks.
5 X 12 = 60
- a. What do you mean by market failure? What are its causes?
b. What are the two principles of justice as mentioned by the philosopher Rawls? - a. Define games of complete and incomplete information.
b. From the following pay-off matrix, where the payoffs (the negative values) are the years of possible imprisonment for individuals A and B, determine:
(i) The optimal strategy for each individual.
(ii) Do individuals A and B face a prisoner’s dilemma?
| Individual B Confess | Individual B Don’t Confess | |
|---|---|---|
| Individual A Confess | (-5, -5) | (-1, -10) |
| Individual A Don’t Confess | (-10, -1) | (-2, -2) |
- a. What are the conditions of Pareto optimality?
b. Suppose an investor is concerned about a business choice in which there are three prospects. The probability and returns are given below:
| Probability | Returns |
|---|---|
| 0.4 | 100 |
| 0.3 | 30 |
| 0.3 | -30 |
What is the expected value of the uncertain investment? What is the variance?
- a. Do you agree that by paying higher than the minimum wage, employers can retain skilled workers, increase productivity, or ensure loyalty? Comment on the statement in the light of the efficiency wage model.
b. There are two firms 1 and 2 in an industry, each producing output Q1 and Q2 respectively and facing the industry demand given by P = 50 – 2Q, where P is the market price and Q represents the total industry output, that is Q = Q1 + Q2. Assume that the cost function is C = 10 + 2q. Solve for the Cournot equilibrium in such an industry. - Write short notes on the following:
a. vNM expected utility theory
b. Slutsky’s theorem
c. Arrow Pratt measure of risk averseness
d. Bergson-Samuelson social welfare function
MEC 002: MACRO ECONOMIC ANALYSIS
Tutor Marked Assignments
Course Code: MEC-002/101
Assignment Code: Asst /TMA /2024-25
Total Marks: 100
Note: Answer all the questions.
SECTION A
Answer the following questions in about 700 words each. Each question carries 20 marks.
2 x 20 = 40
- In the context of the Solow model, explain the condition under which an economy attains steady state. Use appropriate diagram and equation to illustrate your answer.
- What are the implications of IS and LM curves? What are the factors on which the position and the slope of IS and LM curves depend?
SECTION B
Answer the following questions in about 400 words each. Each question carries 12 marks.
5 x 12 = 60
- Explain the mechanism through which internal and external balance takes place under flexible exchange rate.
- What does the Phillips curve signify? How do you reconcile the difference in the shape of the curve in the short run and the long run?
- Critically evaluate the endogenous growth theory.
- Classify various theories of unemployment based on the possible responses of the firm.
- Write short notes on the following:
a) Menu cost
b) Permanent income hypothesis
MEC-102: MACROECONOMIC ANALYSIS
Tutor Marked Assignments
Course Code: MEC-102
Assignment Code: MEC-102/Asst/TMA/2024-25
Total Marks: 100
Note: Answer all the questions.
SECTION A
Answer the following questions in about 700 words each. Each question carries 20 marks.
2 x 20 = 40
- Specify the Lucas Supply Function. What are its implications? In what respects is it different from the classical aggregate supply function?
- What are the implications of IS and LM curves? What are the factors on which the position and the slope of IS and LM curves depend?
SECTION B
Answer the following questions in about 400 words each. Each question carries marks.
5 x 12 = 60
- Explain the mechanism through which internal and external balance takes place under flexible exchange rate.
- What does the Phillips curve signify? How do you reconcile the difference in the shape of the curve in the short run and the long run?
- Bring out the salient features of real business cycle models. What are its implications?
- Classify various theories of unemployment based on the possible responses of the firm.
- Write short notes on the following:
a) Capital asset pricing model
b) Permanent income hypothesis
MEC-103: QUANTITATIVE METHODS
Tutor Marked Assignments
Course Code: MEC-103
Assignment Code: Asst/TMA/2023-24
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.
2 × 20 = 40
- Consider the following utility maximization problem, in which the utility function of the consumer is given by ( U(x,y) = x^{(1/3)} y^{(2/3)} ). The consumer income is 210 and ( p_x = 1 ) and ( p_y = 2 ). Find the consumer’s utility and the budget constraint of the consumer may or may not bind. Apply Kuhn-Tucker method. a. Explain the theorem of second-order optimum.
- Given the input matrix ( A ) and the final demand vector:
[ A = \begin{bmatrix} 0.25 & 0.15 & 0.10 \ 0.15 & 0.20 & 0.30 \ 0.10 & 0.30 & 0.40 \end{bmatrix} ]
[ d = \begin{bmatrix} 150 \ 200 \ 100 \end{bmatrix} ]
a. Explain the economic meaning of the elements 0.15 and 200.
b. Explain the economic meaning of ( (I-A)^{-1} ) and the final column sum.
c. Write down the specific input-output equation for this model.
d. Find the solution output levels of the three industries using Cramer’s rule.
SECTION B
Answer the following questions in about 400 words each. The word limits do not apply in case of numerical questions. Each question carries 15 marks.
4 × 15 = 60
- Using Simplex method solve the problem:
Maximize ( z = 6x_1 + 2x_2 + 5x_3 )
Subject to:
( x_1 + 2x_2 + 3x_3 \leq 10 )
( 2x_1 + 2x_2 + 5x_3 \leq 15 )
( 3x_1 + 4x_2 + 2x_3 \leq 18 )
( x_1, x_2, x_3 \geq 0 ) - A salesman has a 50% chance of making a sale. If two customers enter the shop, what is the probability that the salesman will make a sale?
- If the events ( A ) and ( B ) are independent, show that ( A’ ), ( B’ ), ( A ) and ( B ) are pairwise independent.
- Discuss the nature of the following data path, ( y = x^3 + 5x^2 + 7x + 9 ).
- Examine the following functions for maxima and minima:
a. ( y = x^3 – 3x^2 + 2x )
b. ( y = x^4 – 4x^3 + 2x^2 + 2x ) - Write short notes on the following:
a. Normal distribution
b. Binomial distribution
c. Poisson distribution
d. Chi-square test of goodness of fit
MEC-004: ECONOMICS OF GROWTH AND DEVELOPMENT
Tutor Marked Assignments
Course Code: MEC-004
Assignment Code: Asst/TMA/2024-25
Total Marks: 100
Note: Answer all the questions.
SECTION A
Answer the following questions in about 700 words each. Each question carries 20 marks.
2 x 20 = 40
- Discuss the main sources of economic growth. Discuss the main adverse repercussions on the economy that the process of economic growth can have.
- What do you understand by technical progress? What is the relationship between technical progress and growth of total factor productivity? Discuss the various conceptions of neutral technical progress as put forward by Hicks, Harrod, and Solow.
SECTION B
Answer the following questions in about 400 words each. Each question carries 12 marks.
5 x 12 = 60
- Describe the Mankiw-Romer-Weil extension to the neoclassical model to include human capital. Explain why diminishing returns to capital do not take place in the AK model.
- What are the main propositions of the Real Business Cycle model? Describe the basic structure of a prototype Real Business Cycle model.
- Compare and contrast Adam Smith’s theory of development with that of Ricardo’s.
- Discuss the Harris-Todaro model of migration. What has been the impact of this model? What is its relevance for developing nations?
- Explain the meaning of cost-benefit analysis. Describe briefly the usual steps taken in a typical cost-benefit exercise.
MEC-105: INDIAN ECONOMIC POLICY
Tutor Marked Assignments
Course Code: MEC-105
Assignment Code: Asst/TMA/2024-25
Total Marks: 100
Note: Answer all the questions.
SECTION A
Answer the following questions in about 700 words each. Each question carries 20 marks.
2 x 20 = 40
- “In a poor country like India, being unemployed itself does not ensure a decent standard of living” – Do you agree? Give reasons in support of your answer.
- How are the inequalities of income measured in an economy? Examine the policy implications of income inequalities for wider spread poverty in India. Do you think that social protection can play an important role in this regard?
SECTION B
Answer the following questions in about 400 words each. Each question carries 12 marks.
5 x 12 = 60
- Distinguish between economic growth and economic development. Explain with illustration how economic development is a better measure of economic welfare.
- Explain any four major issues of concern in Indian agriculture. To what extent the diversification towards high value agriculture will be helpful to address these issues of concern?
- What do you mean by ‘fiscal imbalance’? Which measures would you like to suggest to correct the fiscal imbalances?
- Identify the barriers coming on the way of growth of the services sector in India? Which steps would you like to suggest to overcome these barriers?
- Write short notes on the followings:
i) Food security
ii) Pricing paradox
iii) Public private partnership
iv) Employment elasticity
MEC-205: INDIAN ECONOMIC POLICY
Assignment (TMA)
Course Code: MEC-205
Assignment Code: MEC-205/AST/2024-25
Maximum Marks: 100
Note: Answer all the questions. While questions in Section A carry 20 marks each (to be answered in about 700 words each) those in Section B carry 12 marks each (to be answered in about 500 words each).
Section-A
- The demographic dividend is a one-time opportunity and is expected to last 25 years. In the light of this statement, explain the challenges coming on the way of reaping demographic dividend in India.
- Differentiate between governance and government. Go through the website http://info.worldbank.org/governance/wgi of the Worldwide Governance Indicators project. Identify the aggregate indicators for India. How has India fared in these different dimensions?
Section B
- What is fiscal imbalance? What are its measures? How far has FRBM been effective in correcting fiscal imbalances?
- What do you mean by climate change? Has it affected Indian Agriculture? Which initiatives have been taken to mitigate the adverse effects of climate change?
- What is the informal sector? Discuss the major challenges being encountered by the informal sector.
- Give an account of the trends and challenges of India’s balance of payments since 2014-15.
- Write short notes on the following:
(i) Regional disparity
(ii) Employment elasticity
(iii) Inclusive growth
(iv) Inter-State Council