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MEC
MASTER OF ARTS
(ECONOMICS)
ASSIGNMENTS 2020-21
First Year Courses
(For July 2020 and January 2021
Sessions)
(TMA)
(2020-21)
Submission
For July
2020 session, you need to submit the assignments by March 31, 2021, and for January
2021 session by September 30, 2021 for
being eligible to appear in the term-end examination. Assignments should be
submitted to the Coordinator of your
Study Centre. Obtain a receipt
from the Study Centre towards submission.
MEC-101: MICROECONOMIC ANALYSIS
(Assignment)
Course
Code: MEC-001
Assignment
Code: MEC-002/2020-21
Total
Marks: 100
SECTION A
Answer all questions from this section. 2×20 = 40
1. (a) Elucidate price and output determination
under Cournot and Stackelberg models of Oligopoly.
(b)
Consider
a market for energy drinks consisting of only one firm. The firm has a linear
cost function: C(q) = 4q, where q represents quantity produced by the firm. The market inverse
demand function is given by P(Q) = 24
− 2Q, where Q represents total industry output. Based on the given information
answer the following:
(i) What price will the firm charge? What quantity of energy drinks will
the firm sell?
(ii)
Now
suppose a second firm enters the market. The second firm has an identical cost
function. What will be the Cournot equilibrium output for each firm?
(iii) What is the Stackelberg equilibrium output for each firm if firm 2
enters second?
(iv) How much profit will each firm make in the Cournot game? How much in
Stackelberg?
(v)
Which
type of market do consumers prefer: monopoly, Cournot duopoly or Stackelberg
duopoly? Why?
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2.
(a)
Consider an Edgeworth box that describes a two-person, two-commodity exchange
scenario. Explain how trade takes place between the two individuals starting
from the initial endowment position. What is the significance of the slope of
the ray passing through a Pareto optimal point and the endowment point?
(b) Consider a pure-exchange economy of two
individuals (A and B) and two goods (X and Y). Assume both the individuals are
endowed with 2 units of good X and 1 unit of good Y each.
Let utility functions of individual A and B be UA
= min{XA,YA}
and UB = min{ 4 ,YB}, where Xi
and Yi for i = {A,
B} represent individual i’s consumption of good X
and Y respectively. Determine the aggregate excess demand functions for each
good.
SECTION B
Answer all questions from this section.
5×12 = 60
3.
(a) How would you differentiate
a Static game from a Dynamic game?
(b) Consider the following game.
i) Can Backward induction be applied in this game to find a solution?
(ii) What will be the Subgame Perfect Nash equilibria for the given
game?
4. What is Kaldor’s compensation principle? How is
it used to resolve Pareto non-comparability? How is it different from Hick's
compensation principle?
5.
(a) Explain the concept of a
Homothetic production function.
Given a production function
q = AL0.5K0.4
where q
represents total production, L and K stands for labour and capital
respectively, and A is the technology
coefficient. What are the returns to scale for such a production function?
(b)
“Homothetic
production function includes Homogeneous production function as a special
case.” Justify this statement.
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6.
(a) Differentiate between a
Hicksian and a Walrasian demand function? Do they ever intersect? Explain.
(b) Consider a Cobb-Douglas utility function
U(X,Y)= 1 5 4 5
where X
and Y are the two goods that a
consumer has an option to consume at per unit prices of PX and PY,
respectively. Assume income of the consumer to be Rs M. Determine
(a)
Uncompensated demand functions
for goods X and Y
(b)
Compensated demand functions
for goods X and Y
7.
Raj
expects his future earnings to be worth Rs 100. If there is some unfortunate
event, his expected future earnings will be Rs 25. The probability of an
unfortunate event to occur is 23, while that of things remaining fortunate is 13.
Suppose his utility function is given by U(Y) = 1 2, where Y represents the amount of money. Now suppose an insurance
company offers to fully insure Raj against the loss of earnings caused during
an unfortunate event at an actuarially fair premium.
(i) Will Raj accept the insurance? Explain.
(ii)
What would be the rate of
actuarially fair premium charged in this case?
(iii) What would be the maximum amount that Raj would pay for the insurance?
MEC-002: MACROECONOMIC ANALYSIS
(Assignment)
Course
Code: MEC-002
Assignment
Code: MEC-002/2020-21
Total
Marks: 100
Note:
Answer all the questions. While questions in Section A carry 20 marks each (to
be answered in about 500 words each) those in Section B carry 12 marks each (to
be answered in about 300 words each). In the case of numerical questions word
limits do not apply.
Section
A
1.
Derive
the conditions for steady state growth in the Solow model. What are its
implications? In what respects is the golden rule different from the steady
state?
2.
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
3.
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?
4.
From Lucas’ point of view, what
are the limitations of the Keynesian model? What improvements does he suggest?
5.
Bring out the salient features
of the endogenous growth theory.
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6.
Explain the mechanism through
which internal and external balance takes place under flexible exchange rate.
7.
Write short notes on the
following:
a) Permanent income hypothesis
b) Rational expectations and adaptive expectations
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(Assignment)
Course
Code: MEC-103
Asst.
Code: MEC-103 / TMA/2020-21
Total
Marks: 100
Note:
Answer all the questions. While questions in Section A carry 20 marks each,
those in Section B carry 12 marks each.
Section A
1)
Consider
the utility function = ( 1 … )
where , = 1,2, … , are the quantities of the n goods consumed. Let the price of good be , = 1,2, … , . Let M be the consumer's
income. Show that the Lagrangian multiplier of the utility maximization problem
equals the marginal utility of income.
2)
(a) What is the normal
probability distribution function? State its properties.
(b) The concentration of impurities in a semiconductor used in the
production of microprocessors for
computer is a
normally distributed random variable with mean 127 parts
per million and
standard deviation 22.
A semiconductor is
acceptable only if its
concentration of impurities
is below 150
parts per million.
What proportions of the
semiconductors are acceptable for use? (The area under the standard normal
curve for the value
of z = 1.5 is
0.668).
Section B
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3)
Distinguish
between the characteristics of first and second order difference equations.
Give examples of economic problems that are solved with the help of each
category of such equations.
4)
Solve the following linear
programming problem:
Min = 0.6 1 + 2
subject to 10 1 + 4 2 ≥ 20
5 1+5 2≥20
2 1+6 2≥12
1 2≥0
5)
Suppose
a large jar contains eight red balls, six yellow balls, and six blue balls. Two
balls are to be selected at random from the jar, and the first ball selected
will not be placed back into the jar.
(a) What is the probability that the first ball will be red and the second
yellow?
(b) What is the probability that neither will be red?
6)
Suppose the technology matrix
is
0.2 0.3 0.2
A = 0.4 0.1 0.2
0.1 0.3 0.2
10
Let
the final demand vector be D = 5
6
Find the level of production of the three goods.
7)
(a) What is a test statistic?
(b) Distinguish between one-tailed and two-tailed tests.
(c) What is p- value?
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MEC-004: ECONOMICS OF GROWTH AND DEVELOPMENT
Assignment
Course
Code: MEC-004
Asst.
Code: MEC-004 / AST-1/2020-2021
Total
Marks: 100
Note: Answer all the questions. While questions in Section A carry 20
marks each (to be answered in about 500 words each) those in Section B carry 12
marks each (to be answered in about 300 words each). In the case of numerical
questions word limits do not apply.
SECTION
A
1)
Examine
the effect of population growth in the Solow model of economic growth. Discuss
how the Solow model could be used to explain poverty traps in developing
nations.
2)
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.
SECTION
B
3) Distinguish between economic growth and
development. Briefly mention the main benefits that economic growth confers
upon society.
4) Describe Pasinetti's theory of economic growth and distribution.
5) Describe the various approaches to the measurement of total factor
productivity.
6) What are the main propositions of the Real Business Cycle model?
Describe the basic structure of a prototype Real
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7)
Compare and contrast the Uzawa two-sector growth model with the Feldman model.
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MEC-005/105: INDIAN ECONOMIC POLICY
Assignment
(TMA)
Course
Code: MEC-005/105
Assignment
Code: MEC-105/AST/2020-21
Maximum
Marks: 100
NOTE:
1.
All
questions are compulsory.
2.
Questions in Section A carry 20
marks each and are to be answered in about 700 words each.
3.
Questions in Section B carry 12
marks each and are to be answered in about 400 words each.
Section-A
1.
Do you
think that Indian economy is on the path of transition - transition from under
development to development, from poverty to prosperity and from scarcity to
abundance? Explain with reasons. Evaluate the effects of economic growth on the
distribution of national income.
2. “The quality of life in India is far from satisfactory”. Comment.
Section
B
3.
Analyze
the rate and pattern of industrial growth during last two decades. What
suggestions would you like to make for achieving high industrial growth?
4.
Identify
the constituents of second generation of economic reforms. To what extent the
second generation of reforms will tackle the contemporary challenges of
Indian’s development.
5.
“States
should have their due share in responsibilities as well as rights”. In the
light of this statement, bring out the important issues in Center-State
relations in India.
6.
Give an
account of India’s balance of payment situation during last two decades.
Discuss the policy implications of emerging situation of Balance of Payment.
7.
What do
you mean by the food security? Evaluate the various measures adopted by the
Government of India towards food security.
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