ECO 06 Solved Assignment 2023-24
ECONOMIC THEORY
ECO 06 Solved
Assignment 2023-24 : All assignments are in PDF format which would be send
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Assignment Code: ASST/ ECO 06/2023-24
Marks: 100
Attempt all the questions.
Q1. Explain the
concept of a production possibility curve. Enumerate its assumptions.
Illustrate it with the help of an example.
A production
possibility curve (PPC), also known as a production possibility frontier (PPF),
is a graphical representation of the maximum combination of two goods or
services that an economy can produce with its existing resources and
technology. It illustrates the trade-offs and opportunity costs faced by a
society when allocating its scarce resources between competing alternatives.
Here are the
key assumptions of a production possibility curve:
Fixed
Resources: The total quantity of resources (land, labor, capital) in the
economy is assumed to be fixed over the given time period.
Technology is
Constant: The level of technology used in production remains constant during
the specified time frame.
Full
Employment: The economy is assumed to be operating at full employment, meaning
all available resources are being utilized efficiently.
Two Goods Only:
The model simplifies reality by considering only two goods or services in order
to focus on the basic trade-offs.
Now, let's
illustrate the concept with an example:
Suppose an
economy can produce only two goods: smartphones (S) and laptops (L). The
resources and technology in this economy are fixed, and the production
possibility curve shows the maximum output combinations of smartphones and
laptops that can be produced.
The curve
connecting these points represents the production possibility curve. The slope
of the curve indicates the opportunity cost of producing one additional unit of
a good in terms of the other. As the economy moves along the curve, it faces
trade-offs, and to produce more of one good, it must sacrifice some quantity of
the other.
For instance,
moving from point A to point B implies reallocating resources from laptop
production to smartphone production, leading to a decrease in the number of
laptops but an increase in smartphones. The curve illustrates the concept of
scarcity and the necessity for choices in resource allocation.
Q2. Explain the law of
demand with the help of a demand schedule and a demand curve. Explain the
exceptions to the law of demand using the distinction between substitution and
income effects.
Q3. Define the concept
of Marginal cost. What is the relation between average cost and marginal cost?
Explain the factors responsible for Long run Average cost curve being U shaped.
Q4. a) Explain the
concept of profit. "Profit is a reward for uncertainty bearing".
Explain.
b) What are the
various sources of profits? Do you think that all profits can be explained in
terms of the monopoly power exercised by the producer?
Q5. Write short notes on the following:
a) Opportunity cost
b) Marginal
productivity theory of Distribution
c) Discriminating
Monopoly
d) Price elasticity
and Income elasticity of demand
ECO 06 Solved
Assignment 2023-24 : All assignments are in PDF format which would be send
on email/WhatsApp (9958676204) just after payment.
ECO 06 Solved
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