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IGNOU BECC-131
- Principles of Microeconomics-I,
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(July 2019 - January 2020)

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IGNOU BECC-131 July 2019 - January 2020 - 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 2019 - January 2020 session. The code for the assignment is BECC-131 and it is often used by students who are enrolled in the BAG Degree.

Once students have paid for the Assignment, they can Instantly Download to their PC, Laptop or Mobile Devices in soft copy as a PDF format. After studying the contents of this Assignment, students will have a better grasp of the subject and will be able to prepare for their upcoming tests.

IGNOU BECC-131 (July 2021 - January 2022) Assignment Questions

  1. (a) Explain the concept of short-run and the long-run as associated with a firm.
    (b) Illustrate the relation between Marginal Cost (MC), Average Total Cost (ATC), Average Variable Cost (AVC) and Average Fixed Cost (AFC) curves. Given a total cost function,
    TC(Q) = 50Q2 + 10Q + 75
    where Q represents quantity of output produced. Find the expression for Variable Cost (VC), Fixed Cost (FC), AVC, AFC and ATC.
    (c) Describe with the help of a diagram interaction between the Short-run Average Total Cost curves and the Long-run Average Total Cost curve given that the firm has five plant sizes to consider viz. I, II, III, IV and V (in ascending order of their size), wherein plant size III turn out to be optimal plant size in the long run.
  2. Illustrate with the help of a diagram, lower the price elasticity of demand, lower will be the per unit tax burden borne by the producers.
    (a) In the Demand-Supply analysis, what is meant by a Marshallian cross? Illustrate (b) The demand and supply functions of a good are given by QD = 110 − 5P; QS = 6P where P, QD and QS denote price, quantity demanded and quantity supplied, respectively. Find the inverse demand and supply functions and the market equilibrium price and quantity.
  3. What is meant by a firm’s expansion path? Illustrate and distinguish between the Expansion path in case of a non-linear production function and a linear homogeneous production function.
  4. (a) Cardinal Utility analysis is not free from criticism. Do you agree? Elaborate.
    (b) Consider a consumer who consumes two goods X and Y, priced at PX and PY, respectively. Suppose price of good X falls to PX’. Decompose price effect of this fall in price into substitution and income effect using Hicksian approach.
  5. A rent ceiling prohibits charging rent that exceeds the ceiling amount. Suppose government decides to put a rent ceiling.
    (a) With the help of a diagram show the effect of a rent ceiling on the supply and demand of a rented house if the ceiling is set below the market equilibrium rent.
    (b) What will be the resultant effects on supply and demand of a rented house if the ceiling is set above the market equilibrium rent?
  6. Given that the two factors of production are used in fixed proportion in the production process, what will be the shape of the corresponding isoquants? Illustrate. Also, is it possible to increase the output by increasing only one factor keeping constant the other factor of production? Give reason for your answer.
  7. Differentiate between Static Economics and Dynamic Economics.
  8. What causes diminishing returns to a variable factor in the production process?
  9. Law of Variable Proportion is not a long-run concept. Do you agree? Elaborate.
  10. Differentiate between
    (i) External Economies and External Diseconomies
    (ii) Explicit Cost and Implicit Cost

IGNOU BECC-131 (July 2020 - January 2021) Assignment Questions

Answer the following questions in about 500 words each.

  1. (a) Illustrate the relation between Total Cost (TC), Total Fixed Cost (TFC) and Total Variable Cost (TVC) curves. Also, comment upon the shapes of these curves.
    (b) Given a total cost function,
    TC(Q) = Q2 + 10Q + 100
    where Q represents quantity of output produced.
    (i) Find the expressions for the variable cost, fixed cost, average cost, average variable cost, and average fixed cost.
    (ii) At what output level (Q) is the average cost lowest? Also find the minimum average cost.
    OR
    (a) Differentiate between a long-run and a short-run cost function.
    (b) (i) Describe the relationship between the short-run and long-run average cost curves.
    (ii) Why the long-run average cost curve also called the envelope curve?
    (iii) Using an appropriate diagram, explain how does the long-run marginal cost derived?
  2. (a) Discuss the income and substitution effects of a price change in case of a normal good.
    (b) Consider the demand curve AD of a good in Figure 1. The distance AB, BC and CD are equal to x, y and z units, respectively. In terms of x, y and z, what will be the price elasticity of demand for the good at points A, B, C and D?

    OR
    (a) Compare and contrast a normal, an inferior and a Giffen good in terms of income elasticity of demand.
    (b) Consider Figure 2, where DD and D’D’ represent the two different demand curves for a commodity in two different markets. Compare the two demand curves in terms of the price elasticity of demand.

Answer the following questions in about 250 words each.

  1. Is the minimum wage a ‘price ceiling’ or a ‘price floor’? Suppose government decides to set a minimum wage rule.
    (a) With the help of a diagram show the effect of the minimum wage rule on the labour market given the wage is set above the market equilibrium wage rate.
    (b) What will be the resultant effects on the labour market if the minimum wage is set below the market equilibrium wage rate?
    OR
    (a) Illustrate with the help of a diagram, higher the price elasticity of supply, larger will be the per unit tax burden borne by the consumers.
    (b) The demand and supply functions of a good are given by QD = 24 − 3P; QS = 4 + 2P where P, QD and QS denote price, quantity demanded and quantity supplied, respectively. Find the inverse demand and supply functions and the market equilibrium price and quantity.
  2. Consider a consumer who consumes two goods X and Y, priced at PX and PY, respectively. Suppose price of good X falls to PX’. Decompose price effect of this price increase into substitution and income effect using Slutsky method.
    OR
    With respect to the problem of consumer equilibrium, what is a corner solution? Explain using some examples where a corner solution arises as an optimal solution in the consumer utility maximisation problem.
  3. (a) With the help of a diagram, explain the conditions of a producer’s equilibrium in terms of marginal cost and marginal revenue approach.
    (b) Given that the two factor of production are employed in a fixed proportion in the production process, what will be the shape of the corresponding isoquants and the value of the MRTS as more and more units of one factor of production is employed keeping constant the other factor of production?
    OR
    Describe the relationship between marginal products of inputs and the marginal rate of technical substitution (MRTS). Why does MRTS decline as we move rightward and downward along a convex-shaped isoquant?

Answer the following questions in about 100 words each.

  1. What causes decreasing returns to a variable input in the production process?
  2. Differentiate between changes in demand and changes in quantity demanded.
  3. Scarcity is the mother of all economic problems. Elaborate
  4. Law of Diminishing returns applies only in the short-run. Do you agree?
  5. Differentiate between External and Internal Economies of Scale.

IGNOU BECC-131 (July 2019 - January 2020) Assignment Questions

Answer the following questions in about 500 words each.

  1. (a) Explain the concept of short-run and the long-run as associated with a firm.
    (b) Illustrate the relation between Marginal Cost (MC), Average Total Cost (ATC), Average Variable Cost (AVC) and Average Fixed Cost (AFC) curves. Given a total cost function,
    TC(Q) = 7Q2 + 5Q + 75
    where Q represents quantity of output produced. Find the expression for Variable cost (VC), Fixed cost (FC), AVC, AFC and ATC.
    OR
    (a) Differentiate between Private and Social cost.
    (b) Describe with the help of a diagram interaction between the Short-run Average Total Cost curves and the Long-run Average Total Cost curve given that the firm has five plant sizes to consider viz. I, II, III, IV and V (in ascending order of their size), wherein plant size III turn out to be optimal plant size in the long run.
  2. (a) Discuss the income and substitution effects of a price change in case of an inferior good.
    (b) Consider the demand curve AC of a good in Figure 1. Given distance AB and BC as x and y, respectively,
    (i) What will be the price elasticity of demand for the good at point B? What will be the price elasticity of demand for the good at point A and at point C?
    (ii) Given that price elasticity at point B is 1, how x and y will be related?

    OR
    (a) A Giffen good is a special type of inferior good. Do you agree? Give reason.
    (b) (i) Consider Figure 2, where DD’ represents the rectangular hyperbola demand curve for a good. Find the price elasticity of demand for this good at point A and point B.

    (ii) Given the price elasticity of demand for a good as 0.6. Suppose price of this good decreases by 10%, what would we expect to happen to the quantity demanded?

Answer the following questions in about 250 words each.

  1. A rent ceiling prohibits charging rent that exceeds the ceiling amount. Suppose government decides to put a rent ceiling.
    (a) With the help of a diagram show the effect of a rent ceiling on the supply and demand of a rented house if the ceiling is set below the market equilibrium rent.
    (b) What will be the resultant effects on supply and demand of a rented house if the ceiling is set above the market equilibrium rent?
    OR
    (a) Illustrate with the help of a diagram, higher the price elasticity of demand, larger will be the per unit tax burden borne by the producers.
    (b) The demand and supply functions of a good are given by QD = 110 − 5P; QS = 6P where P, QD and QS denote price, quantity demanded and quantity supplied, respectively. Find the inverse demand and supply functions and the market equilibrium price and quantity.
  2. Consider a consumer who consumes two goods X and Y, priced at PX and PY, respectively. Suppose price of good X rises to PX’. Decompose price effect of this price increase into substitution and income effect using Hicksian approach.
    OR
    Does tangency of indifference curve with the budget line always result in optimal solution for the consumer utility maximisation problem? Discuss.
  3. (a) Define Marginal rate of Technical Substitution (MRTS).
    (b) Given that the two factor of production behave as perfect substitutes to one another in the production process, what will be the shape of the corresponding isoquant and the value of the MRTS as we move down along the isoquant?
    OR
    Compare the producer’s equilibrium condition given by ‘maximisation of output for a given cost’ with that given by ‘minimisation of cost for a given level of output’. Do both these conditions result in same outcome?

Answer the following questions in about 100 words each.

  1. What causes Increasing returns to a variable factor in the production process?
  2. Differentiate between changes in supply and changes in quantity supplied.
  3. Discuss the central problems of an Economy.
  4. Law of Variable Proportion is a short-run concept. Do you agree?
  5. Differentiate between External Economies and External Diseconomies.

IGNOU BECC-131 (July 2021 - January 2022) Assignment Questions

IGNOU BECC-131 (July 2019 - January 2020) Assignment Questions

BECC-131 Assignment Details

  • University IGNOU (Indira Gandhi National Open University)
  • Title Principles of Microeconomics-I
  • Language(s) English and Hindi
  • Session July 2019 - January 2020
  • Code BECC-131
  • Subject Economics
  • Degree(s) BAG
  • Course Core Courses (CC)
  • Author Gullybaba.com Panel
  • Publisher Gullybaba Publishing House Pvt. Ltd.

Assignment Submission End Date

The IGNOU open learning format requires students to submit study Assignments. Here is the final end date of the submission of this particular assignment according to the university calendar.

  • 15th July 2021 (if Enrolled in the July 2020 Session)
  • 30th Sept. 2021 (if Enrolled in the January 2021 Session).

Download Files & Sessions Details

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English Language

  • July 2021 - January 2022 22 Pages (0.00 ), PDF Format SKU: IGNGB-AS-BAG-BECC131-EN-
  • July 2020 - January 2021 22 Pages (0.00 ), PDF Format SKU: IGNGB-AS-BAG-BECC131-EN-
  • July 2019 - January 2020 29 Pages (0.00 ), PDF Format SKU: IGNGB-AS-BAG-BECC131-EN-

Hindi Language

  • July 2021 - January 2022 26 Pages (0.00 ), PDF Format SKU: IGNGB-AS-BAG-BECC131-HI-
  • July 2019 - January 2020 26 Pages (0.00 ), PDF Format SKU: IGNGB-AS-BAG-BECC131-HI-

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  • Available for 5 Times for Download.
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