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IGNOU BECC-132
- Principles of Microeconomics-II,
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(July 2020 - January 2021)

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IGNOU BECC-132 July 2020 - January 2021 - Solved Assignment

Are you looking to download a PDF soft copy of the Solved Assignment BECC-132 - Principles of Microeconomics-II? 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 2020 - January 2021 session. The code for the assignment is BECC-132 and it is often used by students who are enrolled in the BAG Degree.

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IGNOU BECC-132 (July 2021 - January 2022) Assignment Questions

  1. (a) Compare and contrast the Cournot model with the Stackelberg model of Duopoly.
    (b) With regards the Kinked demand curve theory given by Paul Sweezy, answer the following:
    (i) The demand curve facing an oligopolist has a kink at the level of the prevailing price. Discuss.
    (ii) Why does the slope of the demand curve vary on the both sides of the kink? Give reason.
  2. (a) Heckscher-Ohlin theory of international trade begins where the Ricardian theory of international trade ends. Elucidate.
    (b) Consider two countries I and II producing two commodities A and B. There is only one factor of production, that is, Labour hours. The table below gives labour hours required by each country to produce a unit of commodities A and B.
    Answer the following:
    (i) Which country has an absolute advantage in producing commodity A? Give reason.
    (ii) Which country has a comparative advantage in producing commodity B? Give reason.
    (iii) If trade takes place between both the given countries, which country will export commodity A?
  3. (a) A firm in a perfect competitive market structure faces a marginal cost function given by
    MC(Q) = 4Q + 5
    where Q represents quantity of output produced. This firm earns marginal revenue of Rs 25 on each unit sale of its output. Suppose this firm decides to produce 3 units of output, is this a profit maximizing decision by the firm? If not, how much should this firm produce to earn maximum profits? In the long-run will this firm earn negative economic profits, positive economic profits, or zero economic profits?
    (b) Consider the figure below where line D represents market demand curve facing an industry, MR and MC represent the marginal revenue and the marginal cost curve, respectively.
    Answer the following:
    (i) Which point depicts perfect competitive industry equilibrium? What will be equilibrium if the industry turns out to be a monopoly?
    (ii) Deadweight loss associated with a monopoly is represented by which area?
  4. Using appropriate diagram, show how interaction of demand and supply curve in land market leads to determination of equilibrium rent.
  5. (a) What are the various causes of a market failure?
    (b) Explain various ways to internalize externalities.
  6. Draw a backward bending labour supply curve. Explain why does this curve bend backwards?
  7. Discuss the Loanable Funds theory of interest rate determination.
  8. What is a Moral Hazard problem?
  9. What is the impact of the WTO on Indian economy?
  10. Explain the First Fundamental Theorem of Welfare Economics.

IGNOU BECC-132 (July 2020 - January 2021) Assignment Questions

Answer the following questions in about 500 words each.

  1. (a) Using appropriate diagrams compare and contrast short-run equilibrium conditions with the long-run equilibrium condition faced by a firm under monopolistic competition.
    (b) A perfect competitive industry faces a demand curve represented by Q = 10,000 – 10P. Also suppose that an individual firm belonging to that industry faces a marginal cost function given by
    MC (Q) = 4Q + 100
    Here Q represents quantity of output produced and P is the price. What would be the equilibrium market price? How much does each firm produce in equilibrium? and also find how many firms would be there in the industry in the long run?
    OR
    (a) “A monopolistic competition lies in-between a monopolistic and perfect competition market structures.” Discuss.
    (b) Consider Figure 1 below where MC, ATC, AVC, D, and AR represent the marginal cost, average total cost, average variable cost, demand, and average revenue curve respectively under a perfect competition. Based on the figure, answer the following questions:
    (i) What is the profit maximising level of output for this firm in the short-run? At this quantity, what is the marginal revenue?
    (ii) How much is the total cost for this firm in the short-run equilibrium?
    (iii) In the short run, is the firm making economic profit or suffering loss? How much is that profit or loss? Should the firm shut down?
    (iv) How much is fixed cost faced by this firm at equilibrium?
    (v) What is the break-even price for this firm? What is the shut down price for this firm?
    (vi) If fixed cost increases further, what impact will this have on this firm’s profit maximizing level of output in the short run?
  2. (a) Heckscher-Ohlin theory begins where the Ricardian theory of international trade ends. Discuss.
    (b) Consider the case of two countries, country A and country B which are assumed to be capital and labour abundant, respectively. Each country indulges in producing and consuming two goods, good X and good Y which are assumed to be labour and capital intensive, respectively. In autarky, equilibrium quantities of good X and good Y produced by country A are 60 and 80 units, respectively, while that produced by country B are 85 and 50 units, respectively. Post trade between these two countries, the equilibrium quantities of good X and good Y produced by country A become 50 and 100 units, respectively, while that produced by country B become 100 and 40 units, respectively. After trade, each nation consumes 75 and 70 units of good X and good Y, respectively. Further assuming all the assumptions of the H-O theory hold, attempt the following questions:
    (i) Illustrate the above case using the production possibility curves and the indifference curve.
    (ii) Which country among A and B will import good X and which will import good Y?
    (iii) Are exports of good X by one country equal to another country’s imports of good X? What can be said about the import and export volume of good Y?
    (iv) What does the slope of the line passing through the post trade production and consumption combination of good X and good Y of both the countries represent?
    OR
    (a) Compare the absolute Advantage theory of trade with the Comparative advantage theory of trade. A country can have a comparative advantage in producing a good even if it is absolutely less efficient at producing that good. Do you agree? Explain using an example.
    (b) Consider the following Table 1 which represents unit labour requirements for the production of commodity X and Y by country A and B, and answer the questions that follow:
    Table 1: Unit labour requirement for production of Good X and Y by Country A and B

    (i) Which country among A and B has absolute advantage in producing commodity X and which has in producing commodity Y? Give reason.
    (ii) Which country among A and B has comparative advantage in producing commodity X and which has in producing commodity Y? Give reason.
    (iii) Suppose after trade each country specialises in production of commodity in which it has a comparative advantage, which country will specialise in producing commodity X?

Answer the following questions in about 250 words each.

  1. Compare the possibility of earning Economic profit by the firms operating under the three types of markets, viz. perfect competition, monopoly, and monopolistic competition.
    OR
    A Monopoly faces market demand given by Q = 100 – 2P, where Q stands for quantity and P for price. Total cost function is given by C (Q) = 10Q. Find the profit maximising price and quantity and the resulting profit to the monopoly. Also show that the equilibrium price adheres to the optimal markup rule based on demand elasticity.
  2. Illustrate a kinked demand curve and discuss why the demand curve has a kink under Oligopoly. Also explain the discontinuity in the shape of the resulting marginal revenue curve. On what does the extent of this discontinuity depends?
    OR
    (a) What is a Cartel? Comment upon the stability of a cartel.
    (b) Differentiate between the cooperative and the non-cooperative behaviour under Oligopoly.
  3. With the help of a diagram, illustrate the deadweight loss associated with a negative externality. How does a Pigouvian tax works to solve the welfare loss from such a deadweight loss?
    OR
    Discuss various forms of government interventions intended to internalize externalities.

Answer the following questions in about 100 words each.

  1. Compare the relationship between the value of marginal product (VMP) and marginal revenue product (MRP) under perfect and imperfect competition?
  2. Explain the Ricardian theory of rent.
  3. What is a Moral Hazard problem?
  4. What has been the impact of WTO policies on the Indian agriculture?
  5. Explain the Second Fundamental Theorem of Welfare Economics.

IGNOU BECC-132 (July 2021 - January 2022) Assignment Questions

IGNOU BECC-132 (July 2019 - January 2020) Assignment Questions

BECC-132 Assignment Details

  • University IGNOU (Indira Gandhi National Open University)
  • Title Principles of Microeconomics-II
  • Language(s) English and Hindi
  • Session July 2020 - January 2021
  • Code BECC-132
  • 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).

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English Language

  • July 2021 - January 2022 20 Pages (0.00 ), PDF Format SKU: IGNGB-AS-BAG-BECC132-EN-
  • July 2020 - January 2021 24 Pages (0.00 ), PDF Format SKU: IGNGB-AS-BAG-BECC132-EN-

Hindi Language

  • July 2021 - January 2022 20 Pages (0.00 ), PDF Format SKU: IGNGB-AS-BAG-BECC132-HI-
  • July 2019 - January 2020 24 Pages (0.00 ), PDF Format SKU: IGNGB-AS-BAG-BECC132-HI-

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