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The opportunity cost of holding Rs.1000 as ---------------------------------------------- would have been earned had it been invested
in the form of fixed deposits in the bank.
Opportunity costs relevance is not limited to individual decisions. Opportunity costs are also relevant to governments
decisions, which affect everyone in society. A common example is the guns---------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------)
means that it must have less butter (fewer --------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------, helping the homeless, or paying off
some of the national debt.
ii) The production of the goods require more of one factor than the other. For example, -------------------------------------------------
---------------------------------------------------------------------------------------------------------cost of guns is likely to increase.
2. How are income effect and substitution effect important in explaining the negative slope of demand
functions? Explain giving examples from real world.
The market demand curve is the total of the quantities demanded by all individual consumers in an economy (or market area) at
each price. Economic theory supports the --------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------combined. This relationship is
demonstrated by the example in Figure, which shows two individual demand curves and the marketdemand that is estimated by
adding the two curves together.
A market demand curve is the sum of ------------------------------------------------- and able to purchase at various prices. If we
Consumer 1: P = ------------------------------
Consumer 2: P = -----------------------
Consumer 3: -----------------------------------
You should substitute some value of --------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------equation for the market demand curve.
Be careful while doing this. There is sometimes a -----------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------at each price have been added.
For example, at a price of Rs. 6, consumer number 1 would buy six units ------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------------------------at a
price of Rs. 6 is 12 units (6 + 2 + 4 = 12). The important point to remember is that the quantities are to be added; not the prices.
To add the three given demand equations, we must ---------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------- horizontal axis). Solving
the individual demand functions for Q as a function of P (for consumers 1, 2 and 3), we have Q1 = 12 P Q2 = 5 0.5P Q3 =
10 P
Adding these equations results in the ----------------------------------------- where QM is market demand. QM = 27 2.5P
3. When there are 2 inputs K, L, given the price of capital (PK)= 10 and price of labour (PL)=20. Total
Expenditure C=100. Draw and explain the effect on the isocost curve in case of the following:-
(i) Decrease in price of labour (PL)=10
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(iv) Increase in the firms budget with no change in the price of labour and capital.
4. Explain the difficulty in sustaining collusion with the help of prisoners dilemma.
Problems of collusion
Collusion is seen as bad for ----------------------------------------------- regulated by governments. Collusion can lead to:
The difficulty with sustaining collusion is often demonstrated by a classic strategic game known as the prisoners
dilemma. The story is something like this. Two -------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------officers arrested the conductor
as a spy. On the second day of interrogation, a ---------------------------------------------- talking. We have caught Tchaikovsky.
Examples of ------------------------------
5. Briefly discuss the Chronology of Indian Telecom Deregulation from the year 2003 to present times.
Indian Telecom sector has witnessed a robust growth during FY 2015-16. The -------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------------------------------
----- plans. Intense competition between operators has created a price war encouraging them to adopt innovative pricing
strategies. Rural areas have a subscriber base of 449.17 ----------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------invest huge amount on
infrastructure along with special tari plans and o ers targeted at rural consumers. This will increase the subscriber base, bring
in additional revenue for operators and enable telcos to provide better service to consumers.
2016 is going to be the year of LTE in India ---------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------commercial operations from
September 2016. As a part of promotions, Jio has off ered 4G SIMs with unlimited data for 3 months with its LYF smartphones.
Currently, the tari for 3G and 4G are similar -----------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------seam less connectivity and high
QoS across the regions, putting pressure on LTE networks. Operators will have to provide high data rates over larger areas. This
will be made possible through the use of low operating frequencies such as 800 and 1800
Influencing Factors
Need --------------------------------- rate
increasing ---------------------------- and services
Intense ----------------------------- telcos
--------------------------------- spectrum
Equation
Case II
Alternatively, the -------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------a desired given level of output. In other words, now Q- = Q
(N, K). We can construct a new lagrange function. L*, using the new lagrange multiplier,
L*=PNN+PKK+ ?*Q-N,?*, :
*, we get:
For goods and services, demand peaks at particular times for roads and public transport during commuter rush hours, for
electricity during late afternoon and so on.
The owner of a movie theatre can determine the optimal prices for the evening and matinee shows independently, using
estimates of demand in each period and of MC.
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