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IGNOU BECC 101 Solved Assignment 2022-23
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Important Note – IGNOU BECC 101 Solved Assignment 2022-2023 Download Free You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.
Submission Date :
- 31st March 2033 (if enrolled in the July 2033 Session)
- 30th Sept, 2033 (if enrolled in the January 2033 session).
Answer the following Descriptive Category questions in about 500 words each. Each question carries 20 marks. Word limit does not apply in case of numerical questions in Assignment One.
Answer the following Middle Category questions in about 250 words each. Each question carries 10 marks. Word limit does not apply in case of numerical questions in Assignment Two.
Answer the following Short Category questions in about 100 words each. Each question carries 6 marks in Assignment Three.
Answer all the questions.
1. (a) Using appropriate diagrams compare the level of production when there is a positive production externality with the production level when there is a negative production externality. How can the resulting inefficient production levels be corrected?
An externality is a cost or benefit that stems from the production or consumption of a good or service. Externalities, which can be both positive or negative, can affect an individual or single entity, or it can affect society as a whole. The benefactor of the externality—usually a third party—has no control over and never chooses to incur the cost or benefit.
Negative externalities usually come at the cost of individuals, while positive externalities generally have a benefit. For example, a crematorium releases toxic gases such as mercury and carbon dioxide into the air. This has a negative impact on people who may live in the area, causing them harm. Pollution is another commonly known negative externality. Corporations and industries may try to curb their costs by putting in production measures that may have a detrimental effect on the environment. While this may decrease the cost of production and increase revenues, it also has a cost to the environment as well as society.
Meanwhile, establishing more green spaces in a community brings more benefit to those living there. Another positive externality is the investment in education. When education is easy to access and affordable, society benefits as a whole. People are able to command higher wages, while employers have a labor pool that’s knowledgeable and trained.
When negative externalities are present, it means the producer does not bear all costs, which results in excess production. With positive externalities, the buyer does not get all the benefits of the good, resulting in decreased production. Let’s look at a negative externality example of a factory that produces widgets. Remember, it pollutes the environment during the production process. The cost of the pollution is not borne by the factory, but instead shared by society.
If the negative externality is taken into account, then the cost of the widget would be higher. This would result in decreased production and a more efficient equilibrium. In this case, the market failure would be too much production and a price that didn’t match the true cost of production, as well as high levels of pollution.
Now let’s take a a look at the relationship between positive externalities like education and market failure. Obviously, the person being educated benefits and pays for this cost. However, there are positive externalities beyond the person being educated, such as a more intelligent and knowledgeable citizenry, increased tax revenues from better-paying jobs, less crime, and more stability. All of these factors positively correlate with education levels. These benefits to society are not accounted for when the consumer considers the benefits of education.
Therefore, education would be under-consumed relative to its equilibrium level if these benefits are taken into account. Clearly, public policymakers should look to subsidize markets with positive externalities and punish those with negative externalities.
One obstacle for policymakers, though, is the difficulty of quantifying externalities to increase or decrease consumption or production. In the case of pollution, policymakers have tried tools—including mandates, incentives, penalties and taxes—that would result in increased costs of production for companies that pollute. For education, policymakers have looked to increase consumption with subsidies, access to credit, and public education.
In addition to positive and negative externalities, some other reasons for market failure include a lack of public goods, under provision of goods, overly harsh penalties, and monopolies. Markets are the most efficient way to allocate resources with the assumption that all costs and benefits are accounted into price. When this is not the case, significant costs are inflicted upon society, as there will be underproduction or overproduction.
(b) Discuss the various factors that distort the ability of Competitive markets to achieve efficiency.
To free-market purists, market distortion is any situation in which prices are determined by anything except the unfettered forces of supply and demand. By that definition, truly free markets are scarce. In a more practical sense, market distortion means any interference that significantly affects prices and, in some cases, risk-taking and asset allocation.
Governments are the source of most market distortions, including regulation, subsidies, taxes, and tariffs. At the same time, central banks have been accused of distorting markets in recent decades with monetary policy and asset purchases. Some of the world’s biggest corporations also have enough power to distort their markets.
Most mainstream economists decided long ago that the government’s market distortion was necessary and desirable to protect people from the sometimes unforgiving nature of markets. Government regulations intended to protect all market participants’ general well-being are considered by market purists to be distortions but are broadly popular.
Regulators must make a tradeoff when deciding to intervene in any given marketplace. For this reason, analysts and lawmakers try to seek a balance between the general well-being of all market participants and market efficiency in the formulation of economic policy. Although an intervention may create market failures, it is intended to enhance a society’s welfare.
For example, many governments subsidize the agricultural sector, which sometimes makes farming economically feasible, at least for certain products. The subsidies can mean farmers gain artificially high prices for their products, giving them the incentive to produce more than they might otherwise. Although this type of intervention is not economically efficient, it helps ensure that a nation will have enough food.12
Governments often object to each other’s market interventions, though. For example, the U.S. and EU have long discussed how to address the Chinese government’s support for its own steel and aluminum markets. And many countries have expressed opposition to former U.S. President Donald Trump’s protectionist trade measures.
A market may become distorted when a single business holds a monopoly or when other factors prevent free and open competition. This often causes problems for consumers—at least in the long run—and their competitors. A lack of competition typically means fewer choices and higher prices.
Tech giants Amazon, Meta (formerly Facebook), and Google have all been accused in recent years of using their size and market power to engage in anti-competitive market behavior to harm competitors and achieve greater market dominance.
2. (a) Using appropriate diagrams discuss the income and substitution effects of a price
change in case of an inferior good.
(b) With respect to the demand and supply analysis, discuss the Walrasian equilibrium
and the Walrasian stability condition.
(c) Consider Figure 1, 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.
3. (a) Given that a firm experiences a linear homogenous production function, comment upon the shape of the Expansion path, both in the long run and in the short run.
(b) Consider the following Table which gives total cost schedule of a firm. Given that the average fixed cost of producing 2 units of output is Rs. 10. Find the total variable cost, total fixed cost, average variable cost, average fixed cost, short-run average cost, and short-run marginal cost schedules of the firm for the corresponding values of output.
4. (a) Draw a kinked demand curve and explain how a change in marginal costs may not affect the price in the market.
(b) A Monopoly faces market demand given by Q = 30 – P, where Q stands for quantity
and P for price. Total cost function is given by C(Q) = 2Q2 . Find the profit maximising
price and quantity and the resulting profit to the monopoly. Compare your results with
the equilibrium quantity and price of that of a perfect competitive industry.
5. (a) With the help of a diagram show the effect of the minimum wage rule on the labour market given that 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?
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6. Discuss the types of non-cooperative behaviour under Oligopoly
7. Law of Diminishing returns applies only in the short-run. Do you agree?
8. Illustrate the relation between the Value of Marginal product and Marginal Revenue
product of a factor under perfect competition.
9. Discuss the central problems of an Economy.
10. 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.
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IGNOU BECC 101 Solved Assignment 2022-2023 Download Free Before attempting the assignment, please read the following instructions carefully.
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IGNOU BECC 101 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:
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