Q1While taking decisions there are different kinds of constraints related to resources, time, rules, physical reality etc. leads to the matter of choice. How will you explain the whole situation in terms of cost, justify your answer with suitable business example?
Q1While taking decisions there are different kinds of constraints related to resources, time, rules, physical reality etc. leads to the matter of choice. How will you explain the whole situation in terms of cost, justify your answer with suitable business example?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
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![Section-A
Q1While taking decisions there are different kinds of constraints related to resources, time,
rules, physical reality etc. leads to the matter of choice. How will you explain the whole
situation in terms of cost, justify your answer with suitable business example?
Q2.The hiring of labour with fixed factor of production under short run after sometimes leads
to increase in cost only. What's your opinion at what stage of production producer should
make addition in labour, identify which concept in economics explains the whole situation,
and justify your answer why it happens with the help of table and diagrams?
Q3. Forecast the demand for the rice for a country for the year 2019 on the basis of 7-year
data given in table:
Year
2012 2013 2014 2015 2016 2017 2018
Population (millions)
10
12
15
20
25
30
40
Rice consumed (million tonnes)
40
50
60
70
80
90
100
SECTION B
Q4. Monopolistic market structure is characterized by large number of buyers and seller
selling close substitute, product differentiation, selling cost, If the firms in a monopolistically
competitive market are earning economic profits or losses in the short run, would you expect
them to continue doing so in the long run? Why?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F611df1d7-534a-4d80-81f2-c14964b08b47%2F998db875-61a7-4cc8-b1c4-e095668f4db9%2F7y7o1f9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Section-A
Q1While taking decisions there are different kinds of constraints related to resources, time,
rules, physical reality etc. leads to the matter of choice. How will you explain the whole
situation in terms of cost, justify your answer with suitable business example?
Q2.The hiring of labour with fixed factor of production under short run after sometimes leads
to increase in cost only. What's your opinion at what stage of production producer should
make addition in labour, identify which concept in economics explains the whole situation,
and justify your answer why it happens with the help of table and diagrams?
Q3. Forecast the demand for the rice for a country for the year 2019 on the basis of 7-year
data given in table:
Year
2012 2013 2014 2015 2016 2017 2018
Population (millions)
10
12
15
20
25
30
40
Rice consumed (million tonnes)
40
50
60
70
80
90
100
SECTION B
Q4. Monopolistic market structure is characterized by large number of buyers and seller
selling close substitute, product differentiation, selling cost, If the firms in a monopolistically
competitive market are earning economic profits or losses in the short run, would you expect
them to continue doing so in the long run? Why?
![Q5 Suppose domestic and foreign demand have different levels and demand curves have
different elasticities. How are domestic and dumping prices are determined to maximise
profits from the domestic and foreign markets?
Q6. Agriculture in India is mostly characterized by Perfectly Competitive Market! What are
the characteristics you can identify that support the statement? Analyze the reason behind
bumper harvest sometimes not always good news for farmers. What strategies will you
suggest for the farmers to earn profits that in spite of perfectly competitive market they can
get competitive advantage in agriculture industry?
SECTION C
Q7.On the basis of an assessment of the current and evolving macroeconomic situation, the
Monetary Policy Committee (MPC) at its meeting today (December 4, 2020) decided tokeep
the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4.0
percent.Consequently, the reverse repo rate under the LAF remains unchanged at 3.35 per
cent and the marginal standing facility (MSF) rate and the Bank Rate at 4.25 per cent. Assess
the present liquidity scenario in India and give your opinion about the impact of this
reduction on money supply and also suggest other measures that RBI can take in recent times
to maintain liquidity.
Q8.If opening up to free trade would benefit a nation, then why do nations not just eliminate
their trade barriers, and not bother with international trade negotiations? Analyse the situation
of US China trade war in respect of its origin, impact on US, Chinese, world and Indian
Economy with suitable data of year between 2015-2020. What are the future prospects for
India in this regard?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F611df1d7-534a-4d80-81f2-c14964b08b47%2F998db875-61a7-4cc8-b1c4-e095668f4db9%2Flqnhgz2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Q5 Suppose domestic and foreign demand have different levels and demand curves have
different elasticities. How are domestic and dumping prices are determined to maximise
profits from the domestic and foreign markets?
Q6. Agriculture in India is mostly characterized by Perfectly Competitive Market! What are
the characteristics you can identify that support the statement? Analyze the reason behind
bumper harvest sometimes not always good news for farmers. What strategies will you
suggest for the farmers to earn profits that in spite of perfectly competitive market they can
get competitive advantage in agriculture industry?
SECTION C
Q7.On the basis of an assessment of the current and evolving macroeconomic situation, the
Monetary Policy Committee (MPC) at its meeting today (December 4, 2020) decided tokeep
the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4.0
percent.Consequently, the reverse repo rate under the LAF remains unchanged at 3.35 per
cent and the marginal standing facility (MSF) rate and the Bank Rate at 4.25 per cent. Assess
the present liquidity scenario in India and give your opinion about the impact of this
reduction on money supply and also suggest other measures that RBI can take in recent times
to maintain liquidity.
Q8.If opening up to free trade would benefit a nation, then why do nations not just eliminate
their trade barriers, and not bother with international trade negotiations? Analyse the situation
of US China trade war in respect of its origin, impact on US, Chinese, world and Indian
Economy with suitable data of year between 2015-2020. What are the future prospects for
India in this regard?
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