Introduction
Below is the list of answers for the MEC-101: Micro Economic Analysis assignment for the 2024-25 session. Each question has been answered in simple language and in detail. Click the links below to access each individual answer.
Answer Links
- The production function of a small factory that produces and sells toys…
- Define the term ‘Shepard’s lemma’…
- Consider a Cobb-Douglas utility function U (X, Y) = Xα Y (1- α)…
- What do you mean by market failure? What are its causes?
- What are the two principles of justice as mentioned by the philosopher Rawls?
- Define games of complete and incomplete information
- From the following pay-off matrix… Do individuals A and B face a prisoner’s dilemma?
- What are the conditions of Pareto optimality?
- Suppose an investor is concerned about a business choice in which there are three prospects…
- Do you agree that by paying higher than the minimum wage…
- There are two firms 1 and 2 in an industry… Solve for the Cournot equilibrium…
- Write short notes on: vNM utility theory, Slutsky theorem, Arrow-Pratt, Bergson-Samuelson
Conclusion
These answers are prepared to help students understand core microeconomic concepts in simple and clear language. We recommend reading each answer carefully for better exam and assignment preparation. All answers are suitable for MEC-101 (Micro Economic Analysis) 2024-25.