Microeconomics Assignment PDF 2024-2025

ITER, SIKSHA ‘O’ ANUSANDHAN (Deemed to be University) Assignment Branch Programme B.Tech Course Name...

ITER, SIKSHA ‘O’ ANUSANDHAN (Deemed to be University) Assignment Branch Programme B.Tech Course Name Introduction to Microeconomics Semester Third Course Code HSS 2023 Academic Year 2024-25 Assignment: 1 Topic: Economic concepts, principles, and PPF Learning L1: Remembering L3: Applying L5: Evaluating Level (LL) L2: Understanding L4: Analysing L6: Creating Q’s Questions COs LL Assume that a country produces two commodities, say, Bats and Rackets, by utilizing its only resource, i.e., Labour. The technology used for the production of both commodities remains constant. The various production alternatives available are given in Table 1: Table 1 Commodity A B C D E Bat (No.) 0 70 130 180 210 (a) Racket (No.) 700 550 350 150 0 1 Based on the information given in Table 1 above, draw the Country’s PPF. CO1 L3 2 Analyze why the PPF drawn at (1) above takes this particular shape. CO1 L3 Assume all the labourers go for attending skill development programme provided by central 3 Government. Analyse the impact of this skill development programme on the production of Bat CO1 L3 and Racket using the PPF you draw at (1) above. The following table shows how much total utility Ramesh gets from the consumption of different cups of ice cream. Using this table answer the following questions. Ice-Cream (Cup) 1 2 3 4 5 6 4 CO1 L4 Total Utility 40 75 100 115 115 110 How many additional cups of ice cream would Ramesh consume if the price of ice cream decreased from Rs 25 to Rs 15 per cup? United Union, a small country, is operating on its production possibilities curve in producing 5 both Rice and Cloth. Will it be possible to produce more Rice without sacrificing the production CO1 L3 of a Shirt? Analyze with the help of suitable diagram(s). 6 Explain how scarcity and choice are related to opportunity cost. CO1 L3 Assume Blueland, a small country, produced 15 microwave ovens and 12 computers in 2020. In 2021 it produced 26 microwave ovens and 25 computers by fully utilizing its available 7 CO1 L3 resources and given technology. Using a suitable diagram, find out the opportunity cost of producing one additional unit of microwave oven. You are selling your 2015 Hero Glamour Motorcycle. You have already spent Rs.10000 on repairs. At the last minute, the engine ceased. You can pay Rs.6000 to have it repaired or sell 8 CO1 L3 the motorcycle “as is.” If you repair the motorcycle, it will be sold at Rs.25000. If you do not repair it, it will fetch a price of Rs.20000. Will you repairer the motorcycle and sell it? Joseph can produce 20 kg of rice or 5 kg of butter in 5 hours. Mahesh can produce 15 kg of Rice or 10 kg of butter in the same 5 hours. Joseph and Mahesh were to work in the production 9 CO1 L3 of rice and butter. Who would produce rice, who would produce butter, and why? Explain with the help of the relevant basic principles of economics you have studied. Analyse how prices send signals that act as incentives to buyers and sellers in market-based 10 CO1 L3 economies. Note: 1. This assignment carries a weightage of 2 marks. 2. The course outcome one was covered. 3. Assignment answer preferably is written on both sides of A4 size (Xerox) paper, but not in a notebook. 4. The top of the first page of the assignment answer sheet must cover Name, Regd. No., Branch, and Section. 5. Assignment answers must be handwritten. Course CO1 Students will be able to understand various economic concepts, principles, and models with Outcomes their applications in rational decision-making processes.