Question

PAPEK-T. MANAGERIALECONOMICS Full Marks - 40 Answer any two questions Two from each Module Module -I A consumer's demand curve is basically a planning curve and is I. invisible'. Explain. What problem does it throw up to the pr having an exact knowledge of the market demand curve? How d producer overcome this problem (only mention)? If a production fun s given by Q symbols have their usual meanings. find the er in :: AL aKß where A, ? and ? are positive constants and other capital elasticity of output Explain why, for a perfectly competitive firm, price always equals mar ginal revenue, while for a monopolist with positive output, price is al. ways greater than marginal revenue. Or, The demand for wheat in India has increased in the following way | 2001 | 200? 2003 | 2001 | 2005 | Year Demand for wheat (in million tons) S 200 260 340 510 What will be the estimated demand for wheat in India in the year 2020 Explain the uses of own-price elasticity, income elasticity and crossprice elasticity of demand in identifying the nature of the commodity/com- modities.