Subject Code : HSS646
Assignment Task

 

1. (a) Draw the supply and demand curves for bread.

(b) If the government imposes an extra tax on bread, show what happens to the price paid by buyers, the price received by sellers, and the quantity sold.

(c) Show the deadweight loss from the tax. Explain the meaning of the deadweight loss and its impact on social welfare.


2. (a) Why is there a trade-off between cyclical unemployment and inflation in the short run?

(b) Given the following economic situations, what will be the impacts on both the short-run and long-
run Phillips curves.

i. A rise in the natural rate of unemployment
ii. A fall in government spending
iii. A rise in expected inflation

 

3. (a) If cyclical unemployment increases and falls, what will happen to inflation?

(b) If inflation falls or rises, what is the impact on the aggregate expenditures and wages? Explain with the help of diagrams.


4. (a) Consider a three-firm homogeneous product industry. The market demand function is X=1000-40P. The cost functions of the firms are: C1= 20X1, C2=13.5X2+0.075X22, and C3=16.3X3+0.005X32. Where, X=X1 + X2 + X3.
1. Explain Firm’s Cournot Behaviour.
2. Assuming the firms’ practice on Cournot Behaviour, calculate the market price, outputs of the firms and their profits.

(b) Following the payoff matrix of conviction, what is the prisoner’s dilemma? Do both A and B have dominant strategies? What is a Nash equilibrium?

 

 

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  • Posted on : April 13th, 2019

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