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3
 ASSIGNMENT SOLUTIONS GUIDE (2017-2018)
M.E.C.-1
lw{ke vFkZ'kkL=kh; fo'ys"k.k
(Micro Economic Theory)

m
Disclaimer/Special Note: These are just the sample of the Answers/Solutions to some of the Questions given in the
Assignments. These Sample Answers/Solutions are prepared by Private Teacher/Tutors/Authors for the help and guidance
of the student to get an idea of how he/she can answer the Questions given the Assignments. We do not claim 100%
accuracy of these sample answers as these are based on the knowledge and capability of Private Teacher/Tutor. Sample

c o
answers may be seen as the Guide/Help for the reference to prepare the answers of the Questions given in the assignment.

t .
As these solutions and answers are prepared by the private Teacher/Tutor so the chances of error or mistake cannot be
denied. Any Omission or Error is highly regretted though every care has been taken while preparing these Sample Answers/

g
r
Solutions. Please consult your own Teacher/Tutor before you prepare a Particular Answer and for up-to-date and exact

n
information, data and solution. Student should must read and refer the official study material provided by the university.
i
bl Hkkx osQ lHkh iz'uksa osQ mÙkj nhft,A a
Hkkx&d
a d
vkèkkjHkwr vUrj ij ppkZ dhft,A
ym
iz'u 1- dY;k.kdkjh vFkZ vFkZ'kkL=k dh leL;kvksa osQ fo'ys"k.k esa ihxw rFkk iSjsVks osQ n`fe

mÙkjµfixw ekurs Fks fd lkekftd uhfr;ksa dk eq[; y{; lekt dY;k.k gksrk gSA e
R
"Vdks.k (Approach) osQ chp

d
mUgksaus vius fo'ys"k.k esa ;g Li"V fd;k
fd lekt dY;k.k osQ ml Hkkx rd gh lhfer j[kuk ilan fd;k tk ldrk gS] ftls
i
;k izR;{k :i ls yk;k tk ldrk gSA dY;k.k osQ bl Hkkx dks mUgksaus vk£Fkd ldY;k.k dk uke
n èku dh ekid s NM+ osQ lkFk lacaèk esa ijks{k

t u
fixw us mi;ksfxrk dh ifjes;rk rFkk vUroZS;fDrRo dh rqyuk djosQ n
O
bl vkèkkjokD;
o o k fn;kA
ls oqQN ifj.kke fudkysa fd leLr

s
lkekftd mi;ksfxrk dks vfèkdre djuk pkfg,A bls mUgksaus vkn'kZ mRiknu
fd;kA fixw vkn'kZ vkcaVu ij tksj nsrs FksA mudk ekuuk Fkk] ¶,sr

e f o E
;k
-
vkn'kZ
lh fLFkfr] ftles
vkcaV u dh voèkkj.kk osQ ekè;e ls Li"V
ba vusd izdkj osQ lalkèkuksa esa ls izR;sd dks bl
.
izdkj vkcafVr fd;k tkrk gS fd fdlh ,d iz;ksx esa bldh va

forj.k osQ lanHkZ esa vkn'kZ vkcaVu dgk tkrk gSA b

fre bdkbZ fdlh

n d
nwljs iz;ksx eas mldh bdkbZ osQ :i esa mlh ekSfæd
eky osQ HkkSfrd mRikn dks tUe nsrh gSA¸ vr,o fixw osQ vuqlkj] bl izdkj dk vkcaVu leqfpr :i ls ekSfæd vk; osQ orZeku

wiSfjVks b"Vre dh rhu 'krs± izLrqr dh xbZ gSu

H aµ a
w
(i) miHkksx n{krk_(ii) mRiknu n{krk_
iSfjVks fo'ys"k.k dh eq[; detks
tSlk fd veR;Z lsu us fy[kk gSh
e
mRikn&feJ n{krkA
(iii)
fj;k¡µfdlh uhfr'kkL=kh; vFkZ esa] ,d b"Vre dh ladYiuk Lo:i larq"V ugha djrk gSA

w
?k`f.kr HkhA¸ iSfjVks&b"Vrk osT
] ¶dksbZ vFkZO;oLFkk iSfjVks b"Vre gks ldrh gS] fiQj Hkh fdUgha uhfr 'kkL=kh; ekudksa ls ¶iw.kZr%
Qoy ,d fooj.kkRed 'kCn gSA fdlh vkcaVu dk xq.kèkeZ vkSj og de ls de izkxuqHkfod :i ls] ml
voèkkj.kk osQ vanj var£ufgr ,sls vkcaVuksa dh okaNuh;rk osQ fo"k; esa dksbZ Hkh uhfr 'kkL=kh; roZQ okD; ugha gSA nwljk iSfjVks b"Vrk
,d lkekU; lkE;koLFkk voèkkj.kk gS vkSj rnuqlkj furkarr% ml ij fuHkZj djrh gS] ftls ge 'kkfey djuk pkgrs gaSA
iSfjVks b"Vrk rFkk iSfjVks izHkko@n{krk 'kCn dk iz;ksx izk;% vny&cny dj fd;k tkrk gS] fdUrq 'kCn iSfjVks&izHkko dHkh&dHkh
vi;kZIr jgrk gS] D;ksafd oqQN yksx n{krk dks ¶izkS|ksfxdh;¸ vfHky{k.k osQ :i esa ys ysrs gSa_ fdUrq mRiknu esa n{krk gekjs vFkZ
dk ,d Hkkx ek=k gksrh gSA blosQ vfrfjDr] iSfjVks dk Lo;a dk 'kCn ^vfèkdre b"Vrk* ls gks ldrk gSA iSfjVks&b"Vre dh voèkkj.kk
dk iwjh rjg fooj.kkRed vFkZ Li"V djus dk lgh rjhdk gSA
iz'u 2- izR;sd 'kwU; osQ cjkcj lhekUr ykxr okyh rhu iQeks± okys fdlh m|ksx ij fopkj dhft,A bl m|ksx dk
izfrykse (Interse) ek¡x oØ bl izdkj gSA

4
 P (q1, q2, q3) = 60 – (q1 + q2 + q3).

Ans. Firms is Profits is

60 – (q1 + q2 + q3) = 0
Taking the derivative of this profit with respect to q1 and setting the derivative equal to zero, we obtain
q1 = 60 – q2 – q3.
Thus, the best response function of firm 1 given by (q1) = (60 – q2 – q3).

Ans. P = 60 – (q1 + q2 + q3)

firm 1 = P. q1
TR1 = (60 – q1 – q2 – q3). q1
∂TR1
MR1 = = 60 – q1 – q2 – q3 . Similar as:
∂R1
MR2 = 60 – q1 – q2 – q3
MR3 = 60 – q1 – q2 – q3.
o m
t . c g
r
Ans. MR1 + MR2 = 0
60 – q1 – q2 – q3 + 60 – q2 – q3 = 0
i n
a
120 – 2 (q1 + q2 + q3) = 0.

a d
Q. 3. Re
e s
 r 
u= 
 1000 
y m 1
2

l
u
n oo
d
n
i k
Ans. The utility function is given by:

s t r O
- b  y 
u =  
½

.e fo E
1000 

b d
The marginal utility when income 36,000 per month

n
we H
u a  ∂U 
(MU)y = 36000 =  ∂y  y = 36000

w Th
The marginal utility when income redue by 20000.
 dv 

w
(MU)y = 20,000 =   y = 20,000
 dy 

Expected Utility = MUy = 36000 – MUy = 20000

 ∂U   ∂U 
=  ∂y  y = 36000
–  ∂y  y = 20000.

Total premium is the sum of fair premium & risk premium i.e.
RT = U (y) 36000 + U(y)20,000

5
 iz'u 4- o`gn~ :i esa uhps fn;s [ksy ij fopkj dhft,A

o m
t .g
c
a r din
a dk iz;ksx djsaA
ym
(d) [ksy dh lkE;koLFkk lUrqyu dh x.kuk djus osQ fy, i'pxkeh izos'k (Backwards induction)
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Ans. Looking ahead player 2’ s decision node, her optimal choice is r. So we can convert her decision node
e
d in s
into a terminal node with pay off (4).
In the smaller game player 1 can either choose L.R. but player 1’s optimal choice is R. (b, r). Backword induc-

l
t u
tion leads to the strategy profile R(b, r) with pay off (+).
([k) bl [ksy dks lkekU; :i (Normal form) esa fy[ksaA
O bo
n ok
s
Ans. A normal form game.
Player 2 r -
Left Right

. e
Player 1
Top
b
f o
(1, 0)

n d
E
(0, 2)

w
(x) vki ,d LFkSfrd |wr dks xR;kRed H
u|wr ls fHkUu
Bottom (0, 0) (2, 1)
a :i esa oSQls igpkusaxs\
w h e
mÙkjµLFkSfrd |wr rFkk xR;kRed |wr esa fHkÂrkµ,d fLFkj ;k ;qxir [ksy esa f[kykM+h ,d ckj ;qxir pyrs gSaA vuqØfed
pky osQ lkFk dksbZ Hkh [ksy xfr'khy [ksy dh Js.kh osQ varxZr vkrk gSA

w
blesa ,d eq[; varj gST fd ,d fLFkj [ksy esa dksbZ ubZ tkudkjh [ksy osQ nkSjku fdlh Hkh f[kykM+h osQ fy, rc rd ugha [kksyh
tkrh] tc rd os viuk [ksy ugha cuk ysrsA oSQfn;ksa dh nqfoèkk fLFkj [ksy dk ,d mnkgj.k gSA
(?k) nks O;fDr vfuf'pr vofèk;ksa rd ,d |wr esa Hkkx ysrs gSaA os Hkfo"; dk dA rFkk dB njksa ij fefrdkVk dj
jgs gSaA mu 'krks± dk fu:i.k djsa ftuosQ varxZr os izR;sd vofèk esa (2] 2) lekèkku dks gh èkkj.k djrs jgsaxs (pqurs jgsaxs)A
f[kykM+hµA
fuEu mPp
fuEu (1] 1) (4] 0)
mPp (0] 4) (2] 2)

6
 (2, 2)
[(w, x), (y, z)] (x, 2)

u = a log x1 + x2 x1 x2

U* (Px, Py, M) = max {U (x, y) Pxx + Pyy ≤ M}

= U (x*, y*)
= U (Dx (Px, Py, M) Dy (Px, Py, M)

∂U *
∂Px
=
∂U
∂x

 ∂x*
∂x* ∂U
∂x
+
∂y

∂y* 
o m
=  Px ∂x + Py ∂Px 

∂U * ∂M
+
t . c g
r
x* = – .
∂Px ∂U *

in
a
A B
UA= XA1 XA2
(a)
UB = XB1 X B2

a
WA= WB= (2, 1)
d
(b)
(c) A B R
e s
e P1

y m P2 MA MB

(d) P*

u d
n l n
i k
o
(X*A1’ X*A2’ X*B1 X*B2)

X Y

s t V
( O)
r
( ) -
b o
T
ωX = ωXV ,ωTX

.e fo E
ωY = ωYV ,ωTY

A X = ( A , A TX ) b n d
we u a
V
X

A Y = ( A YV , A TY )
H
w Th A X = ωX

w A Y = ωY

A VX + A VY = ωVX + ωTV
A TX + A TY = ωTX + ωTY

7
 Y
T E T Y

X
E V
v{k;fufèk

X E
X V
T
X vkSj Y dk vufèkeku oØ

Y
X Y
,toFkZ ckWDl
X

o m
E

u x0
X

u 0y
Y

t . c g
d a r i n
a X Y

MRS

e
Re
y
pV
m
d
MRSX = MRSY = p T

l in ks
(d)

t O
n oo u xA + xB = 4

s r - b
2  3Px + 1  1  Px + 3 
(4 )

.e fo E
+
3  Px  3  Px 
=4

b n d Pi = 1

we YA
H4
u a
w Th 3

w 2

Xa
0 1 2 3 4

8
 iz'u 7- fuEufyf[kr esa ls fdUgha nks ij fVIif.k;k¡ fy[ksµ
(d) gkWVfyax dk yhek
mÙkjµgksVfyax x`ghr
ykHk iQyu ls iQeZ dh okLrfod vkiw£r vodfyr djus osQ fy, lehdj.k (14) dks mlls vodfyr djosQ] gksVfyax x`ghr
esa iz;qDr fofèk ls tksM+k tk ldrk gSA
∂ε(p)
ekuk zi(p) oLrq i osQ fy, iQeZ dk okLrfod vkiw£r iQyu gS] vr% zi(p) = ∂pi
osQ fy, i = 1, 2, …,n
;gk¡ ge ;g ekurs gSa fd vodyu fo|eku gS vkSj pi > 0.
(?k) oh-,u-,e- (VNM) mi;ksfxrk iQyu
mÙkjµoh,u,e (VNM) mi;ksfxrk iQyu izes; esa] ,d O;fDrxr ,tsaV cgqr ls fodYiksa dk lkeuk djrk gS] ftls ykWVjh dgrs

m
gSaA oqQN ijLij vuU; ifj.kkeksa dks ns[krs gq,] muesa ls ykWVjh ,d ,slk ifjn`'; gS] tgka izR;sd ifj.kke ,d nh gqbZ laHkkouk osQ
lkFk ?kVrk gSA mnkgj.k osQ fy,

,d ifjn`'; dks lwfpr djrk gS tgka P(A) = 25% vkSj

L = 0.25A + 0.75B
P(B) = 75% (vkSj buesa
o
ls ,d lgh izkIr gksxk)A lkekU; rkSj ij] cgqr&ls

c
laHkkfor ifj.kkeksa osQ lkFk ,d ykWVjh osQ fy,] ge bl izdkj fy[k ldrs gSaµ L = ∑ Pi Ai

t .
bl jkf'k osQ lkFk fd s, 1 osQ leku gSA Lo;a ,d ykWVjh dk ifj.kke vU; ykWVfj;ksa osQ chp ifj.kke gks ldrk gS vkSj foLrkfjr
g
vfHkO;fDr dks ,d cjkcj ykWVjh ekuk tkrk gSµ
0.5 (0.5A + 0.5B) + 0.5C
= 0.25A + 0.25B + 0.50C
ge ;g ?kks"k.kk Hkh dj ldrs gSa fd
ar
;fn ,tsaV vkSj osQ chp esa mnklhu gS] ;g t:jh ugha d
in
gSA blosQ vykok vkSj
a
L=M L M
,d vfèkd Li"V mnklhu lacaèk dk mi;ksx djosQ fuiVk tk ldrk gSA

ym e
R e ■■

u d l
n o
n
i ks
s t r
O bo
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f o
n d
E
w H
u a
w h e
w T