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WWW.ECOHOLICS.

TABLE OF CONTENT

Theory of Consumer Demand ........................................................................................ 2

Theory of Production .................................................................................................... 12
Theory of Value ............................................................................................................ 19
Theory of distribution ................................................................................................... 26
Welfare Economics ....................................................................................................... 28
Mathematical/Quantitative methods in Economics .................................................... 31
Statistical and Econometric Methods and Income Distribution .................................. 36

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Theory of Consumer Demand
Cardinal utility Analysis,
Marginal utility and demand,
Consumer’s surplus,
Indifference curve,
Analysis and utility function,
Price income and substitution effects,
Slutsky theorem and derivation of demand curve,
Revealed preference theory
Duality and indirect utility function and expenditure function,
Choice under risk and uncertainty
Simple games of complete information,
Concept of Nash equilibrium

Q1 If the demand function is P = (4 - 0.5q)2, for what value of a will the price elasticity of
demand be unity? (2024, 5 Marks)
Q2 (a) In a two-commodity framework, what will be the shape of the indifference curve
when-
(i) one commodity is 'bad';
(ii) one commodity is 'neutral'?
Explain your answer. (2024, 8 Marks)
(b) State and prove the Slutsky's theorem. Derive the demand curve for a Giffen
good by using this theorem. (2024, 10 Marks)
Q3 Consider the following utility function:
Q4 u = q1 * q22

Derive the compensated demand function for q1. Show that this demand curve is
always negatively sloped. (2024, 5 + 3 = 8 Marks)
Q4 (a) Both the marginal utility approach and the indifference curve approach yield the
same equilibrium position for a rational consumer. Discuss the relative advantages of
the indifference curve approach over the marginal utility approach. (2024, 8 Marks)
(b) Show that demand has unitary price elastic if the price consumption curve is
horizontal. (2024, 7 Marks)
(c) Suppose that a consumer in a two-commodity (X, Y) world has linear indifference
curve with a slope equal to -1/2. Find out the equilibrium consumption when prices
for both commodities equal to 2 (Px - Py -2) and income level of the consumer is
Rs.2,000. How does equilibrium bundle change when Px = 1 and Py = 4 with the same
level of income? [Assume that the consumer spends all income on these two
combinations only. (2024, 10 Marks)

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Q5 In a two-good world, show that both good cannot be inferior. (2023, 5 marks-100
words)
Q6 Differentiate between adverse selection and moral hazards in determining pricing
under incomplete information. (2023, 5 marks-100 words)
Q7 Explain the concept of a weakly separable and a weakly additive utility function.
(2023, 10 marks)
Q8 Suppose two firms are selling a homogenous product. They can charge a high price
(H) or a low price (L). The pay-offs from their actions are given in the following game
matrix:

Q9 Find Nash Equilibrium for the given game.

Is there any dominant strategy in this game? Explain. (2023, 10 marks)

Q10 (2023, 10+15 marks)

Show that the substitution effect is always negative by using the weak axiom of
revealed preference theory.
A farmer grows 70 kg of X1 and 20 kg of X2. He keeps some parts of X1 and X2 for self-
consumption and sells the rest in the market. His utility function is U( X 1, X2)= min
(2X1,X2) and price of X1 and X2 are ₹2 and ₹3 respectively. Suppose the price of X1
increases to 4 and at the same time his consumption of X1 also increases. Explain the
behaviour of the farmer using the substitution effect, income effect and endowment
effect.
Q11 Show that the ordinary demand curve will have a greater demand elasticity than the
compensated demand curve. (2022, 5 marks-100 words)
Q12 Solve the following 2 x 2 game: (2022, 5 marks-100 words)

Q13 (2022, 6+6+6 marks-200 words)

i. Define Indirect Utility Function. Derive the Indirect Utility Function
from the Direct Utility Function.
B) Consider the Indirect Utility Function:

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𝑀²
V = 4 𝑃₁𝑃₂where notations have their usual meanings.
Derive the demand functions for x1 and x2.

C) Consider the utility function and budget equation of a consumer

respectively:
U = x1 x2
M = p1x1 + p2x2
where notations have their usual meanings.
Derive the expenditure function of the consumer.
Q14 The demand and supply functions are Pd= (6-x)2 and Ps = 14+ x respectively. Find the
consumer surplus under pure competitive market. (2021, 5 marks-100 words)
Q15 Distinguish between pure strategies and mixed strategies (2021, 5 marks-100 words)
Q16 (2021, 5+8+5 marks, 200 words)
i. Derive Slutsky equation and interpret it.
ii. Given the utility function as 12y=36-x2
b. And the budget line as M=12x+24y
c. Determine the utility maximizing basket of the two goods.
d. C) Find the value of game:

Q17 Explain the difference between Bandwagon effect and snob effect. (2020, 5 marks-
100 words)
(2020, 8+10 marks-200 words)
Q18 (a) Explain the meaning of Nash equilibrium. How does it differ from an equilibrium
in dominant strategies?
(b) Let market demand faced by the duopolists be
i. P=100-0.5Q; Q=Q1+Q2
ii. And their respective cost functions as
iii. C1= 5Q1 and C2= 5Q2
iv. Find out Cournot Nash equilibrium.
Q19 (2020, 12+6 marks-200 words)
(a) Suppose the utility function for the consumer takes one of the following forms:
U= 50x+20y
U= 20x+50y
U= 80x+40y
i. The budget of the consumer is ₹10000. The price of good X and good
Y are ₹50 and ₹20 per unit respectively. Determine the possibility of

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determination of the equilibrium basket in each case using diagram
and comment on the nature of the solutions.
(b) Outline how the production possibility frontier can be used to explain the
concept of opportunity cost. Why is the production possibility frontier concave to
the origin?
Q20 (2019, 5+5 marks-150 words)
In a two-commodity framework, the marginal rate of substitution is everywhere
equal to 2. The prices of the two goods are equal. Draw a diagram to identify the
utility maximizing equilibrium.
Q21 The cost minimising demand for labour is

i. And that for capital is

ii. where, w and r denote wage and price of capital respectively. Find the
production function.
Q22 (2019, 6+6+6 marks-200 words)
a. An individual has the utility function U = XY and the budget equation is 10X +
10Y = 1000. Find the maximum utility that she can attain
b. If the price of good X decreases to 5, find the compensating variation in
income in order to maintain her level of satisfaction in part (a).
c. An individual buys two goods X and Y at prices PX and PY. Check whether her
behaviour satisfies the weak axiom of revealed preference, given the
following information:
i. When (PX, PY) = (1,2), (X, Y) = (1,2)
ii. When (PX, PY) = (2,1), (X, Y) = (2,1)
Q23 A firm with market power faces the demand curve given by P = 100 – 3Q + 4√A,
where P, Q and A denote price, quantity and expenditure on advertising respectively.
The total cost is given as C = 4Q2 + 10Q + A. Find the firm’s profit maximising price.
(2019, 8 marks-120 words)
Q24 Write down the Slutsky equation in elasticity form and prove that the ordinary
demand curve will have greater demand elasticity than the compensated demand
curve for a normal commodity. How does your result change if the commodity
becomes inferior? (2019, 10 marks-150 words)
Q25 (2019, 7+8 marks-200 words)
The demand function Q1 = 50 – p1 intersects another linear demand
function Q2 at p = 10. The elasticity of demand for Q2 is six times

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larger than that of Q1 at that point. Find the demand function for
Q2.
Q26 For monopolist, the demand law is p = (6 – X)2 and the marginal cost
is 14 + X. Find consumer’s surplus.

Q27 Explain with a diagram why the compensated demand curve is

vertical if the consumer's utility function is of the form: (2018, 5
marks-100 words)
i. v (x,y) = min[x,y]

Q28 (2018, 18 marks-200 words)

a. A price taking consumer consumes two goods X and Y. Let X
and Y denote the quantities of goods X and Y respectively,
and let Pxand Pywith the respective prices of the two goods.
Assume that: the consumer's budget is given by M, ∞ > M > 0
Pxand Pyare finite and positive

Q29 Let the consumer's utility function be given by

a. U(x, y) = min[x, y]
b. Define indirect utility function and derive the consumer’s Indirect Utility
Function.
Q30 Suppose instead that is Utility function is given by
a. U(x, y) = xy
b. Define expenditure function and derive the consumers
compensated demand for good x using his expenditure
function.

Q31 (2018, 3+5+10 marks, 200 words)

Consider a one shot simultaneous move game with two players,

player 1 and player 2. Let si, i = 1, 2 designate a pure strategy of
player i. Let si ≠ 0 be the pure strategy set for player i, and 𝜋𝑖 (s1, s2)
be the pay-off function for player i, i = 1,2.

Q32 Define Nash equilibrium in pure Strategies for this game.

Q33 Consider the following game:

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a. Show that the unique pure strategy Nash equilibrium is not
Pareto optimal.

Q34 Consider two firms – Firm 1 and Firm 2 – producing a homogenous

good Q. The output of the two firms is given by q1 and q2
respectively. The market inverse demand curve is given by P = A –
bq, where A > 0, P is the price of the good and q = q1 + q2. Suppose
that there is no fixed cost and the average cost for each firm is c, ∞
> c > 0, Find the unique pure strategy Nash equilibrium of this game.

Q35 Consider the utility function U = xαyβ, α > 0, 𝛽> 0

a. which is to be maximised subject to the budget constraint m

= pxx + pyy, where m = income (nominal) and pxand pyare
the prices respectively per unit of the goods X and Y.
b. Derive the demand function for X and Y. Show that these
demand functions are homogenous of degree zero in prices
and income. (2018, 6 marks, 75 words)

Q36 Why do we need the constancy assumption of marginal utility of

money in Cardinal utility analysis? Justify your answer. (2017, 5
marks-100 words)
Q37 Define the method of compensating variation of income and the
method of cost difference. Why is the latter method superior to the
former one? (2017, 5 marks-100 words)
Q38 How can you measure the price elasticity of demand at any point on
a straight line demand curve? (2017, 9 marks-100 words)
Q39 Compare between price elasticity at a given price and also at a given
quantity for a set of parallel demand functions. (2017, 9 marks-100
words)
Q40 (2017, 8+10+7 marks, 300 words)

Let the demand function for a good be

i. Q = Apαyβwhere q = the quantity demanded, p = the price per unit

and y = the income. What do the parameters, α and β imply and
what is the sum of α and β? Interpret your result.
Q41 Consider the utility function u = logx1 + x2 which is to be maximized
subject to the budget constraint m = p1x1 + p2x2, where p1 and p2
are the prices per unit of the goods x1 and x2 respectively, and m is
the income of the consumer. Derive the demand for x1 and x2 and
interpret your results.
Q42 Given the demand function and total cost function of a perfectly
competitive firm as p = 32 – X, c = X2 + 8X + 4, p being price, c being

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cost and X = output. Find out the output, price, profit and total
revenue corresponding to maximization of total profit.

Q43 Define the substitution effect. Separate income effect from

substitution effect for a fall in the price of a Giffen type good using a
suitable diagram. (2016, 5 marks-100 words)
Q44 Show that if the consumer is free from money illusion, the demand
function is homogenous of degree zero. (2016, 5 marks-100 words)
Q45 Derive the demand functions from the utility function U = f ( q1, q2, …
qn) subject to budget constraint y = p1q1 + p2q2 + … + pnqnand if
the demand function for a commodity i (i = 1,2, …,n) is homogenous
of degree zero in prices and income, then show that the sum of own
and cross price elasticities of demand for the commodity equals its
income elasticity of demand with negative sign. (2016, 15 marks-200
words)
Q46 (2016, 5+5+5+5 marks-300 words)

Distinguish between a cooperative and a non cooperative game.

Q47 In a non Cooperative game, find:
a. Saddle point in a pure strategy game
b. Maximum expected payoff in a mixed strategy game
c. Solution of a sequential game in an ‘extensive form’

Q48 Explain the situation of market-equilibrium when; (2016, 10+10

marks-300 words)
a. supply and demand are not equal at a non negative price-
quantity combination.
b. supply and demand are equal at more than one non-negative
price-quantity combination.

Q49 The demand function Q1 = 50 – P1 intersects another demand function

Q2 at price P = 10. The elasticity of demand for Q2 is six times larger
than that of Q1 at that point. Find out the demand function for Q2.
(2015, 5 marks-75 words)
Q50 Suppose the government as a monopolist firm produces electricity
and sells it to people at price per unit ‘p’. The demand function for
the electricity, of the people isq = αp−β. If the elasticity of demand for
electricity in absolute sense is found to be 0.894, should the
Government increase the price per unit to increase the
revenue? Justify your answer. (2015, 5 marks-75 words)
Q51 Define consumer’s and producer’s surplus. Given the demand
function p = 113 – q2and the supply function p = (q + 2)2under

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perfect competition, find out the consumers’ surplus and producers’
surplus. (2015, 5 marks-75 words)
Q52 Elucidate the statement that no economic rent is earned when the
supply of a factor is perfectly elastic. (2015, 5 marks-75 words)
Q53 Consider the utility function as U = √q1q2, where q1 and q2 are two
commodities on which the consumer spends his entire income of
the month. Let the price per unit of q1 and q2 be Rs. 40 and Rs. 16
respectively and the monthly income of the consumer be Rs. 4000.
Find out the optimal quantities of q1 and q2. (2015, 15 marks-200
words)
Q54 Derive the consumption possibility locus. (2015, 9 marks-100 words)

Q55 Is the following statement true or false? Explain. (2014, 5 marks, 100 words)
i. “If a consumer’s utility function is of the form = x11/3x21/3, she
faces prices p1 and p2 and her income is I, then her indirect
utility function is V = I3/ (3p1p2).”

Q56 Define complement and substitutes. In the two commodity case,

can the commodities be complements? Explain. Is your answer
valid in the case of gross substitutes and complements? Explain.
(2014, 5 marks-100 words)
Q57 Other things equal, what happens to consumer surplus if the price
of a good falls? Why? Illustrate using a demand curve. (2014, 5
marks-100 words)
Q58 What is Nash equilibrium? Do all games have Nash equilibrium?
Can a game have more than one equilibrium? (2014, 5 marks-100
words)
Q59 Hrishita likes sandwiches (S) and coffee (C). Her indifference curves
are bowed in toward the origin and do not intersect the axes. The
price of a sandwich is Rs. 5 and the price of a cup of coffee is Rs. 3.
She is spending all her income at the basket she is currently
consuming, and her marginal rate of substitution of sandwiches
for coffee is 2. Is she at an optimum?
a. If so, show why. If not, should she buy fewer sandwiches and
more coffee, or the reverse? Argue in favour of your opinion.
(2014, 15 marks-200 words)
Q60 The demand for good X is estimated to be Q = 250,000 – 500P – 1.5M
– 240 PR is the price of a related good Y. The values of P, M and PR are
expected to be Rs. 200, Rs. 60,000 and Rs. 100 respectively. (2014, 15
marks-200 words)
a. Calculate the price elasticity of demand, income elasticity of
demand and cross price elasticity.

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b. Is the demand for X elastic, inelastic or unit-elastic? How would
a small increase in P affect total revenue?
c. Is the good X normal or inferior? Are the goods X and Y
substitutes or complements?
Q61 Consider a two-person, two-commodity, pure-exchange, competitive
economy. The consumers’ utility functions are U1 = q11q12 + 12q11 +
3q12 and U2 = q21q22 + 8q21 + 9q22 respectively (where qij denotes
the consumption of commodity Qj by consumer i, with i = 1, 2 and j =
1, 2). Consumer 1 has initial endowments of 8 and 30 units of Q1 and
Q2 respectively; consumer 2 has 10 units of each
commodity. Determine the excess demand function for the two
consumers. Determine an equilibrium price ratio for this economy.
(2014, 25 marks-300 words)

Q62 If the law of demand is x = ae-bp, where p is price and x is quantity

demanded. Express price elasticity of demand, total revenue and
marginal revenue as functions of x. (2013, 5 marks-50 words)
Q63 What is adverse selection in insurance markets? How the problem
can be solved? (2013, 5 marks-50 words)

Q64 Given utility function U = q1q2 and budget constraint Y = p1q1 +

p2q2, derive the indirect utility function. (2013, 5 marks-50
words)
Q65 Cardinal utility approach and Ordinal utility approach to demand
suggest same decision rule for the optimising consumer (which
one?). Yet, latter approach is preferred over former. Why? (2013,
15 marks-150 words)
Q66 Describe Von Neuman and Morgenstern utility index. Is this index
unique? Explain. (2013, 15 marks-150 words)
Q67 Define elasticity of goods substitution and distinguish it from cross-
price elasticity of demand. Which one is a better measure of
substitution and why? (2013, 15 marks-150 words)
Q68 For statistically estimated demand function for the commodityX,
a. where x, y, z are goods, A stands for advertisement

outlay, B for budget of the consumer and Px, Py, Pzare

prices of goods x, y, z respectively).
b. Answer the following: (2013, 10+10+10 marks-300 words)
How are x, y and z related?
Whether x is an inferior, normal or Giffen type good?

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What would be the percentage change in demand for x (i.e. Dx)
and in which direction if advertisement outlay increases by 50
percent?

Q69 Discuss Nash equilibrium for non-collusive firms. (2012, 5 marks-50

words)
Q70 Suppose you have a demand function for milk of the form 𝑥1 =
𝑚
100 + 100𝑝1 and your weekly income (m) is Rs. 12000 and the price
of milk (p1) is Rs. 20 per litre. Now suppose the price of milk falls
from Rs. 20 to Rs. 15 per litre, then what will be the substitution
effect? (2012, 5 marks-50 words)
Q71 Show graphically on your answer-book that if a consumer buys only
two goods, both cannot be inferior at the same time. (2012, 5 marks-
50 words)
Q72 Separate income effect from substitution effect for a price change
using (i) Hicks’ method (ii) Slutsky’s method. Hence explain the
difference between the two compensated demand curves. (2012, 12
marks-150 words)
Q73 Compare different methods of measuring risk aversion. (2012, 12
marks-150 words)
Q74 Distinguish between compensating variation and equivalent
variation of the budget line. How can you measure consumer’s
surplus using these two concepts? (2012, 12 marks-150 words)
Q75 Why is the convexity assumption so important in indifference curve
analysis? In particular, would a consumer equilibirum exist, if
indifference curves were concave? Explain. (2012, 12 marks-150
words)

Q76 Explain the relationship between slope and elasticity of a

straight line demand curve. (2012, 12 marks-150 words)
Q77 What is ‘Prisoner’s Dilemma’? Discuss its importance and
implications in Game theory. (2012, 12 marks-150 words)
Q78 Define the compensated demand curve. How does it
differ from the uncompensated demand curve?
(2011, 5 marks-50 words)
Q79 What do you mean by corner solution? In the case of
perfect complementary goods, where do you get the
corner solution? (2011, 5 marks-50 words)
Q80 Define cross elasticity of demand. Based on such definition, how can
you distinguish between substitute goods and complementary goods?
(2011, 5 marks-50 words)

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Q81 Consider a linear demand function q = a – bp, where q = quantity
demanded, p = price per unit and a, b > 0. Find out average and the
marginal revenue and draw the diagram. (2011, 5 marks-50 words)
Q82 In game theory, comment on the terms ‘maxi-min’ and ‘mini-
max’. (2011, 5 marks-50 words)
Q83 Define income effect, substitution effect and price effect of any
change in price. Show that the price effect can be decomposed
into the income effect and the substitution effect. (2011, 2+2+2+9
marks-150 words)
Q84 The demand function Q1 = 50 – P1 intersects another linear demand
function Q2 at P = 10. The elasticity of demand for Q2 is six times
larger than that of Q1 at that point. Find the demand function for Q2.
(2011, 15 marks-150 words)
Q85 Consider the utility function as u = √q1q2, where q1 and q2 are two
commodities on which the consumer spends his monthly income Rs.
5000. If the price per unit of q1 and q2 be Rs. 50 and Rs. 20
respectively, find out the optimal quantities of q1 and q2. (2011, 15
marks-150 words)
Q86 If D = 250 – 50p and S = 25p + 25 are the demand and supply
functions respectively, calculate the equilibrium price and the
quantity. Hence calculate both consumer’s and producer’s surpluses
under equilibrium. (2011, 5+5+5 marks-150 words)
Q87 Define consumer’s surplus. Derive an expression for it using integral
calculus. (2010, 7 marks-50 words)
Q88 Derive consumer’s expenditure function by minimising total
expenditure; y =p1q1 + p2q2 subject to utility constraint u = q1q2.
(2010, 15 marks-150 words)
Q89 Draw consumer’s indifference curve from Revealed Preference
Theory. (2010, 15 marks-150 words)
Q90 Separate income effect from substitution effect of a price change
for a Giffin type good. Use suitable diagram. (2010, 15 marks-150
words)

Theory of Production

Factors of production and production function.

Forms of Production Functions: Cobb Douglas, CES and Fixed coefficient type, Translog production
function
Laws of return,
Returns to scale and Return to factors of production.
Duality and cost function,

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Measures of productive efficiency of firms,
Technical and allocative efficiency
Partial Equilibrium versus General Equilibrium approach Equilibrium of the firm and industry

Q1 If a production function is homogeneous of degree 1, following CRS, show that the

marginal productivity and average productivity functions are independent of the
absolute amounts of the inputs, but depend upon the input ratios. (2024, 5 Marks)
Q2 Show that the production function Q = log (Lβ1 Kβ2) is concave for all B₁. B₂ > 0. (2024,
5 Marks)
Q3 (a) Write down the major characteristics of a translog production function. In what
ways is this production function different from Cobb-Douglas production function?
(2024, 10 Marks)
(b) Suppose that the production function of a firm is given as QAL1/3 K 2/3
(i) Find out the returns to scale of this production function.
(ii) Is the production process labour-intensive?
(iii) If the prices of L and K are Rs.20 and Rs.100 respectively and the firm
incurs total cost Rs.1,050, what will be the optimal combination of Land
K? (2024, 8 Marks)
Q4 (i) Write down the behavioural assumptions on Walrasian and Marshallian stability
analysis.
(ii) Derive the conditions for Walrasian and Marshallian stability.
(iii) Show that these two conditions cannot be fulfilled together when the demand
and supply curve both have negative slope. (2024, 3+4+3 = 10 Marks)
Q5 Show that the long-run average cost curve is an envelope of the short-run average
cost curves. What will be the shape of the long-run average cost curve under
increasing returns to scale? Explain your answer. (2024, 15 Marks)

Q6 Calculate the elasticity of substitution for the following production function:


Q = ( L + K  ) 
(i) (2023, 5 marks)

Q7 (2023, 5+5 marks)

Distinguish between concavity and quasi-concavity.
What is the implication of the point of inflexion in a short-run production
function?
Q8 Given a two-input Cobb-Douglas Production function, derive the short-run supply
function of a competitive firm. (2023, 15 marks)

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Q9 (2023, 8+10 marks)
(a) A production function following constant returns to scale can follow diminishing
returns to a factor. Justify with logic.
(b) Define the concept of technical efficiency as proposed by Farrell. How is it
different from allocative efficiency? Illustrate your answer graphically by considering
a two-input and one-output framework.

Q10 (2022, 6+8+5+6 marks-300 words)

A) Show that MC cuts ATC at its lowest point
B) The short-run cost function of a competitive firm is given by:
c = 0·1x 3 -2x² + 15x + 10
where notations have their usual meanings.
Derive the short-run supply function of the firm
C) Show that the elasticity of demand is the same at all points on the
demand curve:
x = ap -α

a, α: parameters
x: quantity demand
p: price

D.) Consider the demand function of two goods, x1 and x2 respectively:

x1 = p1-0.7 p20.2
and x2 = p10.6 p2-0.4
where p₁ and p₂ are prices of x1 and x2 respectively.
Determine whether the commodities are complementary or competitive.

Q11 Distinguish between Partial Equilibrium and General Equilibrium Approaches. (2022,
5 marks-100 words)
Q12 (2022, 8+10 marks-200 words)
A) Consider the production function:
X=A L αK β, A, α, β>0,
where notations have their usual meanings.
A, α, β are parameters.
How would you restrict the values of α and β so that there occurs
constant returns to scale and decreasing returns to scale?
B) Consider the production function and cost function of a competitive
firm respectively:
X=A L αK β, A, α, β>0 and C = wL + rK,
where notations have their usual meanings.

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Derive the supply function of the competitive firm.
Q13 Distinguish between Economies and Diseconomies of scope. How can the degree of
Economies of scope be determined? (2021, 5 marks-100 words)
Q14 A) Define cost-output elasticity. Show how can it be used to explain existence or
absence of economies of scale in production. (2021, 10+8 marks-200 words)
Verify your answer on the following:
AC=20 and MC=10
AC=MC=15
AC=20 and MC=30
B) Given Total Cost (TC) = a+ bQ+ cQ2

Q15 A) Given the production function as: (2021, 5+10+10 marks-300 words)

Find the shape of isoquant from the above function.

B) Define Elasticity of Substitution of factors. What will be the shape of the isoquant
when the elasticity of substitution is zero and infinity?
C) Write down the Constant Elasticity of the Substitution (CES) production the
function and show that Cobb-Douglas (CD) production function is a special case of
CES function.
Q16 Given the production function and cost function as: (2021, 15+10 marks-300 words)

(I) Derive the demand curve for labour and capital with a view to maximizing the
output when the cost is limited to 10,000. Would your answer change if the
objective shifts to cost minimization with a desired level of output? Give
reasons in support of your answer
(II) Determine the equilibrium levels of employment of the factors in each case
given:
W = 10 and r = 75
Q17 (2020, 5 marks-100 words)
Show the conditions for a Cobb Douglas production function under
(i) increasing returns to scale
(ii) constant returns to scale
(iii) diminishing returns to scale

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Are the laws of return compatible?
Q18 What is monopoly power? What factors determine the amount of monopoly power?
(2020, 5 marks-100 words)
Q19 (2020, 8+3+3+3+4 marks, 200 words)
(i) Suppose that firms production function is given by cobb Douglas function:
Q = KαLβwhere α, β > 0. The firm can purchase all the K and L it wants in
competitive input markets at rental rates of r and w respectively.
𝑟𝐾 𝑤𝐿
(ii) Show that cost minimisation requires = . What is the slope of the
𝛼 𝛽
expansion path for this firm?
(iii) Assuming cost minimisation show that total cost can be expressed as a
1 𝛽 𝛼
function of Q, r and w of the form TC = BQ𝛼+ 𝛽 . w𝛼+ 𝛽 . r𝛼+ 𝛽
Where B is constant depending on α and β
(iv) Show that if α+ β=1 , total cost TC is proportional to Q.
(v) Calculate the firms marginal cost curve.
Q20 (2019, 12+6 marks-200 words))
Show that q = γ[δL−α+ (1 − δ)K−α]−1/α is a production function that represents the
average of two inputs L and K for different values of α given that γ > 0 and 0 < δ < 1
Q21 Find the marginal rate of technical substitution for the production function given in
part (a).
Q22 Show that the elasticity of substitution is constant in a Cobb-Douglas production
function. Find its value and interpret. (2018, 5 marks-100 words)
Q23 (2018, 6+6+6 marks-200 words))
(i) Show that even if the production function is not linear homogenous, the
expansion path can be a straight line passing through the origin.
(ii) Do you think that the Cobb-Douglas production function can analyse both
the returns to a factor and returns to scale? Explain logically.
(iii) Show that the concept of marginal product is implicit in the definition of
the marginal rate of technical substitution.
𝐿3
Q24 Given the production function of a commodity q = 40L + 3L2 - , where q = output, L
3
= labour input. Verify that when the average is maximum, it is equal to marginal
product. Plot AP and MP on the graph paper. (2018, 4 marks-50 words)
Q25 Distinguish between law of variable proportions and law of returns to scale. Find out
the elasticity of substitution in the case of fixed Coefficient type production function.
(2017, 5 marks-100 words)
Q26 Find out the cost elasticity of output at the minimum point of the average cost curve
in the short run. (2017, 5 marks-100 words)
Q27 (2017, 12+6, 200 words)

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Write down the form of CES production function and interpret its parameters. Show
that the Cobb-Doughlas production function is a special case of CES function.
Q28 Find out the elasticity of substitution of the CES production function.

Q29 For the Cobb-Doughlas Production Function Q = A LαKβ(where

symbols have usual meaning), calculate the input elasticities of
output and also derive an expression for the expansion path of the
firm. (2016, 5 marks-100 words)

Q30 Show that, "If the second order condition is satisfied, every point of
tangency between an isoquant and an isocost line is the solution of
both a constrained maximum and a constrained minimum." (2016,
15 marks-200 words)

Q31 Consider an industry represented by two competitive firms with the

total costfunctions as follows: (2016, 8 marks-100 words)
(i) C1 = a1q12 + bq1q
(ii) C2 = a2q22 + bq2q
(iii) where q1 + q2 = q and a1 > 0, a2 > 0
(iv) Derive the aggregate supply function of the industry
when there are (i) external economies (b < 0), and (ii)
external diseconomies (b > 0).

Q32 Show that in a translog production function, elasticity of substitution

is not constant. (2015, 5 marks-75 words)
Q33 Define Linear homogenous production function and give an example.
Show that in the case of the linear homogenous production function
the expansion path must be a straight line passing through the
origin. (2015, 6+9 marks-200 words)
Q34 How can you graphically derive the long run marginal cost curve
from the short run marginal cost curves? (2015, 15 marks-200
words)

Q35 What is productivity principle? How can this be achieved

through market mechanism? (2014, 5 marks-100 words)
Q36 Consider the production function Q = ( K0.5+ L0.5)2
(i) (2014, 25 marks-300 words)
(a) What is the name of this type of production function?
(b) What is the elasticity of substitution for this
production function? (c) Does the production function
exhibit increasing, decreasing or constant returns to
scale?

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(c) Suppose that the production function took the form
Q = (100 + K0.5 + L0.5)2.Does this production function
exhibit increasing, decreasing or constant returns to
scale?

Q37 Graphically explain the expansion path of a firm taking labour and
capital as inputs. (2013, 5 marks-50 words)
Q38 Show that the Cobb-Douglas production function Q = ALαK1−α, where
symbols have usual meaning, exhibits constant returns to scale but
diminishing returns to a factor of production. (2013, 5 marks-50
words)
Q39 "In the long run competitive equilibrium rewarding each input
according to its marginal physical product precisely exhausts the
total physical product." Critically examine the above statement.
(2013, 15 marks-150 words)

Q40 What are ridge lines? What are their implications in the theory of the
firm? (2012, 12 marks-150 words)

Q41 Drive an expression for elasticity of factor substitution for CES

production function and use it to establish that Cobb-Douglas
production function is a special case of CES production function.
(2012, 12 marks-150 words)

Q42 Given that the average revenue curve is a rectangular hyperbola,

what will be the shape of the marginal revenue curve? Comment
briefly. (2011, 5 marks-50 words)
Q43 Consider a Cobb-Douglas production function Y = AKαLβ where K and
L are respectively the capital and labour to produce output Y. Show
that if all the factors are paid according to their marginal products,
the total product will be exhausted if α + β = 1. (2011, 5 marks-150
words)
Q44 Consider a linear demand function q = a – bp, where q = quantity
demanded, p = price per unit and a, b > 0. Find out the average and
marginal revenue and draw the diagram. (2011, 5 marks-150 words)
Q45 Establish mathematically the relationship between average cost
(AC) and marginal cost (MC). (2011, 5 marks-150 words)
Q46 Define the linear homogenous production function with the help of
CES production function. Also establish that CES production function
is strictly quasi-concave for positive L and K, where L and Kare labour
and capital respectively. (2011, 10 + 5 marks-150 words)

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Q47 Why is short run average cost curve U-shaped? Show that marginal
cost curve intersects the average cost curve at the latter's minimum
point. (2010, 7 marks-50 words)

Q48 What is elasticity of factor substitution? Give various forms of

production function based on this concept. (2010, 15 marks-150
words)
Q49 Define production function. The production function for a product is
given by Q = 100 KL. If the price of capital (K) is $120 per day and that
of labour (L) is $30 per day, what is the minimum cost of producing
400 units of output? (2010, 30 marks-500 words)

Theory of Value
Pricing under different market structures,
Public sector pricing,
Marginal cost pricing,
Peak load pricing,
Cross-subsidy free pricing and average cost pricing
Marshallian and Walrasian stability analysis
Pricing with incomplete information and moral hazard problems

Q1. Explain the 'peak load pricing' with reference to power sector. In what way will it
increase economic efficiency? (2024, 5 Marks)
Q2. Show that a monopolist can charge a higher price in a market with less elastic demand.
(2023, 4 marks)
Q3. (2023, 7+3 marks)
i. Distinguish between monopolistic and monopsonistic exploitations in determining
wage rate under imperfect competition.
ii. "Trade unions have a role in reducing the monopsonistic exploitation but not the
monopolistic exploitation." Discuss.
Q4. (2023, 10+8 marks)
a) "In a duopolistic market, the first mover's advantage disappears as one moves away
from the quantity adjustment model to the price adjustment model." Elaborate.
b) Suppose that a monopolistic competitive market consists of 11 firms with the
following identical demand and cost functions:

pk = 150 -2qk - 0.2 qi

i. i ≠k
2. ck = 0.5 q- 20q + 270qk

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k = 1,2...11

Determine the maximum profit and the corresponding price and quantity for a
representative firm. Assume that the number of firms in the industry does not
change.
Q5. Discuss the Lerner Index of monopoly power (2022, 5 marks-100 words)
Q6. Illustrate graphically the effects of advertising on price and output in monopolistic
competition (2022, 5 marks-100 words)
Q7. (2022, 8+4+6 marks-200 words)
A) Show that a monopolist produces output in the elastic range of demand.
B) The demand and the total cost function of a firm respectively are given by: p = 132-
8x,
c = x3- 14x2 + 69x + 128, where notations have usual meanings.
I. Show that a monopolist produces output in the elastic range of demand.
II. Calculate the efficiency loss of monopoly.
Q8. (2022, 6+12 marks-200 words)
A) Explain the concept of stability and its different types.
B) Explain the stability conditions in a single market both in the Walrasianprocess and
Marshallian process.
Q9. For a monopsonist, what is the relationship between the supply of an input and the
marginal expenditure on it? (2021, 5 marks-100 words)
Q10. Explain divergence between private and social costs and mislocation of resources in a
perfectly competitive system. (2021, 5 marks-100 words)
Q11. (2021, 10+8 marks-200 words)
A) What do the Cournot and Bertrand models have in common? What are the
differences
between these two models?
B) Why is it possible for a monopolist to earn supernormal profit in the long-run?

Q12. (2021, 15+10 marks-300 words)

A) Discuss the notion that the bargaining solution' to environmental problems results
in the
same outcome whether the polluter compensates the sufferers or the sufferers pay
the
polluter to reduce their levels of emissions.

B) Why is there a social cost to monopsony power ? If the gains to buyer from
monopsony

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power could be redistributed to sellers, would the social cost of monopsony power
be
eliminated? Explain

Q13. What is meant by deadweight loss? Why does a price ceiling usually result in
deadweight loss? (2020, 5 marks-100 words)
Q14. (2020, 9+9 marks-200 words)
a. Distinguish between economic rent and transfer earnings. Can
economic rent exist in long run? Justify your answer.
b. Explain graphically the role of Elasticity of supply of a factor
determining the economic rent.
Q15. (2020, 15+10 marks-300 words)
a. the kinked demand curve describes price rigidity. Explain how the
model works. Why does price rigidity occur in oligopolistic market?
b. state and prove product exhaustion theorem. How does is differ
from Clark Wick steed – Walras theorem?

Q16. Explain the principle of average cost pricing in the context of a

natural monopoly. (2019, 5 marks-100 words)

Q17. Find the monopolist's demand function for labour when the
labour market is perfectly competitive. (2019, 5 marks-100
words)

Q18. Suppose that the demand and supply functions in a market are
given as QD= 100 – P and QS = 200 – 5p
Analyse whether the equilibrium is Walrasian stable or Marshallian
stable. (2019, 10 marks-150 words)

Q13. Q19. A price discriminating monopolist produces its output with a total cost
function given by TC = 5Q + 20 and sells its output in two markets which are
completely separated from each other. The demand curves of the two markets are Q1
= 55 - P1 and Q2 = 70 - 2P2
Given this information, answer the following: (2019, 15 marks, 200 words)
(i) What quantity should the monopolist sell in each market?
(ii) What price should be charged in each market?
(iii) Explain the result in terms of price elasticity of demand in the two markets

Q20. Pharmacies often give senior citizens discount on medicines.

Explain why this may be profit maximizing behaviour as

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opposed to pure generosity on the part of the pharmacy
owners. (2018, 5 marks-100 words)
Q21. Suppose that the government as a Monopoly form produces electricity and sells it to
the people at a price p per unit. The demand (q) function for electricity is q = 𝛼𝑝. If
the price elasticity of demand for electricity in an absolute sense is found to be 0.894,
should the government reduce the price per unit to increase the revenue? Justify
your answer. (2018, 5 marks-100 words)

Q22. (2018, 12+6 marks-200 words)

a) How is the Monopoly power measured? State Lerner's measure
of degree of monopoly power. Show that the degree of
monopoly power is the inverse of the price elasticity of
demand.

b) A Monopoly firm's demand curve is given by q = A/P, where q is

the quantity demanded, P is the price of the good, and A is a
positive constant. There are no fixed costs. The average cost
curve is given by C(q) =cq, where ∞ > c > 0. Using a diagram to
show that this form does not have a profit maximizing output.

Q23. Define peak load pricing. How does it differ from third degree price
discrimination? Analyse graphically. (2017, 5 marks-100 words)

Q24. Consider the equilibrium of a firm under perfect competition. Find out the
condition for normal profit, or supernormal profit or loss (whichever is
applicable for the firm) without using the average cost curve. Explain only
diagrammatically. (2017, 5 marks-100 words)

Q25. What do you mean by price discrimination? Under what circumstances is

price discrimination profitable? Trace out the equilibrium situation under
price discrimination. (2017, 18 marks-200 words)

Q26. If a single buyer focuses on a single seller, what are the outcomes likely to
appear? Do you think that the exploitation of labour will emerge? Justify in
favour of your arguments. Find out the equilibrium condition of a firm in
the presence of perfect competition in both the product and input market.
(2017, 18 marks-200 words)
Q27. Derive the long run supply function under perfect competition when there
are external economies or external diseconomies. (2016, 7 marks-100
words)

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Q28. Consider a duopoly with product differentiation in which the
demand and cost functions are : (2016, 15 marks-200 words)
q1 = 88 – 4p1 + 2p2
C1 = 10q1
and q2 = 56 + 2p1 – 4p2
C2 = 8q2 for firms I and II respectively.
Derive the price reaction functions for each firm on the
assumption that each maximizes its profits with respect to its
own price. Determine the equilibrium values of price, quantity
and profit for each firm.
Q29. What is meant by excess capacity? Why is it bad? Are there any benefits of the
excess capacity associated with monopolistic competition? (2015, 6+9 marks-
200 words)

Q30. How is the Monopoly power measured? State Lerner's measure of degree of
monopoly power. Show that the degree of monopoly power is the inverse of
the price elasticity of demand. (2015, 4+5+6 marks-200 words)

Q31. Derive the long-run supply curve in the constant cost industry under perfect
competition. Under what conditions can the long run supply curve of a
competitive industry slope downward? (2015, 6+9 marks-200 words)

Q32. Consider the competitive market with excise tax such that the supplier
receives the price netted of tax. Answer the following questions.
(2015, 4+3+4+8+6 marks, 300 words)
i. What is the equilibrium price in the presence of tax?
ii. Under which condition will the price be undefined?
iii. Show that the market price is totally unaffected in the case of price inelastic
supply curve.
iv. If the tax yield (T) is a fraction (t > 0, which is the rate of tax) of
quantity (q), find out the tax yield and the conditions under which
tax yield varies directly with the rate of tax (t).
v. Find out the value of the rate of tax such that the tax yield is
maximum.
Q33. What do you mean by collusive oligopoly? Distinguish between cartel and price
leadership with respect to the determination of price and quantity. Write a note on
barometric price leadership model. (2015, 5+15+5 marks-300 words)

Q34.What is meant by “internalising” and externality? How can a negative

externality be internalized? (2014, 5 marks-100 words)

Q35. List out the sources of monopoly power. (2014, 5 marks-100 words)

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Q36. Assume that a monopolist sells a product with the cost function C = F +
20Q, where C is total cost, F is a fixed cost, and Q is the level of output.
The inverse demand function is P = 60 – Q, where P is the price in the
market. (i) How much profit does the firm earn when it charges the
price that maximises profit? (ii) At what price will the firm earn zero
economic profits? (2014, 15marks-200 words)

Q37. There are only two firms in an industry, firm 1 and firm 2. The market
demand curve is given by the equation P = 12 – (q1 + q2) are the (total)
cost functions facing the firms are Ci = 4qi, where i = 1, 2. If firm 1 acts
as a leader and firm 2 as a follower, what are the quantities that the
two firms will produce in the equilibrium? What profits will they earn?
(2014, 15 marks-200 words)

Q38. Consider a manufactured good whose production process generates

pollution. The annual demand for the good is given by Qd= 100 – 3P.
The annual market supply is given by Qs = P. In both equations, P is the
price in rupees per unit. For every unit of output produced, the
industry emits one unit of production. The marginal damage from each
unit of pollution is given by 2Q. (2014, 15 marks-150 words)
c. Find the equilibrium price and quantity in a market with no
government intervention.
d. Find the socially optimal quantity of the good. What is the socially
optimal market price?

Q39. What is monopoly power? Give an expression for measuring it. (2013,
5 marks-50 words)

Q40. Why does a perfectly competitive firm keep on producing in the short-
run even when it is incurring losses? Explain also when the firm will
shut down. Use suitable diagram. (2013, 5 marks-50 words)

Q41. State the causes of market failure. (2013, 5 marks-50 words)

Q42. Consider the following duopoly. Demand is given by P = 10 – Q, where

Q = Q1 + Q2. The firm’s cost functions are: (2013, 15 + 15 marks, 300
words)
C1(Q1) = 4 + 2Q1 and C2(Q2) = 3 + 3Q2
e. Suppose both firms have entered the industry. What is joint profit
maximising level of output? How much will each firm produce?

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How would your answer change if the firms have not yet entered
the industry?
f. What is each firm’s equilibrium output and profit if they behave
non-co operatively?
Q43. Can the threat of a price war deter entry by potential competitors?
What actions might a firm take to make this threat credible? Give
example. (2013, 30 marks-300 words)

Q44. Distinguish between Marshallian and Walrasian stability

analysis. (2012, 5 marks-50 words)

Q45. Explain dead-weight loss in a monopoly situation. (2012, 5

marks-50 words)

Q46. Highlight the role of market signalling when there is

asymmetric information. (2012, 5 marks-50 words)

Q47. Assume that the market demand is P = 100 – 0.5 (X1 + X2)
and the two collusive firms have costs given by C1 = 5X1
and C2 = 0.5X22. Calculate the joint profit of the
firms. (2012, 12 marks-150 words)

Q48. “In the long run, a perfectly competitive firm will be earning just
normal profit.” Discuss. (2012, 12 marks-150 words)
Q49. What is “moral hazard” problem? How does it lead to inefficient
allocation of resources? Suggest remedial measures. (2012, 20
marks-250 words)
Q50. (2012, 20 marks-250 words)
In a discriminating monopoly, the total demand function is P = 100 – 2X
and demand function of segmented markets are
P1 = 80 – 2.5X1 and
P2 = 180 – 10X2
The cost function is
C = 50 +40 (X1 + X2); where X1 + X2 = X.
Calculate the profit of the monopolist; (i) with discrimination
and (ii) without discrimination.

Q51. Suppose that a monopolist faces a demand curve with price elasticity
less than one. Should the monopolist adopt the policy of price-
increase in order to increase revenue? Justify your answer. (2011, 5
marks-50 words)

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Q52. Define and distinguish between the normal profit and the super normal
profit under perfect competition. In the short run, find out graphically
the amount of profit corresponding to the equilibrium without using
the average cost curve. (2011, 5 marks-50 words)

Q53. What do you mean by price discrimination? Under which

condition is the price discrimination profitable? Trace out the
equilibrium situation under price discrimination. (2011, 4+4+7-
150 words)
Q54. What is meant by excess capacity? Why is it bad? Are there any
benefits of excess capacity associated with monopolistic
competition? (2011, 3+3+9-150 words )

Q55. Compare long-run equilibrium of the firm under perfect competition

with that under monopolistic competition using suitable example.
(2010, 7 marks-50 words)

Q56. “Asymmetric or incomplete information leads to market failure”.

Examine lemons’ problem in the above context with the help of pricing
of used cars. (2010, 15 marks-150 words)

Q57.What is Peak-load pricing? How is it different from third degree price

discrimination? Give diagrams to illustrate your answer. (2010, 30
marks-500 words)

Theory of distribution
Neo classical distribution theories;
Marginal productivity theory of determination of factor prices,
Factor shares and adding up problems
Euler’s theorem,
Pricing of factors under imperfect competition,
Monopoly and bilateral monopoly
Macro- distribution theories of Ricardo, Marx, Kaldor, Kalecki

Q1 Distinguish between Ricardo and Kalecki theories of distribution. (2024, 5 Marks)

Q2 (a) State Euler's theorem. Use this theorem to explain product exhaustion problem.
(2024, 8 Marks)
(b) Explain how factor prices are determined under bilateral monopoly. (2024, 10
Marks)

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Q3 (a) Show the conditions that ensure efficient distribution of a given combination of
products between two consumers. Would the same conditions ensure maximum
equity? (2024, 15 Marks)
(b) Compare the social choice theories of Ronald Coase and Amartya Sen. (2024, 10
Marks)
Q4.Compare the views of Marx and Kaldor with reference to the theory of distribution (2023,
8 marks)
Q5. How is inter-temporal pricing a form of price discrimination? Give example. (2021, 5
marks-100 words)
Q6. (2021, 10+8 marks-200 words)
A) State and explain the modern theory of rent. Show how it can be applied to other
factors ofProduction
B) Explain in terms of the marginal productivity theory how a ‘monopolist-
monopsonist’ firm exploits the society
Q7. (2020, 10+10+5 marks-300 words)
a. compare the distribution theory of Marx with that of Ricardo.
b. explain when kaldor’s theory of distribution becomes more appropriate.
c. narrate the areas where kaldor’s distribution model fails.
Q8. (2019, 9+9 marks, 200 words)
a. Consider a profit-maximizing monopolist who is also a monopsonist and uses
a single variable input. Determine the equilibrium price of the input.
b. In the context of part (a), explain the concept of monopsonist exploitation
of labour using a suitable diagram.
Q9. Economic rent is not earned when the supply of a factor is
perfectly elastic.Elucidate. Use a diagram. (2018, 5 marks-100
words)
Q10. (2018, 6+12 marks, 200 words)
a) How is quasi-rent different from rent?
b) How can you get the wage offer curve and the supply curve of labour? In a
flourishing economy there is every possibility that the labour supply curve
will be backward bending. Do you agree? Justify your answer.
Q11. (2018, 5+10+10 marks, 300 words)
a. State briefly the assumptions of Kaldor's model of income
distribution.
b. What do you mean by 'widow's cruse'? Distinguish between the
two phrases ' savings according to the classes of income' and '
savings according to the income of the classes'.
c. Show that in Kaldor's model of income distribution the 'rate of
profit' and the 'share of profit' are uniquely determined at
equilibrium.

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Q12. State, prove and give an economic interpretation of Euler's theorem.
Show that at the minimum point of long-run average cost, the total
product is exhausted. (2017, 18 marks, 200 words)
Q13. How can I get the wage offer curve and the supply curve of labour?
How can you justify the backward bending supply curve of labour?
(2011, 8+7, 150 words)
Q14. Define and distinguish between rent and Quasi rent. What do you
mean by transfer earnings? Elucidate the statement that no economic
rent is earned when the supply of a factor is perfectly elastic. (2011,
4+4+7-150 words)

Welfare Economics

Inter-personal comparison and aggression problem,

Public goods and externalities,
Divergence between social and private welfare,
Compensation principle
Pareto optimality
Social choice and other recent schools, including Coase and Sen

Q1 Define Hicks-Kaldor compensation principle. What are the main criticisms against this
compensation principle? (2024, 5 Marks)
Q2 What do you mean by market failure? Explain it with a real world example. (2024, 8
Marks)
Q3 Explain the following pricing rules of public sector enterprises:
(i) Pricing of public utility services
(ii) Marginal cost pricing rule
(iii) No-profit no-loss policy
(iv) Profit price policy. (2024, 10 Marks)
Q4. In the Edgeworth model, an increase in demand will lead to a rise in price." Justify your
answer. (2023, 4 marks)
Q5. How do you derive the aggregate demand for a private good and a public good? (2023, 5
marks)
Q6. (2023, 10+8 marks)
a) Derive the Pareto Optimality conditions in consumption in a two-commodity
framework with two consumers.
b) Show that Pareto optimality may not ensure equitable distribution.
Q7. (2022, 12+6+7 marks-300 words)
A) "It is not possible to construct social preferences from individual preferences without

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violating one or more of the five axioms." Examine the statement given by Arrow.
B) Consider the economy with two goods and fixed factor supplies. Assume that the
social
welfare function defined in commodity space:
w = (x1 + 2) x2
and that society’s implicit production function
x1 + 2x2 – 1 = 0
Find the values of x1 and x2 that maximize social welfare.

C) Explain ‘Compensation Principle' and ‘Test Criteria’ formulated by Hicks-Scitovsky.

Q8. "The social optimal output occurs where Marginal Social Benefits (MSBs) equal Marginal
Social Costs (MSCs)." Examine the statement. (2022, 5 marks-100 words)
Q9. Consider an economy consisting of two consumers, one producer, one ordinary good,
one public good and one primary factor. Show that Pareto optimality conditions are not
valid for the public good. (2022, 18 marks-200 words)
Q10. (2021, 8+10 marks-200 words)
A) Distinguish between Egalitarian society, Utilitarian society, Market-oriented society
and Rawlsian society.
B) Using Bergson’s welfare contours and grand utility possibility frontier, determine
the optimal point of social welfare.
Q11. State the fundamental theorems of welfare economics. (2020, 5 marks-100 words)
Q12. Public goods are both non rival and non-exclusive. Explain each of
these terms and show clearly how they differ from each other. (2020,
5 marks-100 words)
Q13. (2020, 10+8 marks-200 words)
a. Why do externalities prevent markets from being efficient?
How does Coasetheorem correct an externality?
b. Using a particular industry, explain what is meant by economies of
scale and economies of scope. How do these effect the industry
you have identified?
Q14. Discuss social choice theory in economics. Distinguish between the views of
Amartya Sen and Kenneth arrow in making choices for social welfare. (2020, 18
marks-200 words)
Q15. Explain the concept of external economies in the context of marginal
social benefits and marginal social costs. (2019, 5 marks-100 words)
Q16. Explain the conditions for Pareto optimality in exchange and
production in a model where there are two consumers and two
goods, each good being produced with labour and capital. (2019, 10
marks-150 words)
Q17. (2019, 5+10+10 marks-300 words)
a. What are the characteristics of a public good?

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b. The demand for a public good is given as Q = 100 - P1 and Q = 200
- P2 for two individuals 1 and 2. Find the optimal provision of the
public good if the marginal cost of producing it is
i. 240 and
ii. 50.
In each case, draw diagrams to explain your answer.
c. What is the Coase theorem? A factory pollutes a river where
fishermen operate. A pollution treatment plant costs Rs. 2 lakhs to
install while the damage to fishermen is Rs. 1 lakh if the pollution
treatment plant is not installed. Demonstrate the results of the
Coase theorem when-
i. the factory has the right to pollute;
ii. the fishermen have the right to clean river water.
Q18. In a competitive market, the demand function is given as QD = 24 - P, while
the marginal cost of production is MC = 2 + Q. There is a negative externality giving
𝑄2
rise to the total externalities cost 𝐶 = −2𝑄 + 2
Compare the private and social optimum quantity and price. (2019, 8 marks-100
words)
Q19. An economy has 10 slave owners and 500 slaves. Slave owners like
having slaves more than not having slaves, and slaves would rather be
free than remain as slaves. Explain why the Institution of slavery is
Pareto optimal in this case. (2018, 5 marks-100 words)
Q20. Explain the concept of social welfare function. Does perfect
competition ensure maximum social welfare? Analyse critically.
(2018, 18 marks, 200 words)
Q21. Explain the concept of divergence in the context of social and private
welfare. (2017, 5 marks-100 words)
Q22. State and explain the Kaldor-Hicks compensation principle. How does
Scitovsky provide an improvement of Kaldor-Hicks compensation
principle. (2017, 18 marks-200 words)
Q23. Give the different views of equity and use utility possibility frontier
to show that efficiency does not necessarily imply equity. (2016, 5
marks-100 words)
Q24. "Pareto optimal allocation is contingent upon the assumption that
there are no external effects on consumption and production."
Examine what happens if there are external effects. (2016, 15 marks-
200 words)
Q25. State and explain Hicks-Kaldor compensation principle. (2015, 5 marks-75 words)
Q26. Explain the concept of social welfare. Does perfect competition
ensure maximum social welfare? (2015, 5 marks-75 words)

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Q27. Critically examine Hicks-Kaldor criterion of compensation.
Give Scitovsky's improvement over this criterion. (2013, 15
marks-150 words)
Q28. Compare and contrast the the theories of social choice as propounded
by Professor A.K Sen and Professor K.J. Arrow. (2012, 20 marks-250
words)
Q29. What is a social welfare function? State the underlying assumption in its
formulation. (2010, 7 marks-50 words)
Q30. What is Hicks-Kaldor criteria of compensation? What are its
weaknesses? Give Scitovsky's suggestion for improvement. (2010,
15 marks-150 words)
Q31. Distinguish between positive and negative externalities and explain
with examples. Why does government provide some goods which are
not public goods? (2010, 15 marks-150 words)

Mathematical/Quantitative methods in Economics

Differentiation and Integration and their application in economics

Optimisation techniques,
Sets,
Matrices and their application in economics
Linear algebra and Linear programming in economics,
Input-output model of Leontief

Q1 Specify an orthogonal factor model by mentioning the underlying assumptions of the

model. (2024, 5 Marks)
Q2 Price index can be defined as a weighted average of price relatives. Find out the
formulae for the Laspeyres and Paasche price index by taking appropriate weights.
Write down the merits and demerits of these indices. (2024, 8 Marks)
Q3 Show that in finding the AM of 100 readings on temperature, it does not matter
whether it is measured in Centigrade or Fahrenheit scale, but it matters in finding the
GM. (2024, 10 Marks)
Q4 Consider the following two-sector economy:
Sectors I II Final
Consumption
I 100 100 50
II 120 80 80

Calculate the Leontief inverse of this hypothetical two sector economy after formulating the
open Leontief model. Interpret the coefficients of this matrix properly. If the final

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consumption demand changes to 100 units for sector 1. and 50 units for sector II, what would
be the new production levels in sector I and sector II? (2024, 8 Marks)

Q5. Formulate the dual form of the following problem relating to production by a rational firm:

Maximize π= p'x

subject to Ax≤ b

where

π is the total profit

p' is the row vector of order 1x2 of output prices

x is the column vector of order 2x1 of output produced

A is the coefficient matrix of order 2x2

Give economic interpretations of the dual problem. Give a Lagrange's multiplier interpretation
to the optimal values of the dual choice variables. (2024, 4+3+3= 10)

Q6. Give the economic interpretations of the Lagrange Multiplier for the following
constrained optimisation problems:
i. Utility Maximisation
ii. Expenditure Minimisation
iii. Output Maximisation
iv. Cost Minimisation
Q7. Specify Leontif closed input-output system. Interpret the conditions for the non-trivial
solution of this model. (2023, 10 marks)
Q8. (2023, 8+7 marks)
i. What are the basic properties of an idempotent matrix? Mention its application in
econometrics.
ii. The general solution of a second-order non-homogeneous difference equation,
Yt=β0+ β1Yt-1+β2Yt-2, has two components: a particular solution and homogenous
solution. Explain the implication of these two solutions.
Q9. (2022, 7+10+8 marks, 300 words)
A) What is the Leontief inverse matrix? What are the mathematical properties of it?
B) State and prove graphically the Hawkins-Simon condition in case of 2 x 2 industries in
the

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static open input-output model. Give an economic interpretation of it.
C) Consider the Leontief input coefficient matrix:
0.1 0.2 0.2
A= [ 0.2 0.4 0.1]
0.3 0.1 0.6
I. Test the viability of the system.
II. Test the properties of Leontief inverse.

Q10. (2021, 8+10 marks-200 words)

A) Given the technology matrix

And final demands are F1, F2 and F3.

Find the output levels if F1=20, F2=0 and F3=100

B) Fit a second degree polynomial to the following data:

Q11. A local business firm is planning to advertise a special sale on radio and television. Its
weekly advertising budget is 16,000. A radio commercial costs 800 per 30-second slot
while a television commercial costs 4,000 per 30-second slot. Radio slots cannot be
bought less than 6 in number while TV slots available are at the most 4 per week.
Given that a TV slot is 6 times as effective as a radio slot in reaching consumers, how
should the firm allocate its advertising budget to attract the largest number of them?
How will the optimal solution be affected if the availability of the television slots is no
longer constrained? (2021, 10+15 marks-300 words)
I. Formulate LPP model
II. Solve the above using graphical method

Q12. (2020, 15+10 marks-300 words)

a. An economy produces only coal and steel. The two commodities serve as
intermediate inputs in each other’s production. 0.4 tonne of steel and 0.7 tonneof
coal are needed to produce a tonne of steel. Similarly, 0.1 tonne of steel and 0.6
tonne of coal are required to produce a tonne of coal. No capital inputs are

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needed. 2 and 5 labour days are required to produce a tonne of coal and steel
respectively. If the economy needs 100 tonnes of coal and 50 tonnes of steel,
i. Calculate the gross output of the two commodities and the total labor
required.
ii. Write down technology matrix.
iii. Do you think that the system is viable?
iv. Determine the equilibrium prices if the wage rate is rs.10 per man day.
b. Mohan is paid rs.8 if two coins turn both heads and rs.1 if two coins turn both
tails. Ram is paid rs.3 when two coins don’t match.
i. write down the pay-off matrix of the above problem.
ii. whom do you consider in a better situation?
Q13. Suppose that the Leontief input-output coefficient matrix is
0.1 0.4
𝐴=( )
0.2 0.5
and the final demand vector is [1 1] Find the total direct and indirect requirement of
the second input to satisfy the final demand. (2019, 5 marks-100 words)
Q14. A firm is producing two goods A and B. It has two factories that jointly produce the
two goods in the following quantities (per hour):

Factory 1 Factory 2

Good A 10 20

Good B 25 25

The firm receives an order for 300 units of A and 500 units of B. The costs of operating
the two factories are 10,000 and 8,000 per hour. Formulate the linear programming
problem of minimizing the total cost of meeting this order. Also, find the minimum
cost. (2019, 10 marks-150 words)
Q15. Consider the optimisation problem: (2018, 5 marks-100 words)
Maximize u(x1,x2)
Subject to M = p1x1 + p2x2
Where, M, p1 and p2 are positive constants.
Write down the Lagrangian for this problem and explain why you need
to assume that an interior solution exists before using Lagrangian
method to solve the problem.
Q16. Assume that there are three sectors. The input coefficient matrix A
and the final demand vector d is given as follows:

0.3 0.4 0.2 100

𝐴 = [ 0.2 0 0.5] and 𝑑 = [ 30 ]
0.1 0.3 0.1 30

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Would the amount of the primary input required be consistent with

what is available in the economy? (2018, 15 marks-200 words)
Q17. Describe the Leontief static open input-output model along with its
assumptions. (2017, 5 marks-75 words)
Q18. Find out the total demand schedule for industries 1,2 and 3 if coefficient
matrix A and the final demand vector B are as follows: (2017, 15 marks-
200 words)

0.3 0.4 0.1 20

𝐴 = [ 0.5 0.2 0.6] and 𝑑 = [10]
0.1 0.3 0.1 30

Q19. Distinguish between basic feasible solution, feasible solution and

optimal solution of a Linear Programming Problem (LPP). Solve the
following LPP graphically: (2016, 20 marks-300 words)
Maximize Y = q1 + 2q2
subject to q1 + 3q2 ≤ 18
q1 + q2 ≤ 8
2q1 + q2 ≤ 14
q1, q2 ≥ 0
Q20. Find out the total demand for industries 1,2 and 3, if the coefficient
matrix A and final vector B are given as: (2015, 5 marks-75 words)
0.3 0.4 0.1 20
𝐴 = [ 0.5 0.2 0.6] and 𝐵 = [10]
0.1 0.3 0.1 30

Q21. Consider the Leontief static input-output model along with its
assumptions. How can you confirm that the model is either open or
closed? State the fundamental objective of Leontief static open input-
output model. (2015, 8 marks, 100 words)
Q22. Distinguish between Differentiation and Integration. Explain their
application in economics with suitable examples. (2014, 15 marks-200
words)
Q23. What is optimization problem in economics? How does linear
programming technique help in assigning optimal solution in given
resource use? Explain. (2014, 25 marks-300 words)
Q24. Explain ‘Leontief Inverse’ in the input-output model suggested by W.W.
Leontief. (2013, 5 marks-50 words)
Q25. Write dual for the following linear programme and solve the
obtained dual graphically: (2013, 15 marks-150 words)
Minimise: Z = 3x1 +3x2
subject to:

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x1 + 2x2 ≥ 1
2x1 + x2 ≥ 1
x1 ≥ 0, x2 ≥ 0
Q26. What are the basic features and limitations of Leontief’s input-
output model? (2012, 5 marks-50 words)
Q27. What is the dual problem in Linear programming? Explain its use
with suitable examples. (2012, 12 marks-150 words)
Q28. Using graphical approach, solve the following linear programming
problem: (2011, 5 marks-150 words)
Minimise: C = 80X + 60Y
Subject to: 2X + 2Y ≥3
2X + 0Y ≥ 1
X, Y ≥ 0
Q29. Four products A, B, C D are to be bought to satisfy minimum
requirements of calories and Vitamin (which are 18 and 10 units
respectively) at minimum cost.
Formulate linear programming problem using additional information
given below: (2010, 15 marks-150 words)
Product type A B C D

Calorie content 2 0 1 3

Vitamin content 0 3 1 4

Price per unit 5 10 12 15

Q30. Describe Leontief’s static input-output model. Calculate outputs of

two industries from following input-output table if final use for
outputs of the two industries increases to 15 and 20 units,
respectively. Given figures are in physical units (2010, 30 marks-500
words)
Industry I Industry II Final use Total output

Industry I 20 9 11 40

Industry II 12 6 12 30

Statistical and Econometric Methods and Income Distribution

Measures of central tendency and Dispersions,
Correlation and Regression
Time series

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Index numbers
Sampling of curves based on various linear and non-linear function Least square methods and other
multivariate analysis (only concepts and interpretation of results)
Analysis of Variance,
Factor analysis,
Principle component analysis,
Discriminant analysis
Pareto law of Distribution,
Log normal distribution,
Measurement of income inequality
Lorenz curve and Gini coefficient
Univariate and multivariate regression analysis
Problems and remedies of Heteroscedasticity,
Autocorrelation and Multicollinearity

Q1. Suppose that you have got the following estimated results in estimating a relationship
between Y and X in a dynamic framework:
Yt = 2.7 + 0.6 x + 0.05 yt-1
(0.392) (0.004)
R2 = 0.989, DW = 0.06
[The figures in parentheses show standard errors]
In your estimation even R² is very high, the results are useless. Explain why this
estimation is useless. (2024, 5 Marks)
Q2. "Univariate regression analysis is more meaningful with time series data than with
cross-section data." Discuss. (2024, 5 Marks)
Q3 (a) "Multiple linear regression model can consider the ceteris paribus effect, while
simple linear regression model fails to do it." Explain the validity of this statement.
(2024, 4 Marks)
(b) In a two-regressor multiple linear regression model Y1 = β0 + β1*X1i + β2*X2i + 𝜀𝑖
the estimated coefficients are:

𝑆1𝑦 𝑆22 − 𝑆2𝑦 𝑆12

𝛽1 = 2
𝑆11 𝑆22 − 𝑆12

𝑆2𝑦 𝑆11 − 𝑆1𝑦 𝑆21

𝛽1 = 2
𝑆11 𝑆22 − 𝑆12

Where,

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How do you interpret β1 and β2? (2024, 6 Marks)

(c) Write down the desirable properties of a good index of inequality. Discuss
whether Gini index satisfies all the desirable properties. (2024, 8 Marks)
Q4. (a) Suppose that the sample observations on price (X) and supply (Y) of a commodity
reveal that Y is increasing faster than X implying the non-linear relationship between X
and Y. How do you specify a linear regression model to estimate this supply function?
Give reasons. Write down the economic interpretation of the regression coefficient.
What are the major components involved in the random error of this regression model?
(2024, 15 Marks)
(b) In a linear regression model Y= β0 + β1*X + u the variance of the regression coefficient
β1 varies inversely with of X. What are the implications of this result? If the sample mean
x̄ is zero, show that the cov (β0, β1) = 0, where β0 and β1 are the OLS estimates of βo
and β1. (2024, 10 Marks)
Q5. Show that correlation coefficient between two variables X and Y can be interpreted as
the proportion of the total variability of Y which is accounted for by its linear regression
on X. (2024, 7 Marks.
Q6. Explain the role of the degrees of freedom in statistical inference(2023, 5 marks-100
words)
Q7. (2023, 4+4 marks)
a) In a regression equation of Y on X, the value of X is fixed at 5. What will the
regression equation look like?
b) Why do you prefer coefficient of variation to standard deviation as a measure of
dispersion?
Q8. (a) (2023, 5+3 marks)
i. Explain the relevance of including an intercept term in a classical linear regression
model.
ii. How do you calculate elasticity from a linear regression model?

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(b) The following estimated equation was obtained by OLS with a sample size of 80:

( 3.4) (0.005) (2.2) (0.15)

Figures in the parentheses indicate standard errors. The explained sum of squares was 112.5
and the residual sum of squares was 19.5.

i. Calculate the value of and

ii. Test the significance of slope coefficient by using t statistic at 5% level of
significance. [Given that t0.95,76=1.98]
iii. Test the overall significance of the model at 5% level of significance [Given that
F0.95,76=1.35] (2023, 10 marks)
Q9. (2023, 8+9+8 marks)
a) Heteroscedasticity is a problem in cross-section data, but not in time series data."
Discuss
b) A researcher estimated an employment (N) equation with GDP (G), education (E) and
price (P) as explanatory variables. The estimated equation is given below:

N= 506 + 0.06G - 0.01E -19.8P

(1.399) (3.227) (-0.033) (-0.142)

R2 = 0.97, number of observations =16 [Figures in parentheses are t-statistics.

i. Interpret the estimated coefficients.

ii. Identify the problem in the estimation.

iii. How can you improve the estimation?

c) Distinguish between the deterministic trend and the stochastic trend in time series
analysis.

Q10.
(a) Show that principal components are obtained from the eigenvectors corresponding to
the covariance matrix of the variables in a given sample.
(b) i. Distinguish between the time and factor reversal tests of a price index.
ii. For the data given below, calculate the price index by using Fisher's formula, and
interpret your result.

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2019 2019 2022 2022
Commodities
P Q P Q

A 4 10 5 9

B 5 8 3 6

C 2 6 2 4

D 3 9 1 7

E 5 5 4 5

(c) Interpret the coefficients from the following estimated equations:

Q11. Show that TSS = ESS + RSS (2022, 5 marks-100 words)

Q12. (2022, 10+8 marks-200 words)
Consider the 2-variable linear regression model:
Yi = α + β Xi +Ui, i = 1, 2,...,n
where notations have their usual meanings.
I. Estimate the α and β by the OLS method. Also estimate the standard errors of
these estimates.
II. Describe the testing procedure of β and estimate the 95% confidence interval of
β.
Q13. (2022, 6+4+4+4 marks, 200 words)
A) Consider the 3-variable linear regression model in deviation form:
yi = β2x2i + β3x3i + ui ,i = 1, 2, ..., n
ui: spherical disturbance term
Would you estimate the parameters β2 and β3?

B) Consider the following data:

Σ Χ = 20, Σ Υ = 40, Σ (Χ - X̅)2= 40, Σ (Υ - Y̅)2 = 124

Σ (Χ - X̅ ) (Υ - Y̅)= 70, n = 5

I. Estimate the parameters α and β of the model:

Yi= α+ βXi +Ui

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II. Estimate the standard errors of these estimates.
III. How would test ẞ?
(t0.025,3 = 3.182)
Q14. Describe the methods used in isolating secular trend in a time series. (2021, 5 marks-
100 words)
(2021, 10+8 marks-200 words)
Q15. A) Consider two variable linear regression model:
Y=α+β
The following results are given below:

Using this data, estimate α and β and the variance of your estimates.
B) The results of the estimated multiple regression models are given below:
TFR=4.180-0.031FLIT+ 0.013 POV-0.009 URBAN

R2= 0.637, F=9.36, n=sample size=20

Figures in the brackets show standard error.
Where TFR= Total Fertility rate
FLIT=Female Literacy Rate
URBAN=Rate of Urbanization

I. Interpret the above results.

II. Do you suspect presence of multicollinearity in the above regression? How do
you know?
III. Would you like to drop any of the explanatory variables from the above
regression? If yes, which variable and why?
Q16. (2021, 5+10+5+5 marks-300 words)
a) i) Explain the concept of direct regression and reverse regression in presence of two
variables
X and Y.
ii) Suppose a two variable linear regression model without intercept term. Estimate
the slope
parameter of such a model and show that it is an unbiased estimator.
iii) Find the value of r2 when the intercept term is absent in the two variable linear
regression
model.

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Q17. (2022, 9+7+9 marks-300 words)

A) Consider the first-order autoregressive scheme in the general regressionmodel.How
would you estimate the variance, covariance and autocorrelation coefficient of the
disturbance term of the model?
B) Describe the Durbin-Watson (DW) test of autocorrelation.
C) Given a sample of 50 observations and 4 explanatory variables, what can you say
about autocorrelation if the computed Durbin-Watson (DW) values are:
I. 1.05
II. 2.5
III. 3.97
DWL = 1.378, DWU = 1.721 at 5% level of significance, n = 50 and k = 4
Q18. (2022, 5+10+10 marks-300 words)
A) Graphically explain the Lorenz curve as a measure of income inequality.
B) How would you derive the Gini coefficient from the Lorenz curve?
C) How would you derive the Gini coefficient from the Pareto law of income
distribution?

Q19. Define homothetic preferences. Explain the common

characteristics of such preferences with the help of necessary
diagrams. (2020, 5 marks-100 words)

Q20. (2020, 9+9 marks-200 words)

a. In a contest two judges ranked 8 candidates A B C D E F G and H in order of their
preference as shown in the following table. Find the rank correlation coefficient.

A B C D E F G H

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First judge 5 2 8 1 4 6 3 7

Second judge 4 5 7 3 2 8 1 6

b. The regression equation of variables x and y are 8x-10y+66=0 and 40x-

18y=214. The variance of x is 9. Identify the two regression lines. Find the simple
correlation coefficient between the two variables and variance of y.
Q21. (2020, 5+5+15 marks-300 words)
a. Consider a two variable linear regression model
𝑌𝑡= α + β𝑋𝑡+𝑈𝑡
and 𝑈𝑡= 𝜌𝑈𝑡−1+ 𝜀𝑡 ; |𝜌|< 1
find mean, variance and covariance of random disturbance term (𝑈𝑡).
b. Consider the model of wage determination:
𝑌𝑡= 𝛽1+ 𝛽2𝑋𝑡+ 𝛽3𝑌𝑡−1+𝑈𝑡
where
Y=wages, X=productivity
𝑈𝑡 = 𝜌𝑈𝑡−1+𝜀𝑡 ; -1<𝜌 < 1
Discuss the method of testing with the help of appropriate test statistic.
c. Consider a model:
𝑌𝑡= 𝛽1+ 𝛽2𝑋𝑡+𝑈𝑡
And 𝑈𝑡= 𝜌𝑈𝑡−1+ 𝜀t
Discuss the process of the removal of autocorrelation when:
i. 𝜌 Is known
ii. 𝜌 Is unknown (using Cochrane Orcutt iterative method)
Q22. (2020, 10+15 marks, 300 words)
a. Consider a two variable linear regression model:
𝑌𝑖=α + β𝑋𝑖+𝑈𝑖 and

Var (𝑈𝑖 )= E (𝑈𝑖2) =𝜎𝑖2

Show that 𝛽̂ is unbiased and inefficient estimator of β.
b. Consider a three variable linear regression model
𝑌𝑖 = 𝛽1 + 𝛽2𝑋2𝑖+𝛽3𝑋3𝑖+𝜀𝑖 and suppose that
i. 𝜎𝑖2 = 𝜎2𝑍𝑖2
ii. 𝜎𝑖2 =𝜎2𝑋1𝑖
iii. 𝜎𝑖 2 =𝜎2𝑋21𝑖
Discuss generalised least squares (GLS) method to overcome the heteroscedasticity problem
under three cases (i, ii and iii).

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Q23. Show that in the regression model Yi = α + βXi + Ui;i = 1, 2, ..., n, the covariance
between the regressor and the error term is zero under ordinary least squares method
of estimation. (2019, 5 marks-100 words)
Q24. Consider the following data on two variables: (2019, 9+9 marks-200 words)

X -5 -4 -3 -2 -1 0 1 2 3 4 5

Y 25 16 9 4 1 0 1 4 9 25
a. Find the product-moment correlation coefficient between X and Y.
b. Can you develop a suitable linear regression model to explain Y with the help of
X? (2019, 10+4+4, 200 words)
Q25. a. Define Gini Coefficient with the help of Lorenz Curve and show that Gini is defined
as Gini = 1 – 2×Area below Lorenz Curve
b. How is Gini affected is θ amount of income is added to all the persons in an income
distribution?
c. Show that Gini is distribution insensitive.
Q26. (2019, 8+5+7+5 marks-300 words)
a. Consider the multiple regression model Yi = α + β2X2i + β3X3i + Ui; i = 1, 2, ….,n. where
Ui’s are independent and normally distributed with mean zero and variance σ2. Also
consider the auxiliary regressions
X2i = â + b̂X3i + V̂ 2i
X3i = ĉ + d̂ X2i + V̂ 3i
where V̂ 2 and V̂ 3 are error terms. Show that ^β2, the ordinary least squares estimate
of β2 can be interpreted as a simple regression of Y on V̂ 2.
b. Consider the regression Yi = γ + δ2V2i^ + δ3V3i^ + Wi, where V̂ 2 and V̂ 3 are as defined in
part (a). Find the relation between the ordinary least squares estimate δ2^ and the
estimate β2^as defined in part (a)
c. (i) In the regression model of part (a), what will be the variance of the ordinary least
squares estimate β2^?
(ii) Develop the F-test statistic for the goodness of fit of the regression model ofpart
(a)
Q27. (2019, 10+10+5 marks-300 words)
a. Suppose that the relation to be estimated is Yi = b0 + b1X1i + b2X2i +
Ui and X1 and X2 are related with the exact relation X2 = kX1, where

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k is an arbitrary constant. Show that the estimates of the
coefficients are indeterminate and standard errors of these
estimates become infinitely large.

b. Assume three explanatory variables like X1, X2 and X3, which are
found to be highly collinear. The following three principal
components (PC) and their corresponding eigenvalues (λ) are
reported as:
PC1 = a11x1 + a12x2 + a13x3
PC2 = a21x1 + a22x2 + a23x3
PC3 = a31x1 + a32x2 + a33x3

where aij be the factor loading of the ith principal component of

the jth factor, and λ1, λ2 and λ3 are the eigenvalues of first, second
and third principal components respectively. How are factor
loadings (aij) related to eigen value in each PC? What is the
statistical meaning of the square of aij in each PC? Do you think
that λ1 > λ2 > λ3? What is the sum of λ’s?

c. How do you use principal component analysis to tackle the problem of

multicollinearity in regression analysis?
Q28. Heights of fathers(X) and sons(Y) in inches are given in the following table: (2018,
6+6+6 marks-200 words)

X 65 66 67 67 68 69 70 72

Y 67 68 65 68 72 72 69 71

a. Calculate the correlation coefficient between the heights of fathers and those of sons.
b. Obtain the equation of the lines of regression and the estimate of X for Y = 70
c. Given that, X = 4Y + 5 and Y = kX + 4 are the lines of regression of X on Y and Y on X
respectively. Show that 0 < 4k < 1.
if k = 1/16, what is the point of interaction of the two regression lines?

Q29. Define Pareto’s law of income distribution and state its applications. How is the Pareto
distribution related to the Log-normal distribution? For the Pareto distribution,
calculate the Lorenz curve and the Gini coefficient. Explain their meanings. (2018, 25
marks-300 words)
Q30. (2018, 18+7 marks-300 words)

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a. The ordinary least square estimate of β in the classical linear regression model

b. Consider the regression model: (2018)

Yi = ∝ + βXi + Ui
where Y is the quantity demanded of bread and X is the price of the butter,
and Ui isa random term that is distributed normally with mean zero and
unknown varianceσu2. A sample of 20 observations yields the following
information:

20 20

∑ 𝑌𝑖 = 21.9 ∑ (𝑌𝑖 − 𝑌)2 = 86.9

𝑖=1 𝑖=1

20 20

∑ 𝑋𝑖 = 186.2 ∑ (𝑋𝑖 − 𝑋)2 = 215.4

𝑖=1 𝑖=1
20

∑ (𝑋𝑖 − 𝑋)(𝑌𝑖 − 𝑌) = 106.4

𝑖=1

i. Set up the null and alternative hypotheses to test if the price of butter as a
determinant of the quantity demanded of bread is significant.
ii. How would you test your hypothesis? [Given that t0.05; 18 = 1.734, t0.01; 18 = 2.552,
∞
t0.025; 18= 2.101 and t0.005; 18 = 2.878, where 0.025 = ∫𝑡0.025 𝑓 (𝑡)𝑑𝑡

Q31. (2018, 5+5+15 marks-300 words)

a. Define autocorrelation and state what are the possible sources of autocorrelation.
b. Suppose that the time series data follows the auto-regressive scheme of order
one, that is, AR(1). Show that an AR(1) process is simply an MA(∞) process (that
is,moving average scheme of order infinity).
c. Find the mean and variance if the time series data are modelled by the process
Yt = a + Yt−1 + εt

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where εtis a pure white noise. Find out also, the auto-correlation coefficient of
sth order. Interpret your results. How do you test stationarity in this case?

Q32. (2017, 12+6 marks-200 words)

a) Consider two regression equations of Y on X and X on Y. Show that the
Arithmetic mean of two regression coefficients is greater than the correlation
coefficient,provided the correlation Coefficient is positive. Under which
condition do the two regression lines coincide?
b) In bivariate distribution, a researcher gets two lines of regression as:
2x – y + 1 = 0
3x – 2y + 7 = 0
Identify the true regression lines and find the mean of x and y.
Q33. (2017, 5+5+15 marks-300 words)
a. What do you mean by multicollinearity?
b. How does it affect the Precision of estimates?
c. Consider a simple model
Yi = β2x2i + β3x3i + ui; i = 1,2, ... , n
and the variables are in derivation form. The disturbance term u i satisfies all
the classical assumptions. Suppose x2i and x3i are multicollinear. Should you drop
either x2i or x3i to have precise estimates of the remaining parameters? If so,
under what condition are you permitted to do so?
Q34. (2017, 3+4+18 marks-300 words)
a. Explain the meaning of spurious regression.
b. How are the values of Durbin-Watson d statistic and R2 indicative of
spurious regression?
c. Show that in the case of spurious regression between Yt and Xt, where both
Yt and Xt are generated by random walks, (i) the errors have a permanent
effect; (ii) the variance of the errors is infinitely large. What should you
interpret from your result?
Q35. (2017, 5+12+8 marks-300 words)
a. Explain what do you mean by heteroscedasticity?
b. Given the model Yi = β1 + β2X2i + ui, where E(ui2) = σ2X12and I = 1,2,3,…,n, find
out the OLS and GLS variance of the regression slope
c. State that if Xi takes the values 1, 2, 3, 4, 5, Var(^β2) > Var(b2), where ^β2is
the OLS estimator of β2and b2 is the GLS estimator of β2.
Q36. State the assumptions of classical linear regression model. Why are the regressors (X)
assumed to be non-stochastic in repeated samples? (2016, 5 marks-100 words)

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Q37. Define level of significance. How is this level decided for a given problem? Can we take
it as 2% or 6%? Explain. (2016, 5 marks-100 words)
Q38. Distinguish between point estimation and interval estimation of a population
parameter. State the small sample properties of a good estimator. (2016, 15 marks-
200 words)
Q39. What is stationarity in time series analysis? Show that a random work
model is non stationary. Discuss the Dickey-Fuller test of stationarity.
(2016, 15 marks-200 words)
Q40. (2016, 5+5+5+5 marks-300 words)
a. Define heteroscedasticity
b. Explain:
i. Consequences of heteroscedasticity on OLS estimates
ii. Detection of heteroscedasticity in a model
iii. Estimation procedure in the presence of heteroscedasticity
Q41. Given the classical linear regression model with usual
assumptions (2016, 10+10 marks-300 words)
Yi = β0 + β1Xi + Uii = 1, 2, …, n
a. Examine the goodness of fit of the model using
ANOVA.
b. If the value of R̅ 2is low, how can it be improved?
Q42. How is distributional inequality of various kinds measured with the help of income
as a resource? Name some common inequality measures and state their
properties.(2016, 20 marks-300 words)
Q43. Define and distinguish between level of significance and confidence
interval. What do you mean by 'power of the test'? (2015, 5 marks-75
words)
Q44. Explain the distinction between parametric and non-parametric tests. (2015, 5 marks-
75 words)
Q45. Consider a simple model of classical regression as Yi = βXi + ui, where ui stands for
random disturbance term with the standard assumptions and u i ~ N(0, σ2), andXi is
non-stochastic and i = 1, 2, ..., n. (2015, 5+10+10 marks-300 words)
a. Find out the OLS estimator for β, say ^βOLS.
b. Show that the OLS estimator for β is BLUE. Prove ab-initio.
𝑌̅
c. Prove that β̅=𝑋̅, where Y̅and X̅ are means respectively, is unbiased but
lessefficient estimator of β than ^βOLS.
Q46. Hawkins-Simon condition and explain its economic meaning and significance. (2015, 8
marks-100 words)
Q47. Explain the concept of co-integration in a time series analysis. (2014, 5 marks-100
words)
Q48. What is autocorrelation? How can we detect it? How can it be removed from a
singleequation model? (2014, 15 marks-200 marks)

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Q49. What is the problem of multicollinearity in a regression model? What is itsplausibility?
Explain Farrar-Glauber method to detect it. How can it be removed?(2014, 25 marks-
300 words)
Q50. What are Type 1 and type 2 errors in testing of a hypothesis? (2013, 5 marks-50
words)
Q51. State and explain the assumptions for applying ordinary least square (OLS) methodto
two variable linear regression model: (2013, 15 marks-150 words)
Yt= b0 + b1Xt + utt = 1. 2, .…., n

Q52. How can you measure income inequality by using Lorenz curve method? (2012, 5
marks-50 words)
Q53. Define the terms white noise and random walk in time series analysis. (2012, 5 marks-
50 words)
Q54. How does Lorenz curve explain income inequality? Explain with one suitableexample.
Define Gini coefficient with the help of Lorenz curve and show thatGini = [ 1 - 2 x (area
below Lorenz curve)] (2011, 5+5+15 marks-300 words)
Q55. In computing the correlation Coefficient between two variables X and Y from 25pairs
of observations, the immediate results are
n = 25, ∑iXi = 125, ∑ Xi2= 650, ∑iYi = 100, ∑iYi2= 460, ∑iXi Yi = 508
Later on at the time of checking it was found that two pairs of observations which
should be had been incorrectly recorded as

X 8 12

Y 6 8

X 6 14

Y 8 6

Calculate the correct value of the correlation coefficient. (2011, 25 marks-300 words)

Q56. Find out the variance of the numbers 1, 2, 3, …,50 and the coefficient of
variation. What is the advantage of computing the coefficient of variation over the
variance? (2011, 5+3+2 marks-150 words)
Q57. Explain the terms as follows and their importance in the context of inference analysis:
Degrees of freedom, Level of significance and Power of the test. (2011, 4+4+4 marks,
150 words)
Q58. Briefly discuss the principal component analysis and the rationale for its use. (2011,
10+3 marks, 150 words)

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Q59. State and explain the assumptions of two variable Linear Regression Model. (2010, 7
marks-50 words)
Q60. What is Log normal distribution? Where is it used in economic analysis? (2010, 7
marks-50 words)
Q61. What are Type 1 and type 2 errors? Why is the probability of Type 1 error fixed in a
hypothesis testing problem? (2010, 15 marks-150 words)

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50

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