Section - I

1. Attempt any five parts of the following question. Answer to each part should be of approximatley 50 words.

Marks: 7 × 5 = 35

(a) Equal-marginal Sacrifice Principle

(Comment for solution.)

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(b) Inspection Effect

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(c) Total Economic Value

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(d) Hotelling Principle in respect of exhaustible resources

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(e) Millenium Development Goals

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(f) Issue of externality in the context of social cost-benefit analysis

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(g) Social rate of discount

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Section - II

Attempt any seven of the following questions. Each answer is to in about 150 words.

Marks: 15 × 7 = 105

2. Do you agree that allocative effects of direct taxes are superior compared to indirect taxes? Justify your view.

(Comment for solution.)

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3. Analyse how price and output are determined under an oligopoly market structure.

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4. What are the different cost-oriented pricing methods? Explain Marginal Cost Pricing.

(Comment for solution.)

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5. Explain the important factors determining taxable capacity and analyse the limits to it.

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6. Critically analyse H. Dalton's explanation of sharing the burden of sales tax between buyers and sellers.

(Comment for solution.)

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7. Show how Pigouvian taxes can be more effective than subsidies in controlling pollution.

(Comment for solution.)

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8. Discuss the meaning and measurement of product differentiation under monopolistic competition.

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9. What are the different imporant indices of market concentration? Examine whether measures of market concentration adequately indicate the degree of market power.

(Comment for solution.)

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10. What are the different variants of property right? Examine whether the concept of maximum sustainable yield (MSY) is related to the property right issue.

(Comment for solution.)

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Section - III

Attempt any two of the following questions, in about 500 words each.

Marks: 30 × 2 = 60

11. Discuss the Contingent Valuation Method (CVM) in evaluating environmental assets and explain the problems in this method.

(Comment for solution.)

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12. Critically analyse the conditions for, and the different degrees of, price discrimination.

(Comment for solution.)

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13. Derive reaction function and state its implication(s) in a duopoly market. Discuss the Stackelberg modely by using the concept of reaction function.

(Comment for solution.)

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