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MEC-001
07836
MEC-001 : MICROECONOMIC ANALYSIS
Time : 3 hours
2 x 20=40
(b)
MEC-001
P.T.O.
2.
(c)
(d)
(b)
(c)
MEC-001
3.
4.
MEC-001
P.T.O.
SECTION B
Answer any five questions from this section.
5x12=60
6400
(b)
(c)
MEC-001
8.
9.
Do not enter
F.
Firm 2
Enter
Do not enter
Enter
(1, 1)
(6, 0)
(2, 4)
Do not enter
(2, 0)
(a)
(b)
MEC-001
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F 10
A 10
C 10
Assume that your current wealth is 400. If you
receive an "A", you gain 500. However, if you
get an "F", you lose 300. If you receive a "C",
you do not gain or lose anything.
If your utility function is given as u(w) = /(1);74 ,
where w = wealth,
(a) what is your expected utility after the
test ?
(b) what is the certainty equivalent level of
wealth in this test ?
11. Which key features of Williamson's model help in
better understanding of the behaviour of a firm ?
Give details to support your answer.
MEC-001
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