Cut off most like should be combined with some sectional cutoff.
DSE may be taken to be the benchmark. DSE cutoff is typically 40%. Assume 10-12 question in DSE that cannot be answered by anyone. This give 100 general student above 45%. Top 25(for interview) GC students should score around 55%-60% marks which .55*60= 33-36 correct and not answering rest.
This is for GC. Last time they called 51 students. So if there is ~50% reservation. You have to be in top 26.
As far as cutoff is concerned one do more rigorous estimation. ~2K GC students appear and 100 score above 45% try getting some estimate for mean SD. You may survey your friends if possible. Cut will be likely lower than 168.
I did the same thing, except, I googled and found out that sticky price and wage both lead to an upward sloping supply curve. Are you absolutely certain it will be horizontal in sticky price case?