JNU 2001 part 2 discussion

[bhavya jain]

i am getting the following answers to 2001 jnu paper part 2. plz confirm...
2) x=1/root 3
3) x=0 or 2 or y=0 or 2
4) sitn 1
5) change in y=212.31 with multiplier=2.12
6) decreased by 15 units
7) Y=250, potential output=300
8) (G,L)=(2,8)

 

[The Villain]

Could you please post the questions..

[Anjali]

Yea plz post the questions !

[bhavya jain]

[bhavya jain]

[bhavya jain]

[The Villain]

Q2 and q4 matched

[The Villain]

q 5 also...3 too

[bhavya jain]

thanks Ron. plz check for the rest..

[The Villain]

@bhavya..Pls explain quest 8..

[Anjali]

Why situation 1 for ques 3 ? Why not 2 ? In 2 MRS is less , so shouldn't it be 2

[The Villain]

@anjali...how is mrs less??

[bhavya jain]

@ Ron just max the utility u=G^1/2 L3/4 subject to 10=G+L, u'll get the reqd values of G & L

[Anjali]

For 6th m getting increases by 3/40 ! :p
How did you solve for it ?
And MRs =P1/P2 , now calculate
Iam not very sure for this

[Anjali]

And for 8th m getting G=4 and L=6

[Anjali]

For ques 4 , I think it should be the case that the person is indifferent. He is deriving the same utility from both the possibilities . And we talk about being better off in terms of IC or utility. So I think it should be - indifferent.

[Homer Simpson]

Bhavya, for 6th, food-grain area cropped has risen by 7.14% in period II

[Homer Simpson]

Anjali, which is the MRS question you are referring to?

[bhavya jain]

@ tsuki..plz explain ur working for 6th.

[Homer Simpson]

Hi Bhavya, please check out that question u answered about Income consumption curves. There is some confusion about it.

Also, for 6, this is how i did it

let a and b represent the cropped area of food-grains and non-food grains in period I
and similarly, let a' and b' for Period II

Now we have these equations,

              b' = (3/2)b and (3/8)(a'+b') = b' and, a'+b' = (6/5)(a+b)

now find a and a' in terms of b. after this, use the usual percentage formula to get the change in a