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Considering the same demand curve as in exercise 22, now let us allow for free entry and exit of the firms producing commodity X. Also assume the market consists of identical firms producing commodity X. Let the supply curve of a single firm be explained as
qSf = 8 + 3p for p ≥ 20
= 0 for 0 ≤ p < 20
(a) What is the significance of p = 20?
(b) At what price will the market for X be in equilibrium? State the reason for your answer.
(c) Calculate the equilibrium quantity and number of firms.
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Comment on the shape of MR curve in case when TR curve is a horizontal straight line.
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What was the focus of the economic policies pursued by the colonial government in India? What were the impacts of these policies?
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Name some notable economists who estimated India’s per capita income during the colonial period.
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What objectives did the British intend to achieve through their policies of infrastructure development in India?
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Critically appraise some of the shortfalls of the industrial policy pursued by the British colonial administration.
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What do you understand by the drain of Indian wealth during the colonial period?
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Underscore some of the India’s most crucial economic challenges at the time of independence.
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Were there any positive contributions made by the British in India? Discuss.
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What are the two major sources of human capital in a country?
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Discuss the following as a source of human capital formation
Health infrastructure
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Discuss the following as a source of human capital formation
Expenditure on migration.
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How does investment in human capital contribute to growth?
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Explain how investment in education stimulates economic growth.
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Bring out the need for on-the-job-training for a person.
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Trace the relationship between human capital and economic growth.
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Discuss the importance of credit in rural development.
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Explain the role of microcredit in meeting credit requirements of the poor.
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Critically evaluate the role of the rural banking system in the process of rural development in India.
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Who is a worker?
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