26 September 2014
Q1) “Welfare economics is a branch of economic theory which provides a theoretical framework for optimum use of resources” In the light of the above statement examine the areas of welfare economics ? (300 words)
Q2) What is meant by oligopoly? In what respects is it different from other forms of market? Show that an oligopolist may face a kinked demand curve . (200 Words)
Q3) Elucidate the concept of social welfare function. Critically examine this approach. (200 Words)
