UGC NET Economics 2012 Unit 1: Micro Economics PYQs (English–Hindi)

Formula: Marginal revenue from inverse demand. Use: Show why selling an extra unit can reduce revenue on existing units.
Formula: Inverse demand से marginal revenue। उपयोग: Extra unit बेचने के लिए price घटाने का existing units की revenue पर असर समझना।

With P = 100 − 2Q, TR = 100Q − 2Q² and MR = 100 − 4Q. At Q = 10, price is 80 while MR is 60. Losses or equilibrium are not the reason for MR being below price.
P = 100 − 2Q में TR = 100Q − 2Q² और MR = 100 − 4Q है। Q = 10 पर price 80 लेकिन MR 60 है। MR कम होने का कारण losses या equilibrium नहीं, downward demand है।

An inferior good has negative income elasticity: when income rises at fixed prices, its quantity falls. Its Engel curve therefore slopes downward. With that good on the horizontal axis and a normal good on the vertical axis, the income consumption path bends backward and has a negative slope.
Inferior good की income elasticity negative होती है: prices fixed रहने पर income बढ़े तो उसकी quantity घटती है। इसलिए Engel curve downward होती है। Inferior good horizontal axis और normal good vertical axis पर हो तो income consumption path पीछे मुड़ता और negative slope दिखाता है।

Example: after an income rise, purchases of a cheap staple fall from 8 to 6 units while purchases of the other good rise. Inferiority does not by itself imply Giffen behaviour. The compilation truncates option (d); its full contrast is shown here from the original paper.
Example: income बढ़ने पर cheap staple की खरीद 8 से 6 units हो जाए जबकि दूसरे good की खरीद बढ़े। Inferior होना अपने आप Giffen होना नहीं है। Compilation में option (d) अधूरा है; यहाँ original paper से उसका पूरा contrast दिया है।

Giffen behaviour requires an inferior good whose income effect outweighs the substitution effect of its own price change. It is a restrictive combination, so such cases are uncommon. Inferior means negative income elasticity; it does not mean every such good is narrowly defined or has suitable substitutes.
Giffen behaviour के लिए ऐसा inferior good चाहिए जिसका income effect उसके own price change के substitution effect से बड़ा हो। यह restrictive combination है, इसलिए cases uncommon हैं। Inferior का अर्थ negative income elasticity है; हर inferior good narrowly defined या suitable substitutes वाला हो, ऐसा नहीं।

The assertion is truncated in the compilation; “real world” restores its ending from the original paper. The book’s further claim that inferior goods cannot have substitutes is also false: the absence of close substitutes is relevant to likely Giffen cases, not the definition of every inferior good.
Compilation में assertion अधूरी है; original paper से ending “real world” बहाल की गई है। Book का यह general claim भी गलत है कि inferior goods के substitutes नहीं होते। Close substitutes की कमी possible Giffen cases में महत्वपूर्ण है, हर inferior good की definition नहीं।

At a fixed kinked demand curve, marginal revenue has a discontinuity. If marginal cost moves inside that gap, the profit maximising quantity and the associated price remain unchanged. This is the model’s price rigidity result.
Fixed kinked demand curve पर MR में discontinuity होती है। MC उस gap के अंदर बदले तो profit maximising quantity और corresponding price दोनों unchanged रह सकते हैं। यही price rigidity का result है।

The result does not say quantity can never change after a demand shift or a large cost shock. It concerns a particular range of cost changes around the existing kink.
इसका अर्थ नहीं कि demand shift या बड़े cost shock पर quantity कभी नहीं बदल सकती। Result existing kink के आसपास cost changes की एक range के लिए है।

The variable proportions/diminishing returns tradition predates modern production functions. Cobb–Douglas was published in 1928, the standard CES formulation in 1961, and the familiar translog formulation in 1973. Thus IV → II → I → III.
Variable proportions/diminishing returns की classical tradition modern production functions से पुरानी है। Cobb–Douglas 1928, standard CES formulation 1961 और familiar translog formulation 1973 की है। इसलिए IV → II → I → III।

The dates refer to the familiar named formulations, not a claim that no related idea existed earlier. CES means constant elasticity of substitution; Cobb–Douglas has unit elasticity of substitution in its standard two factor form.
Dates familiar named formulations की हैं; संबंधित ideas पहले बिल्कुल नहीं थे, ऐसा अर्थ नहीं। CES का अर्थ constant elasticity of substitution है; standard two factor Cobb–Douglas में substitution elasticity one होती है।

Behavioural theory of the firm is associated with Richard Cyert and James March; marginal productivity distribution with J B Clark; the double compensation criterion with Tibor Scitovsky; and the impossibility theorem with Kenneth Arrow.
Behavioural theory of the firm Richard Cyert और James March, marginal productivity distribution J B Clark, double compensation criterion Tibor Scitovsky और impossibility theorem Kenneth Arrow से जुड़ी है।

Cyert and March wrote A Behavioral Theory of the Firm in 1963. The source’s “Mark” is a misspelling of March. Scitovsky’s double criterion addresses compensation reversals; Arrow concerns aggregation of social preferences under specified conditions.
Cyert और March ने 1963 में A Behavioral Theory of the Firm लिखी। Source का “Mark”, March की spelling error है। Scitovsky का double criterion compensation reversals और Arrow की theorem specified conditions में social preferences के aggregation से संबंधित है।