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Economics-2014: Answer Writing Challenge – 21


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)