CDA

ARC-1107

ASSIGNMENT 2

NAME: KAUSHANI CHAKRABORTY

REG NO: 213701156

TASK 2
• Demand and Supply curve
Occupation: Manager at a retail store

stores will reduce prices on items that are not in season because the demand is low, and they
have excess supply they want to get rid of. For example, buying Christmas decorations after the
holidays are over. Or buying clothes that aren’t in season such as winter boots in the summer.

• Market Equilibrium
Occupation: Home maker

A company selling mangoes sees a great demand and equal supply during summer. Hence the
markets are at equilibrium. Post-summer season, the supply starts falling, demand might
remain the same. Company A to take advantage and control the demand will increase the
prices. Once the prices are high, the demand will slowly drop, bringing the markets again to
equilibrium.

• Total Cost (Variable and fixed)

Occupation: Civil Engineer

The total cost of the sand required to manufacture concrete can be considered as variable
whereas the salary of the workers can be considered an example of fixed total cost in the field
of civil engineering.
TASK 2
• Marginal Cost
Occupation: Textile company manage

When the textile manufacturing company sees an increase in demand, the marginal costs of
manufacturing the extra dresses are calculate to determine whether the manufacturing of
more clothes would be profitable to them or not

• Pareto Efficiency
Occupation: Home maker

A furniture which is to be sold online is priced to be Rs 5000 and a certain buyer comes out to
be willing to pay upto Rs 9000 for the furniture. The table is then sold at Rs 7000 which is
benefitial to both the buyers and the seller thus creating a pareto efficient conditon.

• Price Easticity
Occupation: Civil Engineer

petrol has few alternatives because people with a car need to buy petrol. In any occupation
driving is a necessity most of the times. There are weak substitutes, such as train, walking and
the bus. But, generally, if the price of petrol goes up, demand proves very inelastic.
TASK 2
• Marginal Rate of Technical Substitution
Occupation: Civil Engineer

If the site is producing two different construction materials in the ratio 1:10 then in order to
increase the quantity of the former material the latter must be decreased in order to achieve
equilibrium.

• Utility Curve
Occupation: Manager at retail store

If a certain costumer prefers a certain type of clothing then no amount of the clothing she
obtains will be able to provide the level of desired satisfaction to them and the utility function of
the prefered cloth with always be greater than that of others.

• Game Theory
Occupation: Student

The class teacher caught two people cheating in a class test and in order to make them confess
made them sit in separate rooms and offer the chance to get away unscathed if that student
confesses while the other would be punished. This was the teacher is bound to get a confession
out of both of them.
TASK 2
• Dominance Strategy
Occupation: Manager at retail store

The retail store and their competing retail store were to hold an event and on analysing the data
it was found that the opponent store’s event’s success was dependent on the status of the event
happening in this retail store. Thus it can be said that the retail store had a dominant strategy
over the opposing retail store.

• Nash Equilibrium
Occupation: Manager at retail store

In the above situation a situation can be created where both the retail stores can be benefited
by the event. Such a situation can be example of nash equilibrium.
 ALGORITHM
TASK 3
• STEP 1: Start
• STEP 2: Check the status of your internet connection
• STEP 3: If stable proceed if not look for alternatives. If no alternatives are available
then inform the teachers about your absence.
• STEP 4: Listen to the lecture and see whether it is clear or not. If not then check
out network problems
• STEP 5: If it is clear check whether you understand the lecture or not. If not then
wait for the doubts to be cleared
• STEP 6: If it is clear then note down pointers and important parts
• STEP 7: At the end of the class get your doubts cleared
• STEP 8: The class ends
• STEP 9: Is there any homework to complete? If yes then proceed with homework
and note them doubts if you have doubts. If no then prepare for the next class
• STEP 10: End
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