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Choose the correct answer :
The capacity of a commodity to satisfy human want is known as _________.
Concept: Total Utility and Marginal Utility
Do you agree with the following statements? Give reasons.
Marginal utility and Total utility is same.
Concept: Total Utility and Marginal Utility
Fill in the blanks with appropriate alternatives given in the bracket.
Marginal consumption function is always ________.
Concept: Total Utility and Marginal Utility
Exceptions to the law of diminishing marginal utility:
- Cardinal measurement
- Hobbies
- Miser
- Money
Concept: Law of Diminishing Marginal Utility
Assertion (A): MU curve slopes upwards.
Reasoning (R): MU goes on diminishing with every successive increase in the consumption of a commodity.
Concept: Law of Diminishing Marginal Utility
Identify & explain the concept from the given illustration.
Kavita consumed an additional unit of bread to satisfy her hunger.
Concept: Basic Concepts of Microeconomics > Utility
State with reason whether you agree or disagree with the following statement
When total utility is maximum, marginal utility is zero.
Concept: Basic Concepts of Microeconomics > Utility
State with reason whether you agree or disagree with the following statement
Marginal utility curve slopes downwards.
Concept: Law of Diminishing Marginal Utility
Study the following table, figure, passage and answer the question below it:
| Units | Total Utility | Marginal Utility |
| 1. | 40 | ______ |
| 2. | 60 | 20 |
| 3. | 70 | 10 |
| 4. | ______ | 0 |
| 5. | 60 | -10 |
- Complete the table ______ (1m )
- When Total utility falls Marginal utility is_______ (1m)
- Draw total utility and marginal utility curve______ (2m)
Concept: Basic Concepts of Microeconomics > Utility
Give economic terms:
Additional utility derived by a consumer from an additional unit consumed.
Concept: Basic Concepts of Microeconomics > Utility
Assertion (A): Marginal utility (MU) goes on diminishing.
Reasoning (R): Total utility (TU) increases at a diminishing rate.
Concept: Basic Concepts of Microeconomics > Utility
State with reasons whether you agree or disagree with the following statement.
There are no exceptions to the law of diminishing marginal utility.
Concept: Law of Diminishing Marginal Utility
Demand for necessaries is................
(elastic / inelastic / infinitely elastic / unitary elastic)
Concept: Concept of Demand
Income elasticity of demand for inferior goods is negative.
Concept: Concept of Elasticity of Demand
| Group 'A' | Group 'B' | ||
| a. | Pen and ink | 1 | Quantity-price |
| b. | Revenue | 2 | Accident |
| c. | Insurable risk | 3 | Transfer income |
| d. | Unemployment allowance | 4 | Short period |
| e. | Reverse repo rate | 5 | Long period |
| 6 | Change in demand | ||
| 7 | Joint demand | ||
| 8 | Quantity * price |
Concept: Concept of Demand
Change in the price of substitute goods affects the demand for another goods.
Concept: Factors of Demand
Population is the only determinant factor of demand.
Concept: Factors of Demand
When does ‘increase’ in demand take place?
Concept: Demand Curve
Distinguish between Individual demand and Market demand.
Concept: Types of Demand
Write short notes Significance of price elasticity of demand.
Concept: Determinants of Price Elasticity of Demand
