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Explain the role of the government budget infighting inflationary and deflationary tendencies.
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A market for a product is in equilibrium. Demand for the product "decreases." Explain the chain of effects of this change till the market again reaches equilibrium. Use diagram
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What is meant by 'excess supply' of a good in a market?
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Explain its chain of effects on the market of that good. Use diagram
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Explain the economic stability as objectives of government budget.
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Discuss the central problems of an economy.
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Explain why public goods must be provided by the government.
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What would be the shape of the demand curve so that the total revenue curve is
(a) a positively sloped straight line passing through the origin?
(b) a horizontal line?
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From the schedule provided below calculate the total revenue, demand curve and the price elasticity of demand:
|
Quantity |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
|
Marginal Revenue |
10 |
6 |
2 |
2 |
2 |
0 |
0 |
0 |
−5 |
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What is the value of the MR when the demand curve is elastic?
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Comment on the shape of MR curve in case when TR curve is a positively sloped straight line.
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List the three different ways in which oligopoly firms may behave.
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If duopoly behaviour is one that is described by Cournot, the market demand curve is given by the equation q = 200 − 4p and both the firms have zero costs, find the quantity supplied by each firm in equilibrium and the equilibrium market price.
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What is meant by prices being rigid? How can oligopoly behaviour lead to such an outcome?
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Explain market equilibrium.
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What will happen if the price prevailing in the market is
(i) above the equilibrium price?
(ii) below the equilibrium price?
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How are equilibrium price and quantity affected when income of the consumers increase.
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Using supply and demand curves, show how an increase in the price of shoes affects the price of a pair of socks and the number of pairs of socks bought and sold.
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How will a change in price of coffee affect the equilibrium price of tea? Explain the effect on equilibrium quantity also through a diagram.
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How do the equilibrium price and the quantity of a commodity change when price of input used in its production changes?
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