Commerce (English Medium) कक्षा १२ - CBSE Question Bank Solutions for Economics

Which of the following does not cause shift of supply curve of a good?
(Choose the correct alternative)
(a) Price of input
(b) Price of the good
(c) Goods and services tax
(d) Subsidy

Fill in the blank.
If the market supply of a commodity X changes due to improvement in technology, the market supply curve will ___________.

Fill in the blank.
If the market supply of a commodity X changes due to a rise in the price of factor input, the market supply curve will ____________.

Choose the correct answer from given options
If the supply curve is a straight line parallel to the vertical axis (Y-axis), supply of the good is called as _________.

Explain the geometric method of measuring price elasticity of supply. Use Diagram.

The price elasticity of supply of a good is 0.8. Its price rises by 50 percent. Calculate the percentage increase in its supply.

Total revenue is Rs 400 when the price of the commodity is Rs 2 per unit. When price rises to Rs 3 per unit, the quantity supplied is 300 units. Calculate the price elasticity of supply.

What is the law of diminishing marginal product?

Choose the correct alternative from given options:
The average product curve in the input-output plane, will be ____________.

Explain whether the statement is true or false with reasons.

 Average product curve and Marginal product curves are 'U-shaped' curves.

When does a production function satisfy constant returns to scale?

When does a production function satisfy increasing returns to scale?

When does a production function satisfy decreasing returns to scale?