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Giving reason comment on the shape of Production Possibilities curve based on the following schedule :
| Good X (units | Good Y (units) |
| 0 | 30 |
| 1 | 27 |
| 2 | 21 |
| 3 | 12 |
| 4 | 0 |
Concept: Basics of Production Theory
Giving reason comment on the shape of Production Possibilities curve based on the following schedule:
| Good X (units) | Good Y (units) |
| 0 | 16 |
| 1 | 12 |
| 2 | 8 |
| 3 | 4 |
| 4 | 0 |
Concept: Basics of Production Theory
What are the different phases in the Law of Variable Proportions in terms of Total Product ? Give reasons behind each phase. Use diagram.
Concept: Law of Variable Proportions
The price elasticity of supply of a good is 0.8. Its price rises by 50 percent. Calculate the percentage increase in its supply.
Concept: Measurement of Elasticity of Supply
Complete the following table:
|
Units of Labour |
Average Product (Units) |
Marginal Product (Units) |
|
1 |
16 |
……. |
|
2 |
20 |
…….. |
|
3 |
……. |
20 |
|
4 |
18 |
…….. |
|
5 |
…… |
8 |
|
6 |
14 |
…….. |
Concept: Relation Between Total, Average and Marginal Product
State the relation between marginal product and average product. Show this relation in a diagram.
Concept: Relation Between Total, Average and Marginal Product
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 _________.
Concept: Movements Along and Shifts in Supply Curve
Explain whether the statement is true or false with reasons.
Average product curve and Marginal product curves are 'U-shaped' curves.
Concept: Shapes of Product Curves
Explain whether the statement is true or false with reasons.
Total cost curve and Total variable cost curve are parallel to each other.
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost
Name any one Maharatana company.
Concept: Components of New Economic Policy >> Privatisation
“The value of all goods and services can be expressed in monetary units.”
On the basis of the given statement, identify the function performed by money:
Concept: Functions of Money
“In the post-reform period, the Government of India decided to retain profit-making Public Sector Undertakings (PSUs). It provided a special status to PSUs to enable them to expand in the global market.”
Do you agree with the given statement? Give valid reasons in support of your answer.
Concept: Components of New Economic Policy >> Privatisation
X and Y are complementary goods. The price of Y falls. Explain the chain of effects of this change in the market of X.
Concept: Equilibrium Price
Explain the chain of an effect of excess demand of a good on it equilibrium price.
Concept: Equilibrium Price
What is meant by 'excess supply' of a good in a market?
Concept: Market Equilibrium
Explain its chain of effects on the market of that good. Use diagram
Concept: Market Equilibrium
Equilibrium price of an essential medicine is too high. Explain what possible steps can be taken to bring down the equilibrium price but only through the market forces. Also explain the series of changes that will occur in the market.
Concept: Equilibrium Price
Distinguish between revenue receipts and capital receipts. Give an example of each.
Concept: Aggregate Demand and Its Components >> Investment
Answer the following question.
Explain the meaning and implications of the maximum price ceiling and minimum price ceiling.
Concept: Price Ceiling
State whether the following statement is true or false. Give reasons for your answer :
When the equilibrium price is greater than the market price there will be excess supply in the market.
Concept: Equilibrium Price
