ISC (Arts) इयत्ता १२ - CISCE Important Questions for Economics

Discuss any four factors affecting price elasticity of demand.

What is meant by production function?

Define marginal utility. 

Differentiate between the expansion of demand and an increase in demand, using diagrams.

Figures (A), (B) and (C) given below represent different types of Demand curves.

(A)	(B)	(C)

What kind of goods do each of these Demand curves represent? Give a reason for each of the curves.

Draw a straight-line demand curve joining both the axes. Indicate the following on the demand curve.

Elasticity of demand is equal to zero

Utility maximising consumers would like to decrease the consumption when ______.

Draw a diagram to show the elasticity of demand when it is greater than one.

The price of a good decreases from ₹100 to 80 per unit. If the price elasticity of demand for the good is 2 and the original quantity demanded is 30 units, calculate the new quantity demanded.

The price of a mobile handset has risen in the market. But the dealers have not been able to increase the supply proportionately.

What will be the price elasticity of supply for the mobile handset? Draw the supply curve to indicate the type of elasticity.

Give two differences between intended supply and actual supply.

Prices of air conditioners and refrigerators have shot up in the new year as consumer durables makers pass on the impact of rising raw material costs and higher freight charges to customers, while home appliances like washing machines may witness a 5–10 per cent price hike later this month or by March.

(Source: The Economic Times)

Explain the behaviour of supply of this consumer durable. Illustrate the same in a diagram.

Explain the law of variable proportions with the help of a diagram.

Which one of the following is NOT a ceteris paribus assumption of the Law of Supply?

When the Marginal Product turns negative, Total Product will ______.

Why is the AVC curve U-shaped?

At the point of inflexion, ______ is maximum.

With the help of a diagram, explain the relationship between Average Product and Total Product under the Law of Variable Proportions.

Study the data given below and identify the laws followed in the production of A and B depicted in the Table I and Table II. Justify your answer with a reason for each.

Normal profits for a firm imply that the firm is breaking even. Explain.