(English Medium) ICSE Class 10 - CISCE Question Bank Solutions for Economic Applications

Which of the following is not a correct match?

Which of the following is not a correct match?

Which of the following is not a correct match?

Identify the value of elasticity of supply for the supply curve OS and S₁S₂.

Name the factors of production.

Name the factors of production.

Name the factors of production.

Identify the elasticity of supply for the following with proper reasoning:

Short run and long run period.

Identify the elasticity of supply for the following with proper reasoning:

Perishable and durable goods.

Identify the elasticity of supply for the following with proper reasoning:

Nature of the entrepreneurs.

Identify the reason for privatisation:

Give two reasons for privatisation of public sector units in India. 

Define privatisation.

List three ways in which the government can undertake privatisation. 

Citing reasons state the superiority of Public sector over privatization.

Price elasticity of demand is defined as the percentage change in the quantity demanded of a commodity divided by the percentage change in the price of that commodity.

As a result of 5% fall in the price of a good, its demand rises by 12%, the demand for the good will said be ______.

When change in price is greater than the change in quantity demand it is a case of elastic demand.

1. Luxuries goods have generally elastic demand.
2. Goods whose close substitutes are available have inelastic demand.

Define elasticity of demand.