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Chapters
1: Micro and Macro Economics - An Introduction
▶ 2: Demand and Law of Demand
3: Elasticity of Demand
4: Theory of Consumer's Behaviour : Cardinal Utility Analysis
5: Theory of Consumer's Behaviour : Indifference Curve Analysis
6: Supply and Law of Supply
7: Revenue Analysis
8: Cost Theory Analysis
9: Forms of Market
10: Concept of Production and Law of Returns
11: Equilibrium of Firm and Industry Under Perfect Competition
12: Producer's Equilibrium Under Perfect Competition
13: Price Output Under Perfect Competition
14: Price Output Determination Under Monopoly
15: Price Output Determination Under Monopolistic Competition and Oligopoly
Unit 2 : Theory of Income and Employment
16: Basic Concepts of Macro Economics
17: Aggregate Demand and Supply - Determinants of Equilibrium
18: Consumption Function {Propensity to Consume)
19: Concept of Investments-Types and Determinants
20: Multiplier - I : Static and Dynamic
21: Full Employment and Voluntary Unemployment
22: Problems of Deficient Demand and Excesss Demand
23: Measures to Correct Deficient and Excess Demand
Unit 3 : Money and Banking
24: Money - An Introduction
25: Bank and Commercial Bank
26: Central Bank
Unit 4 : International Trade
27: Balance of Payments
28: Foreign Exchange Rate
Unit 5 : Public Finance
29: Fiscal Policy
30: Budget
Unit 6 ; National Income
31: National Income and Circular Flow of Income
32: Concepts of National Income
33: Measurement of National Income
34: National Income and Economic Welfare
![R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC chapter 2 - Demand and Law of Demand - Shaalaa.com](/images/economics-english-class-12-isc_6:0ec86a6424ae41d2b0d71f72fec46101.jpg "R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC chapter 2 - Demand and Law of Demand")
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Solutions for Chapter 2: Demand and Law of Demand
Below listed, you can find solutions for Chapter 2 of CISCE R. K. Lekhi and P. K. Dhar for Economics [English] Class 12 ISC.
R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC 2 Demand and Law of Demand TEST QUESTIONS [Pages 2.19 - 2.22]
SHORT ANSWER QUESTIONS
Explain the concept of Demand in simple words.
What is Desire?
Explain in detail the determinants of demand.
Explain individual demand schedule.
Explain individual demand curve.
Explain the following concept:
Market demand schedule
Explain the market demand curve.
Define the law of Demand.
Explain the law of demand with its assumptions.
Explain why the demand curve slopes downwards.
Give two exceptions to the law of demand.
What is meant by expansion of demand?
What is meant by the contraction in demand?
What is meant by an increase in demand?
What is decrease in demand?
Distinguish between expansion in demand and increase in demand.
Differentiate between decrease in demand and contraction of demand.
Draw an abnormal demand curve.
State any two reasons of abnormal demand curve.
LONG ANSWER QUESTIONS
Define the following concept:
Demand
Explain any four factors affecting the demand for a commodity.
Explain the law of demand.
Explain why the demand curve slopes downwards.
Give two exceptions to the law of demand.
Explain the law of demand.
Explain why the demand curve slopes downwards.
Explain the law of demand.
Give two exceptions to the law of demand.
Describe movement along the demand curve.
Explain the shift in the demand curve.
Differentiate between extension and contraction of demand.
Distinguish between:
Increase in demand and Decrease in demand
What is price demand?
What do you understand by income demand?
Give the meaning of Cross demand.
What is composite demand?
Discuss with the help of a diagram the concept of increase of demand.
Discuss with the help of diagram the concept of extension of demand.
R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC 2 Demand and Law of Demand EXAMINATION CORNER [Pages 2.22 - 2.23]
What is composite demand?
What are inferior goods?
Mention one exception to the law of demand. Give one point only.
Explain the law of demand.
Discuss with the help of a diagram the concept of increase of demand.
Discuss with the help of diagram the concept of extension of demand.
Explain any four factors affecting the demand for a commodity.
How does an increase in income affect the demand for an inferior good?
Explain with an example what kind of a commodity will have an inverse relationship between income and demand.
What is the income effect of a change in the price of a good?
Define income effect.
How do changes in income of the household affect his demand for a commodity?
Discuss the relationship between income of the consumer and demand for a commodity with respect to normal goods.
Discuss the relationship between income of the consumer and demand for a commodity with respect to inferior goods.
Discuss the relationship between income of the consumer and demand for a commodity with respect to necessities.
Explain how the following phenomena is an exception to the law of demand
Expectations about future prices.
Explain how the following phenomena is an exception to the law of demand:
Conspicuous consumption by a consumer.
Explain the income effects of a fall in the price of a commodity on its demand.
Explain the substitution effects of a fall in the price of a commodity on its demand.
Explain how income effect is the reasons for the downward slip of the demand curve?
Explain how substitution effect is the reasons for the downward slip of the demand curve?
Differentiate between the expansion of demand and an increase in demand, using diagrams.
Explain the shift of the demand curve and compare it with the movement along the demand curve with the help of diagrams.
Discuss with the help of a diagram the concept of increase of demand.
Discuss with the help of diagram the concept of extension of demand.
Explain the inverse relationship between price and quantity demanded of a commodity.
Explain the law of demand.
Give two exceptions to the law of demand.
Explain the law of demand with its assumptions.
Explain the exceptions to the law of demand.
Differentiate between decrease in demand and contraction of demand.
How does the change in the price of related goods affect the demand of a commodity? Explain.
What is meant by ex-ante demand?
What is meant by ex-post demand?
Explain why the demand curve slopes downwards.
Give a reason for the following:
The demand for a good increases when income of the consumer increases.
Give a reason for the following:
X and Y are substitute goods. A rise in price of X results in a rightward shift of the demand curve of Y.
Solutions for 2: Demand and Law of Demand
R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC chapter 2 - Demand and Law of Demand
Shaalaa.com has the CISCE Mathematics Economics [English] Class 12 ISC CISCE solutions in a manner that help students grasp basic concepts better and faster. The detailed, step-by-step solutions will help you understand the concepts better and clarify any confusion. R. K. Lekhi and P. K. Dhar solutions for Mathematics Economics [English] Class 12 ISC CISCE 2 (Demand and Law of Demand) include all questions with answers and detailed explanations. This will clear students' doubts about questions and improve their application skills while preparing for board exams.
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Concepts covered in Economics [English] Class 12 ISC chapter 2 Demand and Law of Demand are Determinants of Demand, Role of Demand and Supply in Economics, Types of Demand, Law of Demand, Concept of Demand, Demand Function, Demand Schedule, Demand Curve, Reasons for the Downward Slope of the Demand Curve, Exceptions to the Law of Demand, Movement along the Demand Curve and Shift of the Demand Curve, Difference Between Extension and Increase in Demand, Paul A. Samuelson: Father of Modern Economics, Market Demand Schedule, Market Demand Curve, Importance of the Law of Demand, Change in Quantity Demanded: Movement along the Demand Curve, Change in Demand – Shift in Demand Curve, Individual Demand Curve, Individual Demand Schedule, Difference Between Contraction and Decrease in Demand.
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