Advertisements
Advertisements
Question
What will be the values of (i) and (ii)?
| Price (in ₹) | Quantity Demanded by | Total Demand | ||
| A | B | C | ||
| 10 | 30 | (i) | 12 | 52 |
| 20 | 20 | 8 | 9 | 37 |
| 30 | 10 | 6 | (ii) | 22 |
Options
10 and 12
6 and 10
10 and 6
6 and 12
Advertisements
Solution
10 and 6
Explanation:
For (i) when the price is ₹10:
Total Demand = A + B + C
Given that the total demand is 52 units:
52 = 30 + (i) + 12
(i) = 52 − 42 = 10 units
For (ii) when the price is ₹30:
Total Demand = A + B + C
Given that the total demand is 22 units:
22 = 10 + 6 + (ii)
(ii) = 22 − 16 = 6 units
APPEARS IN
RELATED QUESTIONS
Explain the role of the following in correcting ‘deficient demand’ in an economy:
(i) Open market operations.
(ii) Bank rate.
The relationship between income and demand for inferior goods is ______.
Study the following table and answer the questions:
| Price of Chocolate (₹) | Quantity Demanded | Market Demand | ||
| Consumer A | Consumer B | Consumer C | (A + B + C) | |
| 50 | 4 | 9 | 20 | 33 |
| 100 | 3 | `square` | 15 | 26 |
| 150 | `square` | 7 | 10 | 19 |
| 200 | 1 | 6 | 5 | `square` |
| 250 | 0 | 5 | `square` | 5 |
Questions:
- Complete the above table.
- State whether the following statements are True or False:
(a) As the price rises from ₹50 to ₹250, market demand falls from 33 to 5. This fall in market demand is known as the decrease in demand.
(b) There is an inverse relationship between price and market demand.
If commodity X and Y are substitutes, increase in price of X will affect demand of Y how?
Prepare a hypothetical market demand schedule and draw a market demand curve based on it.
Demand schedule is a list of prices and quantities.
The graphical representation of total demand in an economy y is a ______.
Complete the following individual demand schedule.
| Price in (₹) | Quantity of sugar Demanded in Kgs |
| 5 | 20 |
| 6 | ______ |
| 7 | ______ |
| 8 | ______ |
| 9 | ______ |
Explain briefly the factors which influence individual demand for a commodity.
According to the law of demand, what usually happens as the price of a commodity falls?
