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Economics All India Set 1 2009-2010 CBSE (Arts) Class 12 Question Paper Solution

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Economics
All India Set 1
2009-2010 March
Marks: 100

[1]1

Explain the meaning of  Budget line

Concept: Types of Budget
Chapter: [0.016] Government Budget and the Economy
[1]2

What is meant by inferior good in economics? 

Concept: Basic Concepts - Intermediate Goods
Chapter: [0.012] National Income and Related Aggregates
[1]3

In which market form can a firm not influence the price of the product? 

Concept: Features of Perfect Competition
Chapter: [0.024] Forms of Market and Price Determination
[1]4

Define monopoly. 

Concept: Main Market Forms
Chapter: [0.024] Forms of Market and Price Determination
[1]5

What can you say about the number of buyers and sellers under monopolistic competition? 

Concept: Main Market Forms
Chapter: [0.024] Forms of Market and Price Determination
[1]6

Explain the effect of the following on the price elasticity of demand of a commodity:

(i) Number of substitutes

(ii) Nature of the commodity 

Concept: Factors Affecting Price Elasticity of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]7 | Any one of the following
[1]7.1

Explain any two causes of ‘increase’ in demand of a commodity. 

Concept: Determinants of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]7.2

Explain the inverse relationship between price and quantity demanded of a commodity. 

Concept: Determinants of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]8

A firm’s average fixed cost, when it produces 2 units, is Rs 30. Its average total cost schedule is given below. Calculate its marginal cost and average variable cost at each level of output.  

Output (units)

1

2

3

Average Total Cost (Rs)

80

48

40 

Concept: Cost - Average Fixed Cost
Chapter: [0.023] Producer Behaviour and Supply
[1]9

Total revenue is Rs 400 when the price of the commodity is Rs 2 per unit. When price rises to Rs 3 per unit, the quantity supplied is 300 units. Calculate the price elasticity of supply.

Concept: Measurement of Price Elasticity of Supply - Percentage-change Method
Chapter: [0.023] Producer Behaviour and Supply
[1]10

Why is the number of firms small in an oligopoly market? Explain.

Concept: Features of Oligopoly
Chapter: [0.024] Forms of Market and Price Determination
[1]11 | Attempt any one of the following
[1]11.1

Explain the problem of how to produce.

Concept: Meaning of Micro and Macro Economics
Chapter: [0.021] Introduction
[1]11.2

Distinguish between microeconomics and macroeconomics.

Concept: Meaning of Micro and Macro Economics
Chapter: [0.021] Introduction
[1]12

When price of a commodity falls by Rs 1 per unit, its quantity demanded rises by 3 units. Its price elasticity of demand is (−) 2. Calculate its quantity demanded if the price before the change was Rs 10 per unit. 

Concept: Factors Affecting Price Elasticity of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]13

State whether the following statements are true or false. Give reasons for your answer: 

 Total product always increases whether there is increasing returns or diminishing returns to a factor. 

 

Concept: Marginal Product
Chapter: [0.023] Producer Behaviour and Supply
[1]14

State whether the following statements are true or false. Give reasons for your answer:

(i) When marginal revenue is constant and not equal to zero, then total revenue will also be constant. 

Concept: Marginal Product
Chapter: [0.023] Producer Behaviour and Supply

State whether the following statements are true or false. Give reasons for your answer: 

As soon as marginal cost starts rising, average variable cost also starts rising. 

Concept: Marginal Product
Chapter: [0.023] Producer Behaviour and Supply

State whether the following statements are true or false. Give reasons for your answer: 

 Total product always increases whether there is increasing returns or diminishing returns to a factor. 

 

Concept: Marginal Product
Chapter: [0.023] Producer Behaviour and Supply

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