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

Economics [All India Set 1]
Date: March 2010

 1

Explain the meaning of  Budget line.

Concept: Consumer's Budget
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
 2

What is meant by inferior good in economics?

Concept: Basic Concepts - Intermediate Goods
Chapter: [0.012] National Income and Related Aggregates
 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
 4

Define monopoly.

Concept: Main Market Forms
Chapter: [0.024] Forms of Market and Price Determination
 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
 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
 7 | Any one of the following
 7.1

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

Concept: Determinants of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
 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
 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
 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
 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
 11 | Attempt any one of the following
 11.1

Explain the problem of how to produce.

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

Distinguish between microeconomics and macroeconomics.

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

#### Request Question Paper

If you dont find a question paper, kindly write to us

View All Requests

#### Submit Question Paper

Help us maintain new question papers on Shaalaa.com, so we can continue to help students

only jpg, png and pdf files

## CBSE previous year question papers Class 12 Economics with solutions 2009 - 2010

CBSE Class 12 Economics question paper solution is key to score more marks in final exams. Students who have used our past year paper solution have significantly improved in speed and boosted their confidence to solve any question in the examination. Our CBSE Class 12 Economics question paper 2010 serve as a catalyst to prepare for your Economics board examination.
Previous year Question paper for CBSE Class 12 Economics-2010 is solved by experts. Solved question papers gives you the chance to check yourself after your mock test.
By referring the question paper Solutions for Economics, you can scale your preparation level and work on your weak areas. It will also help the candidates in developing the time-management skills. Practice makes perfect, and there is no better way to practice than to attempt previous year question paper solutions of CBSE Class 12.

How CBSE Class 12 Question Paper solutions Help Students ?
• Question paper solutions for Economics will helps students to prepare for exam.
• Question paper with answer will boost students confidence in exam time and also give you an idea About the important questions and topics to be prepared for the board exam.
• For finding solution of question papers no need to refer so multiple sources like textbook or guides.