ISC (Arts) Class 12 - CISCE Important Questions for Economics

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Economics
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Answer the following question.
Show with the help of diagrams, the effect on equilibrium price and quantity when:
There is a rise in the prices of inputs.

Appears in 1 question paper
Chapter: [0.013999999999999999] Market Mechanism
Concept: Market Equilibrium

Rate of interest on savings account is more than that on recurring account.

Appears in 1 question paper
Chapter: [0.013999999999999999] Market Mechanism
Concept: Market Equilibrium

Explain Price Ceiling with the help of a diagram:

Appears in 1 question paper
Chapter: [0.013999999999999999] Market Mechanism
Concept: Price Ceiling

Answer the following question.
What is meant by production function?

Appears in 1 question paper
Chapter: [0.015] Concept of Production and Production Function
Concept: Production Function

Answer the following question.
Explain the law of variable proportions with the help of a diagram.

Appears in 1 question paper
Chapter: [0.015] Concept of Production and Production Function
Concept: Law of Variable Proportions

Which one of the following is NOT a ceteris paribus assumption of the Law of Supply?

Appears in 1 question paper
Chapter: [0.015] Concept of Production and Production Function
Concept: Law of Variable Proportions

When the Marginal Product turns negative, Total Product will ______.

Appears in 1 question paper
Chapter: [0.015] Concept of Production and Production Function
Concept: Law of Variable Proportions

Why is the AVC curve U-shaped?

Appears in 1 question paper
Chapter: [0.015] Concept of Production and Production Function
Concept: Law of Variable Proportions

Give any two differences between returns to a factor and returns to scale.

Appears in 1 question paper
Chapter: [0.015] Concept of Production and Production Function
Concept: Returns to a Factor

Answer the following question.
Name the market where average revenue is equal to marginal revenue. Give a reason for your answer.

Appears in 1 question paper
Chapter: [0.016] Cost and Revenue
Concept: Total, Average and Marginal Revenue

Answer the following question.
Give one difference between accounting cost and opportunity cost.

Appears in 1 question paper
Chapter: [0.016] Cost and Revenue
Concept: Concept of Opportunity Cost

Answer the following question.
The cost function of a firm is given below

Output 0 1 2 3 4
Total cost 100 250 370 550 740

Calculate:
(i) AFC
(ii) AVC
(iii) MC

Appears in 1 question paper
Chapter: [0.016] Cost and Revenue
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost

Answer the following question.
Explain how a producer can maximize profit by using MR and MC curves.

Appears in 1 question paper
Chapter: [0.016] Cost and Revenue
Concept: Concept of Opportunity Cost

What is meant by accounting cost?

Appears in 1 question paper
Chapter: [0.016] Cost and Revenue
Concept: Concept of Producer's Equilibrium

Calculate Total variable cost and Marginal cost from the data given below. 

Output (units) 0 1 2 3
Total cost 40 60 78 97
Appears in 1 question paper
Chapter: [0.016] Cost and Revenue
Concept: Cost - Marginal Cost

What is meant by the break-even point?

Appears in 1 question paper
Chapter: [0.016] Cost and Revenue
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost

Draw a well-labelled diagram to show the break-even point.

Appears in 1 question paper
Chapter: [0.016] Cost and Revenue
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost

Answer the following question.
What is the reason for an indeterminate demand curve under Oligopoly?

Appears in 1 question paper
Chapter: [0.017] Main Market Forms
Concept: Forms of Market

Answer the following question.
Discuss two features of monopoly.

Appears in 1 question paper
Chapter: [0.017] Main Market Forms
Concept: Features of Monopoly

Answer the following question.
Show with the help of a diagram, how a perfectly competitive firm earns normal profit in short-run equilibrium.

Appears in 1 question paper
Chapter: [0.017] Main Market Forms
Concept: Features of Perfect Competition
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