What is ‘elasticity of demand’? Explain the factors determining elasticity of demand.
Concept: Elasticity of Demand
Answer the following question.
Discuss the relationship between the income of the consumer and demand for a commodity with respect to normal goods, inferior goods, and necessities.
Concept: Demand
Answer the following question.
Differentiate between the extension of demand and an increase in demand, using diagrams.
Concept: Movement Along and Shifts in the Demand Curve
Answer the following question.
Explain with the help of a diagram the consumer’s equilibrium through utility approach.
Concept: Conditions of Consumer's Equilibrium Using Marginal Utility Analysis
Answer the following question.
Discuss any two properties of the indifference curve.
Concept: Properties of Indifference Curve
Answer the following question.
Draw diagrams to show the elasticity of demand when it is:
(i) Greater than one
(ii) Less than one
(iii) Unity
Concept: Elasticity of Demand
Answer the following question.
Explain the geometric method of calculating the elasticity of supply.
Concept: Degrees of Elasticity of Demand
Answer the following question.
Show with the help of diagrams, the effect on equilibrium price and quantity when:
There is a fall in the price of substitute goods.
Concept: Market Equilibrium
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.
Concept: Market Equilibrium
Answer the following question.
What is meant by production function?
Concept: Production Function
Answer the following question.
Explain the law of variable proportions with the help of a diagram.
Concept: Law of Variable Proportions
Answer the following question.
Name the market where average revenue is equal to marginal revenue. Give a reason for your answer.
Concept: Total, Average and Marginal Revenue
Answer the following question.
Give one difference between accounting cost and opportunity cost.
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
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.
Concept: Concept of Opportunity Cost
Answer the following question.
What is the reason for an indeterminate demand curve under Oligopoly?
Concept: Main Market Forms
Answer the following question.
Discuss two features of monopoly.
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.
Concept: Features of Perfect Competition
Answer the following question.
What is meant by a propensity to consume?
Concept: Consumption Function and Propensity to Save
Answer the following question.
Discuss the relationship between the income of the consumer and demand for a commodity with respect to normal goods, inferior goods, and necessities.
Concept: Demand
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