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

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Economics
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What is ‘elasticity of demand’? Explain the factors determining elasticity of demand.

Appears in 3 question papers
Chapter: [1.02] Elasticity of Demand
Concept: Elasticity of Demand

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Discuss the relationship between the income of the consumer and demand for a commodity with respect to normal goods, inferior goods, and necessities.

Appears in 1 question paper
Chapter: [1.01] Demand
Concept: Demand

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Differentiate between the extension of demand and an increase in demand, using diagrams.

Appears in 1 question paper
Chapter: [1.01] Demand
Concept: Movement Along and Shifts in the Demand Curve

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Explain with the help of a diagram the consumer’s equilibrium through utility approach.

Appears in 1 question paper
Chapter: [1.01] Demand
Concept: Conditions of Consumer's Equilibrium Using Marginal Utility Analysis

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Discuss any two properties of the indifference curve. 

Appears in 1 question paper
Chapter: [1.01] Demand
Concept: Properties of Indifference Curve

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Draw diagrams to show the elasticity of demand when it is:
(i) Greater than one
(ii) Less than one
(iii) Unity

Appears in 1 question paper
Chapter: [1.02] Elasticity of Demand
Concept: Elasticity of Demand

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Explain the geometric method of calculating the elasticity of supply.

Appears in 1 question paper
Chapter: [1.02] Elasticity of Demand
Concept: Degrees of Elasticity of Demand

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Show with the help of diagrams, the effect on equilibrium price and quantity when:
There is a fall in the price of substitute goods.

Appears in 1 question paper
Chapter: [1.04] Market Mechanism
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.

Appears in 1 question paper
Chapter: [1.04] Market Mechanism
Concept: Market Equilibrium

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What is meant by production function?

Appears in 1 question paper
Chapter: [1.05] Concept of Production and Production Function
Concept: Production Function

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Explain the law of variable proportions with the help of a diagram.

Appears in 1 question paper
Chapter: [1.05] Concept of Production and Production Function
Concept: Law of Variable Proportions

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

Appears in 1 question paper
Chapter: [1.06] Cost and Revenue
Concept: Total, Average and Marginal Revenue

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Give one difference between accounting cost and opportunity cost.

Appears in 1 question paper
Chapter: [1.06] 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: [1.06] Cost and Revenue
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost

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Explain how a producer can maximize profit by using MR and MC curves.

Appears in 1 question paper
Chapter: [1.06] Cost and Revenue
Concept: Concept of Opportunity Cost

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What is the reason for an indeterminate demand curve under Oligopoly?

Appears in 1 question paper
Chapter: [1.07] Main Market Forms
Concept: Main Market Forms

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Discuss two features of monopoly.

Appears in 1 question paper
Chapter: [1.07] Main Market Forms
Concept: Features of Monopoly

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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: [1.07] Main Market Forms
Concept: Features of Perfect Competition

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What is meant by a propensity to consume?

Appears in 1 question paper
Chapter: [2] Theory of Income and Employment
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.

Appears in 1 question paper
Chapter: [2] Theory of Income and Employment
Concept: Demand
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