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: Meaning of 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
Class 12 Economics can be very challenging and complicated. But with the right ideas and support, you will be able to make it work. That’s why we have the class 12 Economics important questions with answers pdf ready for you. All you need is to acquire the PDF with all the content and then start preparing for the exam. It really helps and it can bring in front an amazing experience every time if you're tackling it at the highest possible level.
Economics exams made easy
We make sure that you have access to the important questions for Class 12 Economics I.S.C. CISCE. This way you can be fully prepared for any specific question without a problem. There are a plethora of different questions that you need to prepare. And that's why we are covering the most important ones. They are the questions that will end up being more and more interesting and the results themselves can be staggering every time thanks to that. The quality itself will be quite amazing every time, and you can check the important questions for Class 12 Economics CISCE whenever you see fit.
The important questions for Class 12 Economics 2021 we provide on this page are very accurate and to the point. You will have all the information already prepared and that will make it a lot simpler to ace the exam. Plus, you get to browse through these important questions for Class 12 Economics 2021 I.S.C. and really see what works, what you need to adapt or adjust and what still needs some adjustment in the long run. It's all a matter of figuring out these things and once you do that it will be a very good experience.
All you have to do is to browse the important questions for upcoming CISCE Class 12 2021 on our website. Once you do, you will know what needs to be handled, what approach works for you and what you need to do better. That will certainly be an incredible approach and the results themselves can be nothing short of staggering every time. We encourage you to browse all these amazing questions and solutions multiple times and master them. Once you do that the best way you can, you will have a much higher chance of passing the exam, and that's what really matters the most!