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State whether the following statement is true or false. Give reasons for your answer :
When the equilibrium price is greater than the market price there will be excess supply in the market.
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Answer the following question:
The market for a good is in equilibrium. How would an increase in an input price affect the equilibrium price and equilibrium quantity, keeping other factors constant? Explain using a diagram.
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What is maximum price ceiling? Explain its implications.
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What is minimum price ceiling? Explain its implications.
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What is meant by price ceiling? Explain its implications.
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Can you think of any commodity on which price ceiling is imposed in India? What may be the consequence of price-ceiling?
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Answer the following question.
Explain the meaning and implications of the maximum price ceiling and minimum price ceiling.
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Define externalities. Give an example of negative externality. What is its impact on welfare?
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Give two examples of fixed costs.
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Define fixed cost. Give an example.
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Sale of petrol and diesel cars is rising particularly in big cities. Analyse its impact on gross domestic product and welfare.
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Government spends on child immunization programme. Analyse its impact on Gross Domestic Product and welfare of the people.
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What is the behaviour of (a) Average Fixed Cost and (b) Average Variable Cost as more and more units of a good are produced?
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If the Real GDP is Rs400 and Nominal GDP is Rs450, calculate the Price Index (base = 100).
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Define price floor. Explain the implications of price floor.
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Write down some of the limitations of using GDP as an index of welfare of a country.
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Can there be some fixed cost in the long run? If not, why?
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Answer the following question.
Gross Domestic Product (GDP) Does Not Give Us a Clear Indication of Economic Welfare of a Country. "Defend Or Refute the Given Statement with Valid Reason.
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Answer the following question.
Define Price Floor. State the likely consequence of this type of intervention by the government.
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