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Discuss any four factors affecting price elasticity of demand.
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Draw a diagram to show the elasticity of demand when it is greater than one.
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The price of a good decreases from ₹100 to 80 per unit. If the price elasticity of demand for the good is 2 and the original quantity demanded is 30 units, calculate the new quantity demanded.
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Normal profits for a firm imply that the firm is breaking even. Explain.
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The aggregate utility obtained from the consumption of a specific unit of a commodity is called ______.
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Give two differences between intended supply and actual supply.
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Prices of air conditioners and refrigerators have shot up in the new year as consumer durables makers pass on the impact of rising raw material costs and higher freight charges to customers, while home appliances like washing machines may witness a 5–10 per cent price hike later this month or by March.
(Source: The Economic Times)
Explain the behaviour of supply of this consumer durable. Illustrate the same in a diagram.
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Define marginal utility.
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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.
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The figure given below shows the relation between the quantity demanded for the good X and the price of the good Z. What type of goods are X and Z?
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Milk is used for making curd, sweets and chocolates.
What type of demand does milk have? Give a reason.
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Utility maximising consumers would like to decrease the consumption when ______.
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Read the passage given below and answer the questions that follow.
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In India, Fixed deposits have long been a favourite investment choice of people, especially senior citizens, as it promise steady returns. It attracts those who are seeking a stable income. But it’s an illusion in the period of inflation. Inflation is the rate at which the general level of prices for goods and services rises, subsequently eroding the purchasing power of money. In simple terms, what money could buy today might not a few years down the line. Fixed deposits are financial instruments offered by banks where you deposit a lump sum amount for a fixed period at a predetermined rate of interest. Consider an investment of Rs 1 crore in a fixed deposit at a 6% annual interest rate and the annual rate of inflation is 5%. By the 10th year your pre inflation return is 1.79 crore, but post inflation it’s just 1.10 crore. The nominal value of investment in fixed deposits may appear to grow, inflation significantly diminishes their real value and purchasing power over time.
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- What is the theme of the extract? (2)
- Differentiate between Demand pull and Cost push inflation. (2)
- What are the demand deposits and time deposits? (2)
- Since 1998 RBI has been using new measures of money supply, M0, M1, M2 and M3. Which one of these measures incorporates fixed deposit as one of its components? Mention the other components of that measure. (2)
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What is meant by production function?
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GNP(fc) = GNP(mp) - ______.
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State whether the following items will be included in the estimation of National Income or not? Give a reason for your answer.
Fresh tomatoes used by a food processing company.
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Calculate GNPmp using Income method and Expenditure method from the following data:
| Items | ₹ (in Crore) | |
| (i) | Private final consumption expenditure | 800 |
| (ii) | Net exports | 20 |
| (iii) | Rent | 40 |
| (iv) | Interest | 60 |
| (v) | Government final consumption expenditure | 200 |
| (vi) | Profit | 120 |
| (vii) | Net domestic capital formation | 100 |
| (viii) | Compensation of employees | 800 |
| (ix) | Net indirect taxes | 100 |
| (x) | Consumption of fixed capital | 20 |
| (xi) | Net factor income from abroad | (−) 30 |
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Medium of exchange and measure of value is ______.
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Read the given extract carefully and answer the following questions.
| Mr. X wanted to buy an expensive motorcycle for his son but he did not have sufficient money to buy it. He approached a public sector commercial bank for the loan. The bank asked Mr. X to deposit 20% cash of the loan amount and rest 80% of the loan amount was given by the bank. |
- Briefly explain a Commercial Bank.
- What is the regulation of consumer credit in selective credit control?
- Name the bank which controls all the commercial banks and financial institutions in the country.
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Which one of the following will cause a rise in the equilibrium price of rice when the demand for rice remains the same?
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