ISC (Arts) Class 12 - CISCE Question Bank Solutions for Economics

Discuss any four factors affecting price elasticity of demand.

Draw a diagram to show the elasticity of demand when it is greater than one.

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.

Normal profits for a firm imply that the firm is breaking even. Explain.

What is meant by production function?

Give one difference between accounting cost and opportunity cost.

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

Give two differences between intended supply and actual supply.

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.

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

Which one of the following is NOT a ceteris paribus assumption of the Law of Supply?

When the Marginal Product turns negative, Total Product will ______.

Why is the AVC curve U-shaped?

At the point of inflexion, ______ is maximum.

With the help of a diagram, explain the relationship between Average Product and Total Product under the Law of Variable Proportions.

Study the data given below and identify the laws followed in the production of A and B depicted in the Table I and Table II. Justify your answer with a reason for each.

What are Average product?

What is marginal product?

With the help of a suitable diagram, discuss the relationship between Average product and Marginal Product.

Which stage of the Law of Variable proportions will be the best for the producer? Explain with a reason.