(English Medium) ICSE Class 10 - CISCE Question Bank Solutions

Citing reasons state the superiority of Public sector over privatization.

Price elasticity of demand is defined as the percentage change in the quantity demanded of a commodity divided by the percentage change in the price of that commodity.

As a result of 5% fall in the price of a good, its demand rises by 12%, the demand for the good will said be ______.

When change in price is greater than the change in quantity demand it is a case of elastic demand.

1. Luxuries goods have generally elastic demand.
2. Goods whose close substitutes are available have inelastic demand.

Define elasticity of demand.

Following is an essential feature of supply:

Which one of the following is not a feature of supply?

What is the degree of elasticity of supply in the diagram?

A 10 per cent increase in price of a good causes 5 per cent increase in its quantity supplied, elasticity of supply will be ______.

When price of a·product rises by 10% its quantity supplied also rises by 10%. Find out price elasticity.

Which of the following measures of price elasticity shows elasticity shows elastic supply?

If price elasticity of supply is greater than 1, then supply is said be elastic.

1. Price elasticity of supply of a good is 0.8, its supply is said to be inelastic.
2. If the quantity supplied of a commodity remain the same whatever its price supply is said to perfectly inelastic.

The given diagram is a case of ______ supply.

Choose the correct term for the given definition.

The ratio between the percentage change in supply to a percentage change in price.

Which of the following statements are true?

The cost of production will increase if

1. The government gives subsidies
2. The firm uses obsolete technology
3. The price of diesel increases

When an entrepreneur introduces a new technique or a new product, it is called ______.

When the price increases by 50% and the supply increases only by 5% the price elasticity of supply of that commodity will be ______.

The quantity of a commodity which a seller is ready to offer for sale at a given price and at a given time. This defines ______.