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Micheal Vaz solutions for 12th Board Exam Economics chapter 2 - Consumer's Behavior

Micheal Vaz Class 12 Economics

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Micheal Vaz Micheal Vaz Class 12 Economics

Micheal Vaz Class 12 Economics - Shaalaa.com

Chapter 2: Consumer's Behavior

Exercise

Chapter 2: Consumer's Behavior Exercise Exercise solutions [Page 16]

Exercise | Q 1.1 | Page 16

Fill in the blank with appropriate alternatives given below :

_________________ refers to want satisfying power of a commodity.

  • Usefulness

  • Utility

  • Satisfaction

  • Happieness

Exercise | Q 1.2 | Page 16

Fill in the blank with appropriate alternatives given below:

Marginal utility diminishes, as consumption of commodity ________.

  • increases

  • decreases

  • remains constant

  • become zero

Exercise | Q 1.3 | Page 16

Fill in the blank with appropriate alternatives given below:

_________________ utility is the utility derived from the last unit of the commodity consumed.

  • Average

  • Total

  • Marginal

  • Zero

Exercise | Q 1.4 | Page 16

Fill in the blank with appropriate alternatives given below:

When MU is ______________ TU decreases.

  • positive

  • negative

  • zero

  • high

Exercise | Q 2 | Page 16

Match the columns:

Column “A” Column “B”
1. Marginal utility a. Maximum TU
2. Point of satiety b. Assumption of law of DMU
3. Form utility c. Utility from last unit
4. Cardinal measurement d. Exemption of law of DMU
5. Service utility e. Furniture from wood
  f. Knowledge by teacher
  g. Minimum TU
Exercise | Q 3.1 | Page 16

State the following statement is True or False:

Utility depends upon intensity of want.

  • True

  • False

Exercise | Q 3.2 | Page 16

State the following statement is True or False:

Utility is the basis of demand.

  • True

  • False

Exercise | Q 3.3 | Page 16

State the following statement is True or False:

MU and TU are equal at the initial stage.

  • True

  • False

Exercise | Q 3.4 | Page 16

State the following statement is True or False:

The law of diminishing marginal utility explains economic behaviour of a rational consumer.

  • True

  • False

Exercise | Q 3.5 | Page 16

State the following statement is True or False:

Negative MU denotes more satisfaction.

  • True

  • False

Chapter 2: Consumer's Behavior Exercise Exercise solutions [Pages 16 - 17]

Exercise | Q 1.1 | Page 16

Define or explain the following concept:

Possession utility

Exercise | Q 1.2 | Page 16

Define or explain the following concept:

Knowledge utility

Exercise | Q 1.3 | Page 16

Define or explain the following concept:

Total utility

Exercise | Q 1.4 | Page 16

Define or explain the following concept:

Marginal utility 

Exercise | Q 2.1 | Page 17

Give reason or explain:

Utility is a subjective concept.

Exercise | Q 2.2 | Page 17

Give reason or explain:

Utility and happiness are different.

Exercise | Q 2.3 | Page 17

Give reason or explain:

Utility is ethically neutral.

Exercise | Q 2.4 | Page 17

Give reason or explain:

Utility is a psychological term. 

Chapter 2: Consumer's Behavior Exercise Exercise solutions [Page 17]

Exercise | Q 1.1 | Page 17

Distinguish between:

Utility and usefulness

Exercise | Q 1.2 | Page 17

Distinguish between:

Utility and satisfaction

Exercise | Q 1.3 | Page 17

Distinguish between:

Total utility and Marginal Utility

Exercise | Q 1.4 | Page 17

Distinguish between:

Place utility and Time utility 

Exercise | Q 2.1 | Page 17

Write short note on:

Equi-marginal utility

Exercise | Q 2.2 | Page 17

Write short note on:

Paradox of value

Exercise | Q 2.3 | Page 17

Write short note on:

Form utility 

Chapter 2: Consumer's Behavior Exercise Exercise solutions [Page 17]

Exercise | Q 1.1 | Page 17

Answer the following question:

Explain the relationship between TU and MU.

Exercise | Q 1.2 | Page 17

Answer the following question:

What are the characteristics of utility? 

Exercise | Q 2.1 | Page 17

State with reason whether you agree or disagree:

There are no real exceptions to the law of Diminishing Marginal Utility.

Exercise | Q 2.2 | Page 17

State with reason whether you agree or disagree:

 When MU is zero, TU diminishes.

Exercise | Q 2.3 | Page 17

State with reason whether you agree or disagree:

Law of Diminishing Marginal utility is important in practice. 

Chapter 2: Consumer's Behavior Exercise Exercise solutions [Page 17]

Exercise | Q 1 | Page 17

Answer in detail :
State and explain the law of Diminishing Marginal Utility. Explain its assumptions. 

Exercise | Q 2 | Page 17

Answer in detail :
State and explain the law of Diminishing Marginal Utility and explain its exceptions. 

Chapter 2: Consumer's Behavior

Exercise

Micheal Vaz Micheal Vaz Class 12 Economics

Micheal Vaz Class 12 Economics - Shaalaa.com

Micheal Vaz solutions for 12th Board Exam Economics chapter 2 - Consumer's Behavior

Micheal Vaz solutions for 12th Board Exam Eco chapter 2 (Consumer's Behavior) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the Maharashtra State Board Micheal Vaz Class 12 Economics solutions in a manner that help students grasp basic concepts better and faster.

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Concepts covered in 12th Board Exam Economics chapter 2 Consumer's Behavior are Meaning of Utility, Total Utility and Marginal Utility, Diminishing Marginal Utility, Law of Equi-marginal Utility, Features of Utility, Types of Utility, Consumption Function and Propensity to Save.

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