HSC Commerce 12th Board ExamMaharashtra State Board
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# Micheal Vaz solutions for 12th Board Exam Eco chapter 5 - Producer's Behaviour

## Chapter 5: Producer's Behaviour

Exercise

#### Micheal Vaz solutions for 12th Board Exam Eco Chapter 5 Exercise [Page 44]

Exercise | Q 1.1 | Page 44

Fill in the blank with appropriate alternative given below

_________________________ determines the potential supply.

• Stock

• Output

• Supply

• Flow

Exercise | Q 1.2 | Page 44

Fill in the blank with appropriate alternative given below

When the price rises, there is __________ of supply.

• extension

• contraction

• decrease

• increase

Exercise | Q 1.3 | Page 44

Fill in the blank with appropriate alternative given below

The vertical supply curve represents _____________ elasticity.

• zero

• unit

• constant

• less

Exercise | Q 1.4 | Page 44

Fill in the blank with appropriate alternative given below

An increase in supply means selling a ____________ amount at the same price.

• larger

• smaller

• constant

• less

Exercise | Q 1.5 | Page 44

Fill in the blank with appropriate alternative given below

Total Revenue ÷ Number of units Sold = ________________ .

• Average Cost

• Average Revenue

• Marginal Cost

• Total Cost

Exercise | Q 2 | Page 44

Match the following:

 Group A Group B 1) Perfectly Elastic Supply a. Vertical supply curve 2) Stock b. Horizontal supply curve 3) Increase in supply c. Potential supply 4) Perfectly Inelastic supply d. Rightward shift in supply curve 5) "TC"/"TQ" e. Leftward shift in f. Average cost
Exercise | Q 3.1 | Page 44

State whether the following statement is TRUE and FALSE.

If price falls, the supply curve will shift to left.

• True

• False

Exercise | Q 3.2 | Page 44

State whether the following statement is TRUE and FALSE.

Stock is the source of supply.

• True

• False

Exercise | Q 3.3 | Page 44

State whether the following statement is TRUE and FALSE.

Supply is indirectly related to price.

• True

• False

Exercise | Q 3.4 | Page 44

State whether the following statement is TRUE and FALSE.

Geometric Method is also known as Point Method.

• True

• False

Exercise | Q 3.5 | Page 44

State whether the following statement is TRUE and FALSE.

Total Cost is the total expenditure incurred by a firm.

• True

• False

Exercise | Q 3.6 | Page 44

State whether the following statement is TRUE and FALSE.

Supply for perishable goods is inelastic.

• True

• False

#### Micheal Vaz solutions for 12th Board Exam Eco Chapter 5 Exercise [Page 45]

Exercise | Q 1.1 | Page 45

Define or explain the following concept:

Total Cost

Exercise | Q 1.2 | Page 45

Define or explain the following concept:

Stock

Exercise | Q 1.3 | Page 45

Define or explain the following concept:

Output

Exercise | Q 1.4 | Page 45

Define or explain the following concept:

Elasticity of Supply

Exercise | Q 1.5 | Page 45

Define or explain the following concept:

Marginal Cost

Exercise | Q 1.6 | Page 45

Define or explain the following concept:

Average Revenue

Exercise | Q 2.1 | Page 45

Give reason or explain:

Supply is directly related to price.

Exercise | Q 2.2 | Page 45

Give reason or explain:

Stock can exceed supply.

Exercise | Q 2.3 | Page 45

Give reason or explain:

When price rises, supply expands.

Exercise | Q 2.4 | Page 45

Give reason or explain:

The supply of agricultural commodity is relatively inelastic.

Exercise | Q 2.5 | Page 45

Give reason or explain:

With a slight change in the price, if supply varies in a greater proportion then supply is said to be relatively elastic.

#### Micheal Vaz solutions for 12th Board Exam Eco Chapter 5 Exercise [Page 45]

Exercise | Q 1.1 | Page 45

Distinguish between the following:

Stock and Supply

Exercise | Q 1.2 | Page 45

Distinguish between the following:

Individual Supply and Market Supply

Exercise | Q 1.3 | Page 45

Distinguish between the following:

Extension and Contraction of Supply

Exercise | Q 1.4 | Page 45

Distinguish between the following:

Relatively Elastic Supply and Relatively Inelastic Supply

Exercise | Q 1.5 | Page 45

Distinguish between the following:

Average Revenue and Average cost

Exercise | Q 2.1 | Page 45

Write short note on the following:

Elasticity of supply.

Exercise | Q 2.2 | Page 45

Write short note on the following:

Market supply schedule.

Exercise | Q 2.3 | Page 45

Write short note on the following:

Change in supply.

Exercise | Q 2.4 | Page 45

Write short note on the following:

Percentage method.

Exercise | Q 2.5 | Page 45

Write short note on the following:

Labour supply curve.

#### Micheal Vaz solutions for 12th Board Exam Eco Chapter 5 Exercise [Page 45]

Exercise | Q 1.1 | Page 45

What are the assumptions of the law of supply?

Exercise | Q 1.2 | Page 45

What are the determinants of supply?

Exercise | Q 1.3 | Page 45

What are the exceptions to the law of supply?

Exercise | Q 1.4 | Page 45

Explain the concept of Total Cost, Average Cost and Marginal Cost.

Exercise | Q 2.1 | Page 45

Do you agree or disagree with the following statement? Give reason.

There is no difference between stock and supply.

Exercise | Q 2.2 | Page 45

Do you agree or disagree with the following statement? Give reason.

Price is the only determinant of supply.

Exercise | Q 2.3 | Page 45

Do you agree or disagree with the following statement? Give reason.

The backward slopping supply curve shown as inverse relationship between supply of labour and wage rate.

#### Micheal Vaz solutions for 12th Board Exam Eco Chapter 5 Exercise [Page 45]

Exercise | Q 1 | Page 45

State and explain the law of supply. What are the assumptions of this law?

Exercise | Q 2 | Page 45

State and explain the law of supply. What are the exceptions to this law?

Exercise | Q 3 | Page 45

Explain various types of Price elasticity of Supply.

Exercise | Q 4 | Page 45

Explain various methods to measure Price Elasticity of Supply.

Exercise

## Micheal Vaz solutions for 12th Board Exam Economics chapter 5 - Producer's Behaviour

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Concepts covered in 12th Board Exam Economics chapter 5 Producer's Behaviour are Concept of Supply, Market Supply, Supply Curve and Schedule.

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