# CBSE Class-12 Economics: Questions 294 - 301 of 523

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## Question number: 294

### Write in Short

Give meanings of marginal cost

## Question number: 295

» Consumer's Equilibrium and Demand » Demand » Elasticity of Demand

Essay Question▾

### Describe in Detail

Price elasticity of demand of a good is (-) 3. If the price rises from Rs. 10 per unit to Rs. 12 per unit, what is the percentage change in demand?

### Explanation

Elasticity of demand = Percentage change in quantity demanded/Percentage change in price

Percentage change in price = 100

= * 100 = 20 %

Elasticity of demand =-3

-3 =

Percentage change in quantity demanded =-3 20 =-60%

So, Demand falls by 60%.

## Question number: 296

» Consumer's Equilibrium and Demand » Demand » Elasticity of Demand

Essay Question▾

### Describe in Detail

Calculate the price elasticity of demand for a commodity when its price increases by 25 % and quantity demanded falls from 150 units to 120 units.

### Explanation

Here, Percentage change in price = 25%

Percentage change in quantity demanded =

=

=-20%

Price elasticity of demand =

=-0.8

## Question number: 297

» Consumer's Equilibrium and Demand » Demand » Determinants of Demand

### Write in Short

What happens to equilibrium price of a commodity if there is an ‘increase’ in its demand and ‘decrease’ in its supply?

## Question number: 298

» Consumer's Equilibrium and Demand » Demand » Determinants of Demand

Essay Question▾

### Describe in Detail

Distinguish between ‘deficient demand’ and ‘excess demand’ in macroeconomics. Explain the role of open market operations in correcting deficient demand

### Explanation

 characteristics Deficient demand Excess demand Situation of Demand Deficient demand is a situation it is occurs when excess of aggregate supply of output over the aggregate demand for output at… (154 more words) …

## Question number: 299

» Producer Behaviour and Supply » Supply » Determinants of Supply

### Write in Short

Will the supply at a point on a positively sloped, straight line supply curve be unitary elastic, elastic or inelastic?

## Question number: 300

### Write in Short

What does the problem ‘for whom to produce’ refer to?

## Question number: 301

Essay Question▾

### Describe in Detail

Complete the following table.

 Price ( Rs. ) Output (units) Total Revenue ( Rs. ) Marginal Revenue ( Rs. ) 7 - 7 - - 2 10 - - 3 - (-) 1 1 - - (-) 5

### Explanation

 Price ( Rs. ) Output (units) Total Revenue ( Rs. ) Marginal Revenue ( Rs. ) 7 1 7 7 5 2 10 3 3 3 9 -1 1 4 4 -5

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