CBSE Class-12 Economics: Questions 357 - 364 of 523

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Question number: 357

» Consumer's Equilibrium and Demand » Demand » Market Demand

One Liner Question▾

Write in Brief

Define market demand.

Question number: 358

» Producer Behaviour and Supply » Cost

Short Answer Question▾

Write in Short

What does cost mean in economics?

Question number: 359

» Producer Behaviour and Supply » Production Function

Short Answer Question▾

Write in Short

Define ‘Production function’

Question number: 360

» Market and Price Determination » Market Types

Essay Question▾

Describe in Detail

What are ‘open market operations’? How do these work as a method of credit control?

Explanation

Open market operation means when central bank directly resorts to buy and sell securities in money market.

Credit control of bank has two types:

Quantitative credit control and Qualitative credit control

It establishes the economy by destroying the features which are responsible for increase in prices. Exercise effective control on… (2 more words) …

Question number: 361

» Consumer's Equilibrium and Demand » Demand » Demand Curve

Essay Question▾

Describe in Detail

Explain the effect of the following on demand for a good.

(i) Rise in income

(ii) Rise in prices of related goods

Explanation

(i) Rise in income increase demand of a normal good then demand curve of the goods shifts to the right from D1 to D2. The demand at the same price OP rises from OQ1 to OQ2. It is given in diagram.

Rise in price of related good make good X

Rise in Price of Related Good Make Good X… (157 more words) …

Question number: 362

» Producer Behaviour and Supply » Cost

Essay Question▾

Describe in Detail

Output (units)

Total Variable cost (Rs)

Average variable cost

Marginal cost

1

-

12

-

2

20

-

-

-

-

10

10

4

40

-

-

Explanation

Output (units)

Total Variable Cost (Rs)

Average variable cost

Marginal Cost

1

12

12

12

2

20

10

8

3

30

10

10

4

40

10

10

In that sum find in first row find average variable cost

Totalvariabl… (115 more words) …

Question number: 363

» National Income and Related Aggregates » Personal Income

Essay Question▾

Describe in Detail

Calculate ‘Gross National product at market price’ and ‘ personal income’ from the following data:

Calculate Gross National product at market price and personal income

Find Gross National product at market price and personal income

-

( Rs. Crores)

Corporation tax

35

Wages and salaries

200

National debt interest

25

Operating surplus

400

Net current transfer from abroad

15

Net factor income from abroad

(-) 10

Consumption of fixed capital

20

Social security Contributions by employers

30

Net indirect tax

40

Net domestic product at factor cost accruing to the private sector

500

Current transfers from government

5

Explanation

GNP = Operating surplus + Consumption of fixed capital + Net indirect tax - Net factor income from abroad

400 + 2 +10 + 40 = 452

Personal income = Wages and salaries + National debt interest + Net domestic product at factor cost accruing to the private sector -… (26 more words) …

Question number: 364

» Market and Price Determination » Market Equilibrium

Essay Question▾

Describe in Detail

A consumer consumes only two goods. Explain his equilibrium with the help of utility approach.

Explanation

A consumer is in state of equilibrium when we maximize his satisfaction by spending his given income on different goods and services.

If buying only two goods, the consumer strike on equilibrium when: MUxPx = MUYPY = MUM

It implies… (26 more words) …

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