# CBSE (Central Board of Secondary Education- Board Exam) Class-12 Economics: Questions 481 - 491 of 523

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## Question number: 481

Essay Question▾

### Describe in Detail

Explain the evolution of money.

### Explanation

Stages for evolution of money:

(i) Commodity for Commodity: Commodity for Commodity is also known as Barter system in which goods were exchanged for goods and services were exchanged for services when there was not any other source of exchange in the economy known. But this system lead to the problem of double coincidence of wants.

(ii) Coins

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## Question number: 482

Essay Question▾

### Describe in Detail

Calculate Net value Added at factor cost from the following data:

Calculate Net value Added at factor cost

Find Net value Added at factor cost

 - ( Rs. Lakhs) Depreciation 20 Intermediate cost 90 Subsidy 5 Sales 140 Exports 7 Change in stock (-) 10 Imports of raw materials 3

### Explanation

Net value Added at factor cost = Sales + Change in stock - Depreciation + Subsidy- Intermediate cost

=

=

= Rs. 25 Lakhs

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## Question number: 483

### Write in Short

Define ‘Production function’.

## Question number: 484

### Write in Short

Give meaning of Revenue

## Question number: 485

Essay Question▾

### Describe in Detail

Calculate ‘total variable cost’ and ‘total cost’ from the following cost schedule of a firm whose fixed costs are Rs. 10.

 Output (Units) 1 2 3 4 Marginal Cost (Rs): 6 5 4 6

### Explanation

 Output (units) Marginal cost (RS) Fixed cost Total variable cost Total cost 1 6 10 6 16 2 5 10 11 21 3 4 10 15 25 4 6 10 21 31

In that Total va

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## Question number: 486

### Write in Short

What does a rightward shift of production possibility curve indicate?

## Question number: 487

Essay Question▾

### Describe in Detail

Explain producer’s equilibrium with the help of a diagram.

### Explanation

Producer’s equilibrium: - Equilibrium refers to a state of rest when no change is required. A firm (producer) is said to be in equilibrium when it has no inclination to expand or to contract its output. This state either reflects maximum profits or minimum losses.

The diagram shows

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## Question number: 488

Essay Question▾

### Describe in Detail

Explain the relation between marginal cost and average cost.

### Explanation

Relationship between Marginal cost and Average cost is:

Both marginal cost and Average cost are obtain from Total cost and Average cost refers to Total cost per unit of output and marginal cost refers to addition to total cost when one more unit of output is composed and both Average cost and Marginal cost curves are U- shaped because of Law of

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## Question number: 489

» Producer Behaviour and Supply » Supply » Supply Schedule

### Write in Short

Give meaning of Supply

## Question number: 490

### Write in Short

Give meaning of Production function