Consumer's Equilibrium and Demand (CBSE (Central Board of Secondary Education- Board Exam) Class-12 Economics): Questions 19 - 26 of 82

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Question number: 19

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

One Liner Question▾

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

Question number: 20

» Consumer's Equilibrium and Demand » Indifference Curve Analysis

Short Answer Question▾

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Explain the following:

(a) Why is an indifference curve convex to the origin?

(b) Why does a higher indifference curve represent a higher level of satisfaction?

Question number: 21

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

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State three changes leading to the shift of demand curve of a consumer to the right.

Question number: 22

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

Short Answer Question▾

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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.

Question number: 23

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

» Producer Behaviour and Supply » Producer's Equilibrium

Short Answer Question▾

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There is a simultaneous ‘decrease’ in demand and supply of a commodity. Explain its effect on equilibrium price.

Question number: 24

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

One Liner Question▾

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Give meaning of (1) demand, (2) normal good and (3) inferior good

Question number: 25

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

Appeared in Year: 2011

Short Answer Question▾

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8 units of a good are demanded at a price of Rs. 7 per unit. Price elasticity of demand is (-) 1. How many units will be demanded if the price rises to Rs. 8 per unit? Use expenditure approach of price elasticity of demand to answer this question.

Question number: 26

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

Appeared in Year: 2010

Essay Question▾

Describe in Detail

Using indifference curves approach, explain the conditions of consumer’s equilibrium.

Explanation

Understanding Consumer’s Equilibrium by Indifference Curve Analysis:

Consumer equilibrium refers to a situation, in which a consumer derives maximum satisfaction, with no intention to change it and subject to given prices and his given income. The point of maximum satisfaction is achieved by studying indifference map and budget line together.

… (509 more words) …

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