Consumer's Equilibrium and Demand (CBSE Class-12 Economics): Questions 54 - 63 of 82

Get 1 year subscription: Access detailed explanations (illustrated with images and videos) to 523 questions. Access all new questions we will add tracking exam-pattern and syllabus changes. View Sample Explanation or View Features.

Rs. 900.00 or

Question number: 54

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

Short Answer Question▾

Write in Short

What is a demand schedule?

Question number: 55

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

Essay Question▾

Describe in Detail

Explain the Law of Variable Proportions through the behavior of both Total Product and Marginal Product. Give reasons.

Explanation

Law of variable proportion is that as more and more of variable factor is used with fixed factors. When marginal product of variable factor starts decreasing. Decreasing Marginal product is zero or negative.

the behavior of both Total Product and Marginal Product

The Behavior of Both Total Product and Marginal Product

This image of the behavior of both Total… (120 more words) …

Question number: 56

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

Short Answer Question▾

Write in Short

Define deflationary gap.

Question number: 57

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

One Liner Question▾

Write in Brief

Define market demand.

Question number: 58

» 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: 59

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

Short Answer Question▾

Write in Short

When is the demand of commodity said to be elastic?

Question number: 60

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

True-False▾

Following Statement is true or false:

A producer is in equilibrium when total cost and total revenue are equal.

Question number: 61

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

Essay Question▾

Describe in Detail

C = 100 + 0.75Y is a consumption function (Where C = consumption expenditure and Y = national income) and investment expenditure is 800. On the basis of this information calculate:

(i) Equilibrium level of national income

(ii) Saving at equilibrium level of national income.

Explanation

Answer: -

(i) Equilibrium level of national income

Y = C + I

Y = 100 + 0.75Y + 800

0.25Y = 900

Y= 9000.25 = 3600

So, Equilibrium level of national income is Rs. 3600

(iii) Saving at equilibrium level of national income.

Y = C+I

3600 =… (16 more words) …

Question number: 62

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

Essay Question▾

Describe in Detail

Explain the effect of following on the market demand of a commodity:

(i) Change in price of related goods

(ii) Change in the number of its buyers.

Explanation

(I) Change in price of related goods: -

Quantity demand of good is depended on market price of goods. When demand for one good changes than there is a change in market price of the other good.

  • Substitute Goods: - In this when price of good decreases than the supply… (83 more words) …

Question number: 63

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

Essay Question▾

Describe in Detail

With the help of a diagram explain the effect of “decrease” in demand of a commodity on its equilibrium price and quantity.

Explanation

The effect of decrease in demand of commodity on its equilibrium price and quantity has two categories:

(A) Under short – run with fixed number of firms

(B) Under long-run with free entry and exit of firms

Under short – run with fixed number of firms: -

The effect of “decrease” in demand

The Effect of… (182 more words) …

Sign In