Producer Behaviour and Supply [CBSE (Central Board of Secondary Education) Class-12 Economics]: Questions 76 - 82 of 174

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Question 76

Write in Short Short Answer▾

Give meanings of supply schedule.

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Question 77

Describe in Detail Subjective▾

Distinguish between fixed cost and variable cost and give one example of each?

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Explanation

Distinguish between Fixed Cost and Variable Cost Given Below
CharacteristicsFixed costVariable cost
DefinitionFixed costs are costs that do not

vary with the level of production.

Variable costs are the costs that do vary with the level of production.

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Question 78

Describe in Detail Subjective▾

Categorize the following government receipts into revenue receipts and capital receipts. Give reason for your answer.

(a) Receipts from sale of shares of a public sector undertaking.

(b) Borrowings from public.

(c) Profits of public sector undertakings.

(d) Income tax received by government.

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Explanation

(a) Receipts from sale of shares of a public sector undertaking is capital receipt because it outcomes in reduction of assets of government.

(b) Borrowings from public it is capital receipt and it creates liability for government.

(c) Profits of public sector undertakings it is not capital receipt but it is revenue receipt because it neither creates …

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Question 79

Describe in Detail Subjective▾

Distinguish between Marginal utility and Total utility

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Explanation

In Detail Marginal Utility and Total Utility Difference
Marginal utilityTotal utility
Marginal utility is the satisfaction that we get from consuming another quantity of a good or service.Total utility is the total satisfaction that we get from consuming a given total quantity of a good or service.

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Question 80

Write in Short Short Answer▾

Give meanings of marginal revenue

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Question 81

Describe in Detail Subjective▾

On the basis of the information given below, determine the level of output at which the producer will be in equilibrium. Use the marginal cost – marginal revenue approach. Give reasons for your answer

Calculate Marginal Cost and Marginal Revenue
Output (units)Average Revenue (₹)Total Cost (₹)
178
2715
3721
4726
5733
6741
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Explanation

Calculate Marginal Cost and Marginal Revenue
Output (units)Average Revenue (₹)Total Cost (₹)Marginal costMarginal revenue
178-7
271577
372167
472657
573377
674187

Marginal cost = Tc2-Tc1 It means 15 - 8 = 7

The producer reaches equilibrium at 5 units of output because this levels of output both the conditions of producer՚s equilibrium:-

(i) Marginal cost and…

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Question 82

Describe in Detail Subjective▾

Distinguish between ‘fiscal deficit’ and ‘revenue deficit’ . What does fiscal deficit indicate?

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Explanation

Distinguish between Fiscal Deficit and Revenue Deficit in Detail
CharacteristicsFiscal deficitRevenue deficit
MeaningFiscal deficit is defined as excess of total expenditure over total receipts excluding borrowing.Revenue deficit refers to the excess of revenue expenditure of the government over its revenue receipts.

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