Producer Behaviour and Supply (CBSE Class-12 Economics): Questions 7 - 12 of 175

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Question number: 7

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

» Producer Behaviour and Supply » Supply » Elasticity of Supply

Short Answer Question▾

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There is a simultaneous ‘decrease’ in demand and supply of a commodity. When will it result in:

(a) No change in equilibrium price.

(b) A fall in equilibrium price.

Use Diagram.

Question number: 8

» Producer Behaviour and Supply » Supply » Elasticity of Supply

Short Answer Question▾

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Given below is the utility schedule of a consumer for commodity X.

The price of the commodity is Rs. 6 per unit. How many units should the consumer purchase to maximize satisfaction? (Assume that utility is expressed in utils and 1 util = Re. 1). Give reasons for your answer.

utility schedule of consumer for commodity X

shows the no. of units consumed and total and marginal utility

Consumption (units)

Total utility (utils)

Marginal utility (utils)

1

10

10

2

18

8

3

25

7

4

31

6

5

34

3

6

34

0

Question number: 9

» Producer Behaviour and Supply » Supply » Supply Curve

Short Answer Question▾

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Explain the effects of ‘increase’ in supply of a good on its equilibrium and equilibrium quantity. Use diagram.

Question number: 10

» Producer Behaviour and Supply » Cost

Short Answer Question▾

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Draw average total cost, average variable cost, and marginal cost curves in a single diagram. Also explain the relationship between ATC and AVC.

Question number: 11

» Producer Behaviour and Supply » Supply » Elasticity of Supply

One Liner Question▾

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What will be the price elasticity of supply if the supply curve is a positively sloped straight line?

Question number: 12

» Producer Behaviour and Supply » Cost

Short Answer Question▾

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Why does the difference between Average Total Cost and Average Variable Cost decrease with an increase in the level of output? Can these two be equal at some level of output? Explain.

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