Producer Behaviour and Supply-Supply (CBSE Class-12 Economics): Questions 1 - 6 of 39

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Question number: 1

» Producer Behaviour and Supply » Supply » Determinants of Supply

One Liner Question▾

Write in Brief

State the ‘law of supply’. What is meant by the assumption ‘other things remaining the same’ on which the law is based?

Question number: 2

» 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: 3

» 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: 4

» 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: 5

» 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: 6

» Producer Behaviour and Supply » Supply » Supply Schedule

Short Answer Question▾

Write in Short

State the ‘law of supply’. What is meant by the assumption ‘other things remaining the same’ on which the law is based?

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