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Chapters
▶ 2: Consumer's Behavior
3: Demand Analysis
4: Elasticity of Demand
5: Producer's Behaviour
6: Forms of Market and Price Determination Under Perfect Competition
7: Factors of Production
8: Introduction to Macro Economics
9: National Income
10: Determinants of Aggregates
11: Money
12: Commercial Banking
13: Central Banking
14: Public Economics
![Micheal Vaz solutions for Economics [English] 12 Standard HSC chapter 2 - Consumer's Behavior - Shaalaa.com](/images/economics-english-12-standard-hsc_6:5f2b1b2038084cf381bfa42c826a928c.jpg "Micheal Vaz solutions for Economics [English] 12 Standard HSC chapter 2 - Consumer's Behavior")
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Solutions for Chapter 2: Consumer's Behavior
Below listed, you can find solutions for Chapter 2 of Maharashtra State Board Micheal Vaz for Economics [English] 12 Standard HSC.
Micheal Vaz solutions for Economics [English] 12 Standard HSC 2 Consumer's Behavior Exercise 1 [Page 16]
Fill in the blank with appropriate alternatives given below :
_________________ refers to want satisfying power of a commodity.
Usefulness
Utility
Satisfaction
Happieness
Fill in the blank with appropriate alternatives given below:
Marginal utility diminishes, as consumption of commodity ________.
increases
decreases
remains constant
become zero
Fill in the blank with appropriate alternatives given below:
_________________ utility is the utility derived from the last unit of the commodity consumed.
Average
Total
Marginal
Zero
Fill in the blank with appropriate alternatives given below:
When MU is ______________ TU decreases.
positive
negative
zero
high
Match the columns:
| Column “A” | Column “B” |
| 1. Marginal utility | a. Maximum TU |
| 2. Point of satiety | b. Assumption of law of DMU |
| 3. Form utility | c. Utility from last unit |
| 4. Cardinal measurement | d. Exemption of law of DMU |
| 5. Service utility | e. Furniture from wood |
| f. Knowledge by teacher | |
| g. Minimum TU |
State the following statement is True or False:
Utility depends upon intensity of want.
True
False
State the following statement is True or False:
Utility is the basis of demand.
True
False
State the following statement is True or False:
MU and TU are equal at the initial stage.
True
False
State the following statement is True or False:
The law of diminishing marginal utility explains economic behaviour of a rational consumer.
True
False
State the following statement is True or False:
Negative MU denotes more satisfaction.
True
False
Micheal Vaz solutions for Economics [English] 12 Standard HSC 2 Consumer's Behavior Exercise 2 [Pages 16 - 17]
Define or explain the following concept:
Possession utility
Define or explain the following concept:
Knowledge utility
Define or explain the following concept:
Total utility
Define or explain the following concept:
Marginal utility
Give reason or explain:
Utility is a subjective concept.
Give reason or explain:
Utility and happiness are different.
Give reason or explain:
Utility is ethically neutral.
Give reason or explain:
Utility is a psychological term.
Micheal Vaz solutions for Economics [English] 12 Standard HSC 2 Consumer's Behavior Exercise 3 [Page 17]
Distinguish between:
Utility and usefulness
Distinguish between:
Utility and satisfaction
Distinguish Between:
Total Utility and Marginal Utility
Distinguish between:
Place utility and Time utility
Write short note on:
Equi-marginal utility
Write short note on:
Paradox of value
Write short note on:
Form utility
Micheal Vaz solutions for Economics [English] 12 Standard HSC 2 Consumer's Behavior Exercise 4 [Page 17]
Answer the following question:
Explain the relationship between TU and MU.
What are the characteristics of utility?
State with reason whether you agree or disagree:
There are no real exceptions to the law of Diminishing Marginal Utility.
Agree
Disagree
State with reason whether you agree or disagree:
When MU is zero, TU diminishes.
State with reason whether you agree or disagree:
Law of Diminishing Marginal utility is important in practice.
Micheal Vaz solutions for Economics [English] 12 Standard HSC 2 Consumer's Behavior Exercise 5 [Page 17]
Answer in detail :
State and explain the law of Diminishing Marginal Utility. Explain its assumptions.
Explain any four exceptions of the law of Diminishing marginal utility.
Solutions for 2: Consumer's Behavior
Micheal Vaz solutions for Economics [English] 12 Standard HSC chapter 2 - Consumer's Behavior
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Concepts covered in Economics [English] 12 Standard HSC chapter 2 Consumer's Behavior are Meaning of Utility, Total Utility and Marginal Utility, Diminishing Marginal Utility, Law of Equi-marginal Utility, Features of Utility, Types of Utility, Consumption Function and Propensity to Save.
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