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Discuss any four factors affecting price elasticity of demand.
Concept: Elasticity of Demand
Explain any four exceptions to the law of supply
Concept: Concept of Supply - Supply Schedule and Supply Curve
Give any two differences between returns to a factor and returns to scale.
Concept: Returns to a Factor
Answer the following question.
With the help of a diagram, show the circular flow of income in a two-sector model with Savings and Investment.
Concept: Circular Flow of Income (Two Sector Model)
State whether the following items will be included in the estimation of National Income or not? Give a reason for your answer.
Fresh tomatoes used by a food processing company.
Concept: Aggregates Related to National Income - Gross National Product (GNP)
Answer the following question.
What is meant by a propensity to consume?
Concept: Consumption Function and Propensity to Save
Answer the following question.
Discuss the relationship between the income of the consumer and demand for a commodity with respect to normal goods, inferior goods, and necessities.
Concept: Demand
Answer the following question.
Discuss the relationship between the income of the consumer and demand for a commodity with respect to normal goods, inferior goods, and necessities.
Concept: Demand
Answer the following question.
Differentiate between the extension of demand and an increase in demand, using diagrams.
Concept: Movement Along and Shifts in the Demand Curve
Answer the following question.
Explain with the help of a diagram the consumer’s equilibrium through utility approach.
Concept: Conditions of Consumer's Equilibrium Using Marginal Utility Analysis
Answer the following question.
Discuss any two properties of the indifference curve.
Concept: Properties of Indifference Curve
Answer the following question.
Find the value of additional investment made by the government, when MPC 05 and the increase in income (ΔY) = ₹ 1000.
Concept: Investment Multiplier and Its Mechanism
Answer the following question.
What is meant by autonomous consumption? Explain with the help of a diagram.
Concept: Consumption Function and Propensity to Save
Answer the following question.
Explain the concept of deficient demand with the help of aggregate demand and aggregate supply curves. Discuss one physical and one monetary measure to correct it.
Concept: Concept of Aggregate Demand and Aggregate Supply
A consumer spending on the purchase of goods regardless of the income in possession is an example of _______ consumption.
Concept: Consumption Function and Propensity to Save
Complete the following schedule -
| Y | C | APC | MPC |
| 100 | 90 | ? | ? |
| 120 | 108 | ? | ? |
Concept: Consumption Function and Propensity to Save
How is it determined by using Saving and Investment approach?
Concept: Concept of Aggregate Demand and Aggregate Supply
Discuss the mechanism of investment multiplier with the help of a numerical.
Concept: Investment Multiplier and Its Mechanism
The aggregate utility obtained from the consumption of a specific unit of a commodity is called ______.
Concept: Cardinal Approach (Utility Analysis)
The figure given below shows the relation between the quantity demanded for the good X and the price of the good Z. What type of goods are X and Z?
Concept: Demand
