Advertisements
Advertisements
Question
Complete the following statement:
The relationship between income and demand for inferior goods is ______.
Options
direct
inverse
no effect
can be direct and inverse
Solution
The relationship between income and demand for inferior goods is inverse.
RELATED QUESTIONS
Draw a demand curve with the help of a hypothetical individual demand schedule.
Explain the role of the following in correcting ‘deficient demand’ in an economy:
(i) Open market operations.
(ii) Bank rate.
Explain the role of the following in correcting ‘excess demand’ in an economy:
(i) Bank rate.
(ii) Open market operations.
Observe the following table and answer the following questions:
Quantity demanded | ||||
Price per kg. in ₹ | Consumer A |
Consumer B |
Consumer C |
Market demand (in kgs) (A + B + C) |
25 | 16 | 15 | 12 | ______ |
30 | 12 | 11 | 10 | ______ |
35 | 10 | 09 | 08 | ______ |
40 | 08 | 06 | 04 | ______ |
- Complete the market demand schedule.
- Draw market demand curves based on the above market demand schedule.
Give economic terms:
Graphical representation of demand schedule.
Identify and explain the concept from the given illustration:
Deepak decided to count how many times he had to travel by train in a period of one month.
Study the following table and answer the questions:
Price of Chocolate (₹) | Quantity Demanded | Market Demand | ||
Consumer A | Consumer B | Consumer C | (A + B + C) | |
50 | 4 | 9 | 20 | 33 |
100 | 3 | `square` | 15 | 26 |
150 | `square` | 7 | 10 | 19 |
200 | 1 | 6 | 5 | `square` |
250 | 0 | 5 | `square` | 5 |
Questions:
- Complete the above table.
- State whether the following statements are True or False:
(a) As the price rises from ₹50 to ₹250, market demand falls from 33 to 5. This fall in market demand is known as the decrease in demand.
(b) There is an inverse relationship between price and market demand.
Complete the correlation:
______ : Microeconomics : : Aggregate demand : Macroeconomics.
State with reasons whether you agree or disagree with the following statements:
When price of Giffen goods fall, the demand for it increases.
If commodity X and Y are substitutes, increase in price of X will affect demand of Y how?
Prepare a hypothetical market demand schedule and draw a market demand curve based on it.
Identify the most efficient student:
Name of the student |
No. of projects completed |
Quality of projects | Time taken (in days) |
P | 5 | Average | 4 |
Q | 5 | Very good | 4 |
R | 5 | Very good | 7 |
S | 6 | Poor | 3 |
Demand schedule is a list of prices and quantities.
What will be the values of (i) and (ii)?
Price (in ₹) | Quantity Demanded by | Total Demand | ||
A | B | C | ||
10 | 30 | (i) | 12 | 52 |
20 | 20 | 8 | 9 | 37 |
30 | 10 | 6 | (ii) | 22 |
From the given demand schedule, what will be the effect on demand curve.
Price in (₹) | Demand (units) |
20 | 100 |
20 | 70 |
Individual demand is a demand by a single buyer.
The graphical representation of total demand in an economy y is a ______.
Construct a demand schedule showing relationship between price and quantity demanded.
Complete the following individual demand schedule.
Price in (₹) | Quantity of sugar Demanded in Kgs |
5 | 20 |
6 | ______ |
7 | ______ |
8 | ______ |
9 | ______ |
Explain briefly the factors which influence individual demand for a commodity.
Define individual demand.
What is a demand schedule?