Commerce (English Medium)
Arts (English Medium)
Academic Year: 2009-2010
Date: March 2010
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Explain the meaning of Budget line.
Chapter: [0.02] Consumer Equilibrium and Demand
What is meant by inferior good in economics?
Chapter: [0.02] National Income and Related Aggregates
In which market form can a firm not influence the price of the product?
Chapter: [0.04] Forms of Market and Price Determination
Define monopoly.
Chapter: [0.04] Forms of Market and Price Determination
What can you say about the number of buyers and sellers under monopolistic competition?
Chapter: [0.04] Forms of Market and Price Determination
Explain the effect of the following on the price elasticity of demand of a commodity:
(i) Number of substitutes
(ii) Nature of the commodity
Chapter: [0.02] Consumer Equilibrium and Demand
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Explain any two causes of ‘increase’ in demand of a commodity.
Chapter: [0.02] Consumer Equilibrium and Demand
Explain the inverse relationship between price and quantity demanded of a commodity.
Chapter: [0.02] Consumer Equilibrium and Demand
A firm’s average fixed cost, when it produces 2 units, is Rs 30. Its average total cost schedule is given below. Calculate its marginal cost and average variable cost at each level of output.
|
Output (units) |
1 |
2 |
3 |
|
Average Total Cost (Rs) |
80 |
48 |
40 |
Chapter: [0.03] Producer Behaviour and Supply
Total revenue is Rs 400 when the price of the commodity is Rs 2 per unit. When price rises to Rs 3 per unit, the quantity supplied is 300 units. Calculate the price elasticity of supply.
Chapter: [0.03] Producer Behaviour and Supply
Why is the number of firms small in an oligopoly market? Explain.
Chapter: [0.04] Forms of Market and Price Determination
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Explain the problem of how to produce.
Chapter: [0.01] Introduction
Distinguish between microeconomics and macroeconomics.
Chapter: [0.01] Introduction
When price of a commodity falls by Rs 1 per unit, its quantity demanded rises by 3 units. Its price elasticity of demand is (−) 2. Calculate its quantity demanded if the price before the change was Rs 10 per unit.
Chapter: [0.02] Consumer Equilibrium and Demand
State whether the following statements are true or false. Give reasons for your answer:
Total product always increases whether there is increasing returns or diminishing returns to a factor.
Chapter: [0.03] Producer Behaviour and Supply
State whether the following statements are true or false. Give reasons for your answer:
(i) When marginal revenue is constant and not equal to zero, then total revenue will also be constant.
Chapter: [0.03] Producer Behaviour and Supply
State whether the following statements are true or false. Give reasons for your answer:
As soon as marginal cost starts rising, average variable cost also starts rising.
Chapter: [0.03] Producer Behaviour and Supply
State whether the following statements are true or false. Give reasons for your answer:
Total product always increases whether there is increasing returns or diminishing returns to a factor.
Chapter: [0.03] Producer Behaviour and Supply
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