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State and explain the law of demand with the help of a hypothetical schedule and graph.
Concept: Law of Demand
In which exception to the law of demand does the consumer equate price and quality.
Concept: Law of Demand > Exceptions to the Law of Demand
Which of the following pairs of goods are most likely substitutes?
Concept: Determinants of Demand Or Demand Function
If commodity X and Y are substitutes, increase in price of X will affect demand of Y how?
Concept: Demand Schedule
Prepare a hypothetical market demand schedule and draw a market demand curve based on it.
Concept: Demand Schedule
“The inverse relationship between price and quantity demanded does not hold good in many cases.”
- Justify the above as Yes or No.
- If justified, explain in brief the Giffen Effect.
Concept: Law of Demand > Exceptions to the Law of Demand
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 |
Concept: Demand Schedule
State the law of demand.
Concept: Law of Demand
With the help of a diagram, explain the Relatively inelastic demand curve.
Concept: Types of Elasticity of Demand
Identify the type of goods having price elasticity of demand greater than 1:
Concept: Degrees of Elasticity of Demand
Define the form of market which has a perfectly elastic demand curve.
Concept: Degrees of Elasticity of Demand
Assertion (A): The recent war in Israel will impact key imports to India, which include rough cut and polished diamonds.
Reasoning (R): Diamonds are luxury goods having relatively elastic demand.
Concept: Degrees of Elasticity of Demand
If demand increases by 50% due to an increase in price by 75%, calculate the price elasticity of demand.
Concept: Methods of Measuring Price Elasticity of Demand
Calculate elasticity of demand on the basis of the following data.
| Price (Rs.) | Quantity (Kg) |
| 10 | 20 |
| 20 | 15 |
- Calculate the elasticity of demand.
- Is the demand elastic or inelastic?
Concept: Types of Elasticity of Demand
Read the extract given below and answer the questions.
|
The Economic Times - 2024 “Lakshadweep becomes new keyword for investors. Praveg caught shareholder’s attention as it had last month received a work order for the development of operation, maintenance and management of atleast 50 tents at Lakshadweep’s island. The resorts will also offer commercial activities like scuba diving, destination weddings, corporate functions etc. Small cap soars 43% in 3 days. It is known for its luxury resorts in tourist places. During the day the stock rallied 17% to hit an all time high of Rs. 1,187.95" |
- What commercial activities would the resorts offer?
- State the quality of a factor of production highlighted above.
- Define price elasticity of demand.
- State the doctrine of Laissez faire.
Concept: Types of Elasticity of Demand
Define the term price elasticity of demand.
Concept: Types of Elasticity of Demand
With the help of a diagram, explain the Relatively elastic demand curve.
Concept: Types of Elasticity of Demand
With the help of a diagram, explain the Unitary elastic demand curve.
Concept: Types of Elasticity of Demand
Draw a perfectly inelastic supply curve.
Concept: Elasticity of Supply
What effect does increased input price have on the supply of a commodity? Draw a diagram in support of your answer.
Concept: Supply Curve
