CBSE Class 12 Economics Solved Question Paper 2013

Short Answer Type

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Give two examples of fixed costs.

1) Cost of land and building.
2) Cost of machinery.

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    When the price of a good rises from Rs 20 per unit to Rs 30 per unit, the revenue of the firm producing this good rises from Rs 100 to Rs 300. Calculate the price elasticity of supply. 

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    Explain the difference between an inferior good and a normal good.

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    Complete the following table:

    Units of labour Average Product (Units) Marginal Product (Units)
    1 8 -
    2 10 -
    3 - 10
    4 9 -
    5 - 4
    6 7 -
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    Define marginal cost.

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    Under which market form a firm’s marginal revenue is always equal to price?

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    When is the demand for a good said to be inelastic?

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    Given the meaning of market demand.

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    Explain the condition of consumer’s equilibrium with the help of utility analysis. 

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    Explain the law of diminishing marginal utility with the help of a total utility schedule.

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