CBSE Class 12 Economics Solved Question Paper 2013

Short Answer Type

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Define marginal cost.

Marginal cost is the change in the total cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good.

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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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    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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    Give two examples of fixed costs.

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

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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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