CBSE Class 12 Economics Solved Question Paper 2014

Explain the central problem 'for whom to produce.'

Give meaning of 'returns to a factor.'

Unemployment is reduced due to the measures taken by the government. State its economic value in the context of production possibilities frontier.

What is meant by revenue in micro-economics?

State the relation between marginal revenue and average revenue.

What is perfect oligopoly?

What is the behaviour of average fixed cost as output is increased? Why is it so?

Define budget set.

State the relation between total cost and marginal cost.

A consumer buys 18 units of a good at a price of Rs. 9 per unit. The price elasticity of demand for the good is (−) 1. How many units the consumer will buy at a price of Rs. 10 per unit? Calculate.