﻿ 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.  from Class 12 CBSE Previous Year Board Papers | Economics 2013 Solved Board Papers

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# CBSE Class 12 Economics Solved Question Paper 2013

#### Short Answer Type

1.

Define marginal cost.

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2.

Give two examples of fixed costs.

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3. 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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4.

Given the meaning of market demand.

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5.

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

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6.

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

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7.

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

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# 8.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.

 Price (Rs) Quantity (uts) Revenue (Rs) 20 5 100 30 10 300

Price elasticity of supply (eS) = Percentage change in quantity supplied/ Percentage change in price.
% change in quantity supplied = (change in quantity supplied / Initial quantity supplies)* 100 = (5/5)*100 =100
% change in price = (change in price/ initial price)*100
(10/20)*100 = 50
Price elasticity of supply (eS) = Percentage change in quantity supplied/ Percentage change in price = 100/50 = 2

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9.

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

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10.

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

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