Long Answer TypeExplain the three properties of the indifference curves.
Explain the three properties of the indifference curves.
Market of a commodity is in equilibrium. Demand for the commodity "increases." Explain the chain of effects of this change till the market again reaches equilibrium. Use diagram.
Market of a commodity is in equilibrium. Demand for the commodity "increases." Explain the chain of effects of this change till the market again reaches equilibrium. Use diagram.
Explain the conditions of consumer's equilibrium with the help of the indifference curve analysis.
Explain the conditions of consumer's equilibrium with the help of the indifference curve analysis.
From the following information about a firm, find the firms equilibrium output in terms of marginal cost and marginal revenue. Give reasons. Also find profit at this output.
|
Output (units) |
Total Revenue (Rs.) |
Total Cost (Rs.) |
|
1 |
7 |
8 |
|
2 |
14 |
15 |
|
3 |
21 |
21 |
|
4 |
28 |
28 |
|
5 |
35 |
36 |
From the following information about a firm, find the firms equilibrium output in terms of marginal cost and marginal revenue. Give reasons. Also find profit at this output.
|
Output (units) |
Total Revenue (Rs.) |
Total Cost (Rs.) |
|
1 |
7 |
8 |
|
2 |
14 |
15 |
|
3 |
21 |
21 |
|
4 |
28 |
28 |
|
5 |
35 |
36 |
Short Answer TypeWhy are the firms said to be interdependent in an oligopoly market? Explain.
Why are the firms said to be interdependent in an oligopoly market? Explain.
State the behaviour of marginal product in the law of variable proportions. Explain the causes of this behaviour.
State the behaviour of marginal product in the law of variable proportions. Explain the causes of this behaviour.
A consumer consumes only two goods. Explain consumer's equilibrium with the help of utility analysis.
A consumer consumes only two goods. Explain consumer's equilibrium with the help of utility analysis.
What happens to the demand of a good when consumer's income changes? Explain.
What happens to the demand of a good when consumer's income changes? Explain.
Switch
