Economics

CBSE Class 12

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11.

Explain “large number of buyers and sellers” features of a perfectly competitive market.

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12.

Production in an economy is below its potential due to unemployment. Government starts employment generation schemes. Explain its effect using production possibilities curve.

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13.

Explain the conditions of producer’s equilibrium with the help of a numerical example.

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The price elasticity of demand for a good is − 0.4. If its price increases by 5 percentage, by what percentage will its demand fall? Calculate.

E_{d} = percentage change in quantity demanded / Percentage change in price

E_{d} = -0.4

% change in price = 5

Hence, -0.4 = percentage change in quantity demanded / 5

Percentage change in quantity demanded = -0.4 * 5 = -2

Thus, when the price of good increase by 5%, the quantity demanded falls by 2%.

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15.

Explain any two factors that affect the price elasticity of demand. Give suitable examples.

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16.

Giving reasons, state whether the following statements are true or false.

A monopolist can sell any quantity he likes at a price.

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17.
**Giving reasons, state whether the following statements are true or false.**

When equilibrium price of a good is less than its market price, there will be competition among the sellers.

When equilibrium price of a good is less than its market price, there will be competition among the sellers.

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18.

Explain the Law of Variables Proportions with the help of total product and marginal product curves.

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20.

Explain the relationship between prices of other goods and demand for the given period.

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