Board Paper of Class 12-Commerce 2014 Economics (SET 3) - Solutions
General Instructions :
(i) All questions in both the sections are compulsory.
(ii) Marks for questions are indicated against each.
(iii) Question Nos. 1-5 and 17-21 are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each.
(iv) Question Nos. 6-10 and 22-26 are short-answer questions carrying 3 marks each. Answer to them should not normally exceed 60 words each.
(v) Question Nos. 11-13 and 27-29 are also short-answer questions carrying 4 marks each. Answer to them should not normally exceed 70 words each.
(vi) Question Nos. 14-16 and 30-32 are long-answer questions carrying 6 marks each. Answer to them should not normally exceed 100 words each.
(vii) Questions marked star (*) are value based questions.
(viii) Answer should be brief and to the point and the above word limit should be adhered to as far as possible.
(i) All questions in both the sections are compulsory.
(ii) Marks for questions are indicated against each.
(iii) Question Nos. 1-5 and 17-21 are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each.
(iv) Question Nos. 6-10 and 22-26 are short-answer questions carrying 3 marks each. Answer to them should not normally exceed 60 words each.
(v) Question Nos. 11-13 and 27-29 are also short-answer questions carrying 4 marks each. Answer to them should not normally exceed 70 words each.
(vi) Question Nos. 14-16 and 30-32 are long-answer questions carrying 6 marks each. Answer to them should not normally exceed 100 words each.
(vii) Questions marked star (*) are value based questions.
(viii) Answer should be brief and to the point and the above word limit should be adhered to as far as possible.
- Question 1
Define variable cost. VIEW SOLUTION
- Question 2
The government has started promoting foreign capital. What is its economic value in the context of Production Possibilities Frontier ? VIEW SOLUTION
- Question 3
What is market supply of a product ? VIEW SOLUTION
- Question 4
What is imperfect oligopoly ? VIEW SOLUTION
- Question 5
What is meant by monotonic preferences? VIEW SOLUTION
- Question 6
Why is Average Revenue always equal to price? VIEW SOLUTION
- Question 7
Explain how technological progress is a determinant of supply of a good by a firm.Explain how input prices are a determinant of supply of a good by a firm. VIEW SOLUTION
OR
- Question 8
Why is the number of firms small in oligopoly? Explain. VIEW SOLUTION
- Question 9
Why is Production Possibilities Curve concave ? Explain. VIEW SOLUTION
- Question 10
A consumer buys 27 units of a good at a price of Rs 10 per unit. When the price falls to Rs 9 per unit, the demand rises to 30 units. What can you say about price elasticity of demand of the good through the 'expenditure approach'? VIEW SOLUTION
- Question 11
How does change in price of complementary good affect the demand of the given good? Explain with the help of an example. VIEW SOLUTION
- Question 12
Giving reasons, explain the 'Law of Variable Proportions'. VIEW SOLUTION
- Question 13
A consumer consumes only two goods X and Y and is in equilibrium. Show that when the price of good X rises, the consumer buys less of good X. Use utility analysis.
ORGiven the price of a good, how will a consumer decide as to how much quantity of that good to buy? Use utility analysis. VIEW SOLUTION
- Question 14
From the following information about a firm, find the firm's 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 6 7 2 12 13 3 18 17 4 24 23 5 30 31
- Question 15
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. VIEW SOLUTION
- Question 16
Explain why is an indifference curve (a) downward sloping and (b) convex.
OR
Explain the concept of 'Marginal Rate of Substitution' with the help of a numerical example. Also explain its behaviour along an indifference curve. VIEW SOLUTION
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