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

Subject

Economics

Class

CBSE Class 12

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Sample Papers

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 Multiple Choice QuestionsShort Answer Type

1.

Give two examples of fixed costs.

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2.

Define marginal cost.

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3.

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


Inelastic demand is a situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price.

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4.

Given the meaning of market demand.

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5.

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

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6.

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

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7.

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

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8.

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

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9.

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. 

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10. 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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