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CBSE Class 12 Economics Solved Question Paper 2016

Short Answer Type

What is the relation between Average Variable Cost and Average Total Cost, if Total Fixed Cost is zero?

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A firm is able to sell any quantity of a good at a given price. The firm's marginal revenue will be:
(Choose the correct alternative):
(a) Greater than Average Revenue
(b) Less than Average Revenue
(c) Equal to Average Revenue
(d) Zero

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When does 'change in demand' take place?

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Differentiated products is a characteristic of: (Choose the correct alternative):
(a) Monopolistic competition only
(b) Oligopoly only
(c) Both monopolistic competition and oligopoly
(d) Monopoly

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Demand curve of a firm is perfectly elastic under:(Choose the correct alternative)
(a) Perfect competition
(b) Monopoly
(c) Monopolistic competition
(d) Oligopoly

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A consumer consumes only two goods X and Y. Marginal utilities of X and Y is 3 and 4 respectively. Prices of X and Y are Rs 4 per unit each. Is consumer in equilibrium? What will be further reaction of the consumer? Give reasons.

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7.
What will be the effect of 10 percent rise in price of a good on its demand if price elasticity of demand is (a) Zero, (b)-1, (c)-2.

(a) When E_d(Elasticity of demand) is zero

$straight E subscript straight d space equals space fraction numerator Percentage space change space in space quantity space demanded over denominator Percent space change space in space price end fraction$

$0 space equals space fraction numerator Percentage space change space in space quanity space demanded over denominator 10 end fraction$
Therefore, Percentage change in quantity demand = 0, so it has no effect on demand

(b) E_d = -1, Percentage change in price = 10
$negative 1 space equals space fraction numerator percent sign space change space in space quantity space demanded over denominator percent sign space change space in space price end fraction minus 1 space equals space fraction numerator percent sign space change space in space quantity space demanded space over denominator 10 end fraction$
Therefore, Percentage change in quantity demand = -10.

(c) Ed = -2, Percentage change in price = 10

$straight E subscript straight d space equals space fraction numerator percent sign Change space in space quantity space demanded over denominator percent sign space Change space in space price end fraction minus 2 equals fraction numerator percent sign Change space in space quantity space demanded over denominator 10 end fraction$
Therefore, Percentage change in quantity demanded= -20