MICROECONOMICS CH : 8 CONCEPTS OF COST — Economics STD 11 Commerce — Question

Identify the curves A & B given in the above diagram as short period supply curve and long period supply curve. Also, explain why is supply more responsive to price in the long period compared to short period.

Mr. X consumes two commodities X and Y whose prices are ₹4 and ₹2 per unit respectively. What will be the value of marginal rate of substitution if the consumer is in the state of equilibrium?

Identify the concept depicted in the above image and also state its conditions in case of two commodities.

State some special properties of the arithmetic mean.

What is combined mean? How is it calculated?

Name the graphic method of measuring dispersion. Write its three demerits.

Do you agree with the view that the market absorbs the impact of increase or decrease in demand only through the process of 'extension and contraction of demand and supply'? Give reason.

Differentiate between economic and non economic activities.

Explain any three limitations of index numbers.