Production and cost — Economics STD 12 Humanities & Commerce — Question

Complete the following table.

Price (₹)	8	6	4	2
Output (Units)	1	2	3	4
TR(₹)	-	-	-	-
MR (₹)	-	-	-	-

What can be the effect on equilibrium price of a commodity when its demand and supply curves both shift to left simultaneously? Show three effects with the help of diagrams.### When will the equilibrium price of a commodity not change, if its demand and supply both decrease? Explain with the help of a diagram.

Calculate personal income and personal disposable income from the following data.

	Rs in Crores
Net domestic product at factor cost	8000
Net national Income from abroad	200
Undistributed income	1000
Corporate tax	500
Interest received by family	1500
Interest paid by Family	1200
Transfer payment	300
Personal tax	500

Define Average Revenue. Show that Average Revenue, and Price are same.

“Scarcity and choice go all together". Defend or refute. (3-4 Marks).

What is meant by inflationary gap? State three measures to reduce this gap.

What is Elasticity of Demand under perfect competition and monopolistic competition?

A consumer consumes only two goods X and Y. At a consumption level of these two goods, he finds that the ratio of marginal utility to price in case of X is higher than in case of Y. Explain the reaction of the consumer.

Explain the 'free entry and exit of firms' feature of monopolistic competition.

Describe the evolution of money.