Theory of consumer behaviour — Economics STD 11 Commerce — Question

Explain the meaning of diminishing returns to Para factor. Why do diminishing returns to a factor occur?

When price of a commodity falls by 50%, the quantity supplied decreases by 100%. Find out its price elasticity of supply.

Which technology of production would you prefer in rural India, a 'labour intensive' one, which would curtail the problem of unemployment to certain extent or a 'capital intensive' one, which is very highly productive in nature?

A person's total utility schedule is given below. Derive his marginal utility schedule.

Amount consumed	0	1	2	3	4	5
Total Utility (Units)	0	10	20	38	48	55

Derive MU Schedule from TU Schedule

Units of x	TU
1	11
2	21
3	30
4	38
5	45
6	51
7	56
8	60

A producer can sell more of a good at the same price. Prepare a Total Revenue and Marginal Revenue schedule.

When is a good considered an inferior good?

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

Why is perfectly elastic demand curve parallel to X-axis?

Explain the central problem of ''choice of technique''.