Non-Competitive Markets — Economics STD 12 Humanities & Commerce — Question

Name two sources each of non-tax revenue receipts.

Explain the 'Store of value' function of money. How has it solved the related problem created by barter?

State the four functions of money. Explain anyone of them.

Why exports are added and imports subtracted from domestic final expenditure in order to estimate GDP_MP?

Define indifference curve. Explain the three properties of indifference curves.

OR

Explain the three properties of indifference curve.

OR

Explain the three properties of indifference curve.

OR

State and explain three properties of indifference curves.

Under perfect competition, the seller is a price taker. Under monopoly, he is the price maker. Explain.

OR

Briefly explain why a perfectly competitive firm is a price taker in this market.

Discuss the working of the adjustment mechanism in the following situations:

1. Aggregate demand is greater than Aggregate supply.
2. Ex-ante Investments are lesser than Ex-ante Savings.

Explain the conditions leading to maximisation of profits by a producer. Use total cost and total revenue approach.

The market price of a good changes from ₹ 5 to ₹ 20. As a result, the quantity supplied by a firm increases by 15 units. The price elasticity of firm's supply curve is 0.5. Find the initial and final output levels of the firm.

From the following schedule find out the level of output at which the producer is in equilibrium. Give reasons for your answer.

Output (Units)	Price (Rs.)	Total Cost (Rs.)
1	24	26
2	24	50
3	24	72
4	24	92
5	24	115
6	24	139
7	24	165