Download App

Theory of consumer behaviour — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsTheory of consumer behaviour2 Marks
Question
Explain the condition of consumer's equilibrium in case of a single commodity.
✓

Answer

In case of a single commodity, the consumer will be in equilibrium when the following condition is satisfied,

$\text{i.e.}\frac{\text{MU}_\text{X}}{\text{P}_\text{X}}=\text{MU}_\text{M}$

Where, MUM = Mariginal Utility of money.

Px = Price of commodity X.

MUx = Marginal Utility of Commodity X.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "2 Marks Question" from Theory of consumer behaviour→Theory of consumer behaviour — all question types→Economics STD 12 Humanities & Commerce question papers→Rajasthan Board STD 12 Humanities & Commerce question papers→Rajasthan Board question paper generator→

Similar questions

Calculate ‘private income’ from the following data:
S.No.   (Rs. crores)
1 National debt interest. 30
2 Gross national product at market price. 400
3 Current transfers from government. 20
4 Net indirect taxes. 40
5 Net current transfers from the rest of the world. (-)10
6 Net domestic product at factor cost accruing to government. 50
7 Consumption of fixed capital. 70
→
Define intermediate consumption and explain it with an example. How is it different from final consumption?
→
If the Real GDP is Rs. 300 and Nominal GDP is Rs. 330, calculate Price Index (base = 100).
→
Give the meaning and characteristics of production possibility frontier.
→
Giving reason, classify the into intermediate or final goods.
Refrigerator installed by a firm.
→
Distinguish between microeconomics and macroeconomics. Give an example of each.###Distinguish between Microeconomics and Macroeconomics.
→
How can money be classified?
→
Giving reason, state whether the following statement are true or false:
Real GDP = Nominal GDP.
→
Price Elasticity of Demand of a good is (-) 2. The consumer buys a certain quantity of this good at a price of ₹ 8 per unit. When the price falls, he buys 50% more quantity. What is the new price?
→
Giving reasons, identify which of the following are the subject matter of microeconomics or macroeconomics.
  1. National Income.
  2. Price determination of a commodity.
  3. General price level.
→