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MICROECONOMICS CH : 5 THEORY OF DEMAND — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 5 THEORY OF DEMAND6 Marks
Question
Explain the factors that shift the demand curve to the right.
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Answer

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Explain the following features of perfect competition:
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Read the following information carefully which records production possibilities for two goods X and Y for a hypothetical economy and answer the questions 1-6 on the basis of the same:
CombinationGood-X (Units)Good-Y (Units)
A030
B128
C224
D318
E410
F50
1. On the basis of the data given above, the marginal opportunity cost between points B and C will be _________.
(a) 2
(b) 4
(c) 6
(d) 8

2. On the basis of the data given above, calculate the marginal opportunity cost between points E and F.
(a) 2
(b) 2.5
(c) 5
(d) 10

3. Identify the shape of PPC for the above data.
(a) Downward sloping concave PPC
(b) Downward sloping convex PPC
(c) Downward sloping straight line PPC
(d) None of these

4. Identify the correct formula to calculate Marginal Opportunity Cost.
(a) $\frac{\Delta Y \text { (gain of output) }}{\Delta X \text { (loss of output) }}$
(b) $\frac{\Delta Y \text { (loss of output) }}{\Delta X \text { (gain of output) }}$
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5. Read the following statements carefully and choose the correct alternative among those given below:
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Statement 2: Technological advancement shifts the PPC to the right.
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(d) Statement 2 is true and Statement 1 is false

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(b) downward sloping convex
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Calculate the coefficient of variation of the given continuous series.
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The following distribution shows the income of 50 households. Monthly Income (in)
Monthly Income (in ₹)
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4000-6000
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On the basis of the above distribution, answer the following questions:
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  2. 8000-10,000
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The existence of a large number of buyers and sellers means that each individual buyer and seller is very small compared to the size of the market. This means that no individual buyer or seller can influence the market by their size. Homogeneous products further mean that the product of each firm is identical. So a buyer can choose to buy from any firm in the market, and she gets the same product. Free entry and exit mean that it is easy for firms to enter the market, as well as to leave it.

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3. Under perfect competition, demand curve of a firm is:
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(c) more elastic
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4. A firm under perfect competition earns only normal profits in the short run. (True or False)

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Statement 2: Product differentiation is widely practiced under perfect competition.
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