Non-Competitive Markets — Economics STD 11 Commerce — Question

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

If a good can be used for many purposes, the demand for it will be elastic. Why?

Draw a demand curve with unitary price elasticity.

Explain the effects of 'maximum price ceiling' on the market of a good. Use diagram.

What is the relation between good X and good Y in each case, if with fall in the price of X demand for good Y (i) rises and (ii) falls? Give reason.

The price of a commodity is ₹ 20 per unit and total expenditure on it is ₹ 1,000. When its price falls to ₹ 18 per unit, total expenditure increases by 8 percent. Calculate its price elasticity of demand by percentage method.

State any three determinants of individual demand other than own price of the good.

Explain how the supply of a commodity is affected by the change in the prices of other products.

The measure of price elasticity of demand of a normal good carries minus sign while price elasticity of supply carries plus sign. Explain why?

Explain the significance of the feature 'product differentiation' in monopolistic competition.