Introduction — Economics STD 12 Humanities & Commerce — Question

If the income of a consumer increases, discuss briefly its likely impact on the demand for an inferior good, Good X.

How will you treat ₹ 20,000 earned per month by Mr. Rajesh against hiring out his bus to a neighboring school?

Visits to foreign countries for sightseeing etc. by the people of India is on the rise. What will be its likely impact on foreign exchange rate and how?

From the following data, calculate “gross value added at factor cost”.

S.No.		Rs.(in lakhs)
1.	Sale.	180
2.	Rent.	5
3.	Subsidies.	10
4.	Change in Stock.	15
5.	Purchase of raw materials.	100
6.	Profits.	25

What is the average product of an input?

From the following table find out the phase during which there are increasing returns to a factor. Give reasons for your answer:

Units of Variable Factors	1	2	3	4	5
AP (units)	20	24	28	29	28

What is 'aggregate supply' in macroeconomics?

Why AC curve is 'U'shaped?

State the law of demand and show it with the help of a schedule.

Mention the various cases in which equilibrium price remains same.