Production and cost — Economics STD 12 Humanities & Commerce — Question

What is ‘change in supply’? Explain the effect of tax imposed on a good on the supply of the good.

Complete the following table:

Price (₹)	Output (units)	Total Revenue (₹)	Marginal Revenue (₹)
10	1	-	-
-	2	14	-
-	3	-	1
-	4	12	-

A consumer buys 10 units of a commodity at a price of Rs. 10 per unit. He incurs an expenditure of Rs. 200 on buying 20 units. Calculate price elasticity of demand by the percentage method. Comment upon the shape of demand curve based on this information.

Make a graphical representation of the following table -

(Units)	(Total Utility)	(Marginal Utility)
1	12	12
2	18	6
3	22	4
4	24	2
5	24	0
6	22	-2

Explain the meaning of increase in supply and increase in quantity supplied with the help of a schedule.

OR

Distinguish between increase in quantity supplied and increase in supply.

Explain the effect of increase in income of buyers of a ‘normal’ commodity on its equilibrium price.

Explain the meaning of change in quantity demanded. How does it affect demand curve?

PED = [-]1. A consumer demands 50 units of a commodity when price is ₹ 1 per unit. At what price will he demands 45kg of a commodity?

From the following data, calculate Personal Income and Personal Disposable Income:

		Rs. (crore)
(a)	Net Domestic Product at factor cost	8,000
(b)	Net Factor Income from abroad	200
(c)	Undisbursed Profit	1,000
(d)	Corporate Tax	500
(e)	Interest Received by Households	1,500
(f)	Interest Paid by Households	1,200
(g)	Transfer Income	300
(h)	Personal Tax	500

Complete the following table:

Output (units)	Price (₹)	Total Revenue	Marginal Revenue (₹)
1	7	-	-
2	6	-	-
3	4	-	-
4	2	-	-