MICROECONOMICS CH : 11 THEORY OF SUPPLY — Economics STD 11 Commerce — Question

Explain with the help of a diagram the effect of an increase in demand for a commodity on its equilibrium price and equilibrium quantity.

Explain the conditions leading to maximisation of profits by a producer. Use marginal cost and marginal revenue approach.

Distinguish between total utility and marginal utility.

State the concepts of extension and contraction of supply with the help of figures.

The result of X class students is given as follows:

Years	Ist Division	IInd Division	IIIrd Division
2015	10	30	50
2016	12	45	70
2017	14	50	60
2018	11	40	75

Draw a multiple bar diagram.

Calculate coefficient of correlation from the given data:

X	0	2	4	6	8	10	12
Y	4	4	6	10	10	8	7

Summit has ₹90 with him. He intends to purchase goods X and Y with his money. The market price of X and Y per unit is ₹10. The marginal utility schedule of goods X and Y is given below. Find out how many units of X and Y should Summit purchase so that he gets maximum satisfaction.

Units of Commodity	1	2	3	4	5	6	7	8	9	10
MU of X	80	72	64	56	48	40	32	24	16	8
MU of Y	40	32	24	20	16	12	8	4	0	0

What are the qualities of a good questionnaire?

Explain the concepts of total, average and marginal product with the help of a table.