MICROECONOMICS CH : 4 CONSUMER'S EQUILIBRIUM INDIFFERENCE CURVE ANALYSIS — Economics STD 11 Commerce — Question

Explain average cost with the help of a table and diagram.

"If the demand and supply of a commodity both increase, the equilibrium price may not change, may increase, may decrease." Explain using diagrams.

What does 'a simple economy' mean?

Distinguish between Absolute and relative frequencies.

Define statistics in plural sense. Give its any two characteristics.

Calculate weighted average of price relative index from the following data:

Item	Weight in %	Base Year Price (₹)	Current Year Price (₹)
A	40	2	4
B	30	5	6
C	20	4	5
D	10	2	3

How is the equilibrium price of a commodity affected by a leftward shift of the demand curve? Explain with the help of a diagram.

What is marginal revenue? How is it related to average revenue?

What is the degree of elasticity of demand in case of the following demand curves:
(i) Straight line parallel to X-axis?
(ii) Straight line parallel to Y-axis?
(iii) A rectangular hyperbola curve?