Introduction — Economics STD 12 Humanities & Commerce — Question

A firm supplies a certain quantity of a good at a price of 10 per unit. When price changes to 9 per unit, the firm supplies 10 units less. Price Elasticity of Supply is 1. What is the quantity supplied before price change?

Give the meaning of voluntary unemployment, involuntary unemployment and full employment.

Explain the problem of 'How to produce'?###Explain the central problem of “Choice of technique”.###Explain the central problem of 'how to produce'.

What type of data is required to measure National Income at each of the three phases of circular flow?

Comment on the following statement: “Diminishing returns occur when total output falls as additional units of labour are combined with fixed inputs in the production process."

What is the behaviour of Average Fixed Cost as output is increased? Why is it so?

What is likely to be the impact of efforts towards reducing unemployment on the production potential of the economy?Explain.

Giving two examples, explain the relation between rise in price of a foreign currency and its demand.

Explain why are firms mutually interdependent in an oligopoly market.

What is the general shape of the AP and MP curves?