Theory of consumer behaviour — Economics STD 11 Commerce — Question

Firm ‘A’ produces both jeans and shirts. How will an increase in the price of jeans affect the supply curve of the shirts?

Consider the demand for a good. At price ₹ 4, the demand for the good is 25 units. Suppose price of the good increases to ₹ 5, and as a result, the demand for the good falls to 20 units. Calculate price elasticity of demand.

Suppose the price elasticity of demand for a good is – 0.2. If there is a 5% increase in the price of the good, by what percentage will the demand for the good go down?

Explain the central problem 'for whom to produce.'

Distinguish between substitute goods and complementary goods, with examples.

With the same amount of resources, a farmer can feed the following combinations of goats and cows:

Option	Goats	Cows
I	188	64
II	170	70

With the given options, what is the opportunity cost of the farmer feeding one cow?

Given below is the cost schedule of a firm. Its average fixed cost is Rs. 20 when it produces 3 units.

Output (units)	1	2	3
Average variable cost (Rs.)	30	28	32

Calculate its marginal cost and average total cost at each given level of output.

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

Mean marks obtained by 100 students are estimated to be 40. Later on it is found that one value was read as 83 instead of 53. Find out the 'corrected' mean.