Commerce : Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) Commerce Notes | EduRev
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FREQUENTLY ASKED QUESTIONS – CBSE BOARD EXAMINATIONS
- Define Microeconomics.
- Why an economic problem does arises?
- What are the central problems of an economy?
- Define opportunity cost.
- Define marginal opportunity cost.
- Distinguish between ‘micro’ and’ macro’ economics.
- Why PPC is Concave from the origin.
- Define Marginal Rate of Transformation (MRT)
- Explain the problem, of ‘what to produce’ and ‘how to produce.’
- Explain the central problem of how to produce with the help of an example.
- What is an indifference curve?
- Define Utility.
- What is budget set?
- Define budget line.
- Define MRS.
- A consumer consumes only two goods. Explain the conditions of consumer’s equilibrium with the help of IC analysis.
- For a consumer to be in equilibrium, why must MRS be equal to the ratio of price of two goods?
- What is an indifference map?
- Explain the law of demand with the help of diagram and schedule.
- Write three causes of increase / decrease in demand
- Distinguish between the change in quantity demanded and change in demand.
- Explain any three factors or determinants of demand.
- Explain any three factors affecting elasticity of demand
- Explain the price elasticity of demand through geometric method.
- Explain the price elasticity of demand through expenditure method
- Explain the properties of indifference curve.
- Why can not two indifference curves meet each other?
- Why is indifference curve convex to origin?
- Why does higher indifference curve gives higher levels of satisfaction?