Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) Commerce Notes | EduRev

Economics Class 11

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Commerce : Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) Commerce Notes | EduRev

The document Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) Commerce Notes | EduRev is a part of the Commerce Course Economics Class 11.
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FREQUENTLY ASKED QUESTIONS – CBSE BOARD EXAMINATIONS

  1. Define Microeconomics.
  2. Why an economic problem does arises?
  3. What are the central problems of an economy?
  4. Define opportunity cost.
  5. Define marginal opportunity cost.
  6. Distinguish between ‘micro’ and’ macro’ economics.
  7. Why PPC is Concave from the origin.
  8. Define Marginal Rate of Transformation (MRT)
  9. Explain the problem, of ‘what to produce’ and ‘how to produce.’
  10. Explain the central problem of how to produce with the help of an example.
  11. What is an indifference curve?
  12. Define Utility.
  13. What is budget set?
  14. Define budget line.
  15. Define MRS.
  16. A consumer consumes only two goods.  Explain the conditions of consumer’s equilibrium with the help of IC analysis.
  17. For a consumer to be in equilibrium, why must MRS be equal to the ratio of price of two goods?
  18. What is an indifference map?
  19. Explain the law of demand with the help of diagram and schedule.
  20. Write three causes of increase / decrease in demand
  21. Distinguish between the change in quantity demanded and change in demand.
  22.  Explain any three factors or determinants of demand.
  23. Explain any three factors  affecting elasticity of demand
  24. Explain the price elasticity of demand through geometric method.
  25. Explain the price elasticity of demand through  expenditure  method
  26. Explain the properties of indifference curve.
  27. Why can not two indifference curves meet each other?
  28. Why is indifference curve convex to origin?
  29. Why does higher indifference curve gives higher levels of satisfaction?

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