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Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) | Economics Class 11 - Commerce PDF Download
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?
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FAQs on Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) - Economics Class 11 - Commerce
| 1. What is consumer's equilibrium and demand? |  |
Ans. Consumer's equilibrium refers to the point where a consumer maximizes their satisfaction or utility by allocating their limited income to purchase a combination of goods and services. Demand, on the other hand, refers to the quantity of a good or service that a consumer is willing and able to purchase at a given price and time.
| 2. How is consumer's equilibrium determined? | |
Ans. Consumer's equilibrium is determined through the utility maximization approach. According to this approach, a consumer attains equilibrium when the marginal utility derived from the last unit of money spent on each good is equal. This means that the consumer allocates their income in a way that the ratio of marginal utilities to prices is the same for all goods.
| 3. What factors influence consumer's equilibrium and demand? | |
Ans. Several factors influence consumer's equilibrium and demand. These include the price of the good or service, the consumer's income, the prices of related goods, consumer preferences, and individual tastes. Changes in any of these factors can cause a shift in the consumer's demand curve and ultimately affect their equilibrium.
| 4. How does price elasticity of demand affect consumer's equilibrium? | |
Ans. Price elasticity of demand measures the responsiveness of quantity demanded to a change in price. If the price elasticity of demand is elastic, a small change in price will lead to a relatively large change in quantity demanded, and vice versa. In terms of consumer's equilibrium, if a good has an elastic demand, a decrease in price will increase the consumer's equilibrium quantity demanded, while an increase in price will decrease the equilibrium quantity demanded.
| 5. Can consumer's equilibrium change over time? | |
Ans. Yes, consumer's equilibrium can change over time. This can occur due to various factors such as changes in income, prices of goods, consumer preferences, and technological advancements. For example, an increase in income may lead to a higher consumer's equilibrium as the consumer can purchase more goods and services. Similarly, a change in preferences or the introduction of new products can also alter the consumer's equilibrium.
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