Commerce Exam > Commerce Notes > Economics Class 11 > Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour)
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?
The document Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) | Economics Class 11 - Commerce is a part of the Commerce Course Economics Class 11.
All you need of Commerce at this link: Commerce
|
58 videos|215 docs|44 tests
|
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.
Related Exams
About this Document
|
4.5K Views |
|
4.95/5 Rating |
|
Dec 22, 2024 Last updated |
Document Description: Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) for Commerce 2024 is part of Economics Class 11 preparation.
The notes and questions for Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) have been prepared according to the Commerce exam syllabus. Information about Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) covers topics
like and Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) Example, for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour).
Introduction of Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) in English is available as part of our Economics Class 11
for Commerce & Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) in Hindi for Economics Class 11 course.
Download more important topics related with notes, lectures and mock test series for Commerce
Exam by signing up for free. Commerce: Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) | Economics Class 11 - Commerce
Description
Full syllabus notes, lecture & questions for Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) | Economics Class 11 - Commerce - Commerce | Plus excerises question with solution to help you revise complete syllabus for Economics Class 11 | Best notes, free PDF download
Information about Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour)
In this doc you can find the meaning of Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) defined & explained in the simplest way possible. Besides explaining types of
Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) theory, EduRev gives you an ample number of questions to practice Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) tests, examples and also practice Commerce
tests
|
Explore Courses for Commerce exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
MCQs
,Objective type Questions
,mock tests for examination
,Important questions
,Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) | Economics Class 11 - Commerce
,Free
,Extra Questions
,Semester Notes
,Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) | Economics Class 11 - Commerce
,ppt
,study material
,Previous Year Questions with Solutions
,Summary
,shortcuts and tricks
,past year papers
,practice quizzes
,Viva Questions
,Sample Paper
,video lectures
,Exam
,Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) | Economics Class 11 - Commerce
;
Additional Information about Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) for Commerce Preparation
Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) Free PDF Download
The Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) is an invaluable resource that delves deep into the core of the Commerce exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) now and kickstart your journey towards success in the Commerce exam.
Importance of Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour)
The importance of Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) cannot be overstated, especially for Commerce aspirants.
This document holds the key to success in the Commerce exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) Notes
Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour).
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) Notes on EduRev are your ultimate resource for success.
Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) Commerce
The "Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) Commerce Questions" guide is a valuable resource for all aspiring students preparing for the
Commerce exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) on the App
Students of Commerce can study Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour),
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Frequently Asked Questions - Consumer's Equilibrium and Demand (Theory of Consumer Behaviour) is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up
within 7 days!
within 7 days!
Takes less than 10 seconds to signup