|Time allowed : 3 hours
||Maximum Marks : 100
- All questions in both the sections are compulsory.
- Marks for questions are indicated against each.
- Question Nos. 1 and 13 are very short-answer questions carrying
1 mark for each part. They are required to be answered in one
- Question Nos. 2-5 and 14-17 are short-answer questions carrying
3 marks each. Answer to them should not normally exceed 60 words
- Question Nos. 6-9 and 18-21 are also short-answer questions
carrying 4 marks each. Answer to them should not normally exceed 70
- Question Nos. 10-12 and 22-24 are long-answer questions
carrying 6 marks each. Answer to them should not normally exceed
100 words each.
- Answers should be brief and to the point and the above word
limits be adhered to as far as possible.
- All parts of a question should be answered at one place.
Section - A
- Answer the following questions :
- Define market supply.
- What is meant by producer's equilibrium ?
- Define marginal physical product.
- Define equilibrium price.
- State any three causes of a rightward shift of demand curve of
- State the geometric method of measuring price elasticity of
supply (in case of straight line supply curve).
- What is the relationship between marginal cost and average
variable cost ?
- State three main features of perfect competition.
- Complete the following table :
- Distinguish between 'change in supply' and 'change in quantity
supplied' of a commodity. (Use diagrams).
Explain any two determinants of supply of a commodity.
- Explain the problem of 'what to produce' with the help of an
- The quantity demanded of a commodity at a price of Rs. 8 per
unit is 600 units. Its price falls by 25 percent and quantity
demanded rises by 120 units. Calculate its price elasticity of
demand. Is its demand elastic? Give reason for your answer.
- Explain consumer's equilibrium, in case of a single commodity,
with the help of a utility schedule.
How is the demand of a commodity affected by changes in the price
of related goods ? Explain with the help of diagrams.
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