Economics (030) Class Xii (2014-15) Worksheet Page 3
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216. State whether the following statements are True or False. Justify your answer. (3)
a) Average product rises only where marginal product rises.
b) Total cost rises only when marginal cost rises.
7. Explain the effects of a 'price ceiling'.
(3)
OR
Explain the effects of a ‘price floor’.
8. Explain the implications of freedom of entry and exit of firms under perfect
competition.
(3)
9. A good is an 'inferior' good for one and at the same time 'normal 'good for another
consumer. Do you agree? Explain with the help of an example.
(4)
10. Explain why an indifference curve is convex to the origin?
(4)
OR
A consumer consumes two goods X and Y. What will happen if MUx/Px is greater
than MUy/Py?
11. Explain the condition of equilibrium of a firm based on marginal cost and marginal
revenue.
(6)
12. What is meant by change in supply and change in quantity supplied?
(6)
13. The following headline appeared in the Hindustan Times on 2 August 2014: (6)
"Crop damaged in Himachal sent tomato prices roaring in Delhi."
Use a diagram and economic theory to analyse the statement.
OR
On 19 December 2013, the following news item was printed in the Economic
Times:
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