11. Which of the following is/are the assumptions of indifference curve analysis?
12. The Law of equi-marginal utility tells that if price of commodity falls
13. The marginal utility of a product is measured by
14. Calculate elasticity of demand:
Given: That a 20% increase in the price of Bread causes the amount of Bread you buy to fall by 40%
Given: That a 20% increase in the price of Bread causes the amount of Bread you buy to fall by 40%
15. Match the following.
List-I (Values of MRSxy)
List-II
a. MRSxy is diminishing
1. L shaped indifference curve
b. MRSxy is constant
2. Indifference curve is concave to the origin
c. MRSxy is increasing
3. Indifference curve is straight line sloping downwards to the right
d. MRSxy is zero
4. Indifference curve must be convex to the origin
| List-I (Values of MRSxy) |
List-II |
| a. MRSxy is diminishing | 1. L shaped indifference curve |
| b. MRSxy is constant | 2. Indifference curve is concave to the origin |
| c. MRSxy is increasing | 3. Indifference curve is straight line sloping downwards to the right |
| d. MRSxy is zero | 4. Indifference curve must be convex to the origin |
16. Indicate the correct answer from the following types of the long run average cost curves on which the minimum average cost of production in long run can be determined.
1. Long run average cost curve under normal production function
2. Long run average cost curve under linearly homogeneous production function
3. Planning curve
4. Envelope curve
1. Long run average cost curve under normal production function
2. Long run average cost curve under linearly homogeneous production function
3. Planning curve
4. Envelope curve
17. The relationship between elasticity of demand (e), AR and MR can be established as
18. All of the following curves are U-shaped except
19. For the purpose of measuring national income in India, CSO uses which of the following methods?
20. The marginal revenue equation can be derived from the
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