Economics Exam Prep
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Economics Exam Prep
Sample questions with model answers
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Find the value of TVC, AFC, AVC, SAC, SMC following table: | Output | 0 | 1 | 2 | 3 | 4 | 5 | 6 | |---|---|---|---|---|---|---|---| | TC | 10 | 30 | 45 | 55 | 70 | 90 | 120 |
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TVC, AFC, AVC, SAC, SMC calculated from TC.
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Explain the relationship between TU and MU with the help of graph
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TU increases at a decreasing rate as MU decreases.
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What do you mean by consumer's equilibrium? Explain consumer's equilibrium with the help of graph in case of single commodity.
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Consumer's equilibrium occurs when MU = Price.
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With rise in price of Rs 8 to Rs 14, total expenditure on the commodity rises by 40% and becomes Rs 1120. Calculate price elasticity and also indicate whether demand is elastic or inelastic.
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Price elasticity is 1.5, demand is elastic.
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