IMPORTANT QUESTIONS- ECONOMICS -1
UNIT WISE QUESTIONS.PRINCIPLES OF ECONOMICS: TEN MARKS QUESTIONS: UNIT-1- Introduction to Economics: SIX MARKS QUESTIONS: TEN MARKS QUESTIONS: UNIT-2- THEORIES OF CONSUMPTIONS: SIX MARKS QUESTIONS:…
Explain the Types/concepts of Revenue.
Meaning: In economics, revenue refers to the total income generated by a firm from selling goods or services over a specific period. The sale proceed…
Explain briefly the law of Returns to Scale.
Introduction: Long run behavior of a firm is explained in terms of returns to scale that is the change in output as a result of…
Explain the types of utility.
Meaning: Utility is a concept used in economics, philosophy, and other disciplines to describe the satisfaction or benefit derived from consuming goods and services or…
What is Production? Explain the types of Production.
Meaning: Production involves the use of various inputs or factors services to produce output. In economics production means transformation of inputs into outputs, in other…
Explain the consumers equilibrium under indifferent analysis under indifferent curve.
Introduction: The basic objective of the consumer is to drive highest level of satisfaction of a given amount of money in order to achieve this…
Explain the determinants of Supply.
Introduction: In the ordinary language or term supply and stock conveys the same meaning but in economics the term supply is different from that of…
Explain the exceptions of law of supply.
Introduction: The law of supply is just opposite of the law of demand where a producer supply more units of a commodity at higher prices…
What is elasticity of supply? explain the degrees of elasticity of supply.
Introduction: In the ordinary language or term supply and stock conveys the same meaning but in economics the term supply is different from that of…
What is elasticity of demand? Explain its types.
Meaning: Elasticity of demand is generally defines as the responsiveness or sensitiveness of demand to a given change in the price of commodity. According to…
