CBSE Class 12th Economics Question Paper 2013 Set-3

CBSE Class 12th Economics Question Paper (Set-3), given here

1. Give an example each of fixed cost and variable cost.

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2. Under which market form a firm's marginal revenue is always equal to price?

3. Give the meaning of market demand.

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4. Define marginal cost.

5. When is the demand for a good said to be inelastic?

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6. Explain the law of diminishing marginal utility with the help of a total utility schedule.

7. Explain the difference between an inferior good and a normal good.

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8. The price elasticity of supply of a good is 0.8. Its price rises by 50 percent. Calculate the percentage increase in its supply.

10. Explain "freedom of entry and exit to firms in industry" feature of monopolistic competition.

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11. Production in an economy is below its potential due to unemployment. Government starts employment generation schemes. Explain its effect using production possibilities curve.

12. Give the meaning of producer's equilibrium. A producer produces that quantity of his product at which marginal cost and marginal revenue are equal. Is he earning maximum profits? Give reasons for your answer.