2021
ECONOMICS
Full Marks: 100
Pass Marks: 30
Time: 3 hours
The figures in the margin indicate full marks for the questions
PART – A
1. Answer the following as directed:
(a) What do you understand by market economy? 1
(b) Opportunity cost is also known as _______ cost. (Fill in the blank) 1
(c) Define utility. 1
(d) What is the shape of average product curve? 1
(e) What is the relation between marginal cost curve of a firm and its
supply curve? 1
(f) What is price-ceiling? 1
2. What are the central problems of an
economy? 2
Or
What does a production
possibility curve indicate? 2
3. Write the law of diminishing marginal
utility. 2
Or
What is complementary good?
Write with example. 2
4. What do you understand by fixed factor and
variable factor of production? 2
5. State the law of variable proportion. 2
Or
What is market supply? How is the market
supply curve derived? 1+1=2
6. Write the conditions for determining
profit maximizing output for a firm under perfect competition. 2
Or
“Firms under monopolistic competition produce
differentiated products.” Interpret the sentence. 2
AHSEC CLASS 11 CHAPTER-WISE NOTES
Part A: Introductory Micro Economics
Introduction to Micro Economics
Consumer Behaviour and Demand
Producer Behaviour and Supply
Forms of Market and Price Determination:
Simple Applications of Tools of Demand & Supply
Part B: Statistics for Economics
Collection, Organisation and Presentation of Data
Statistical Tools & Interpretation
Summary Notes of Statistics for Economics available here
7. (a) What does a budget line indicate? 1
(b) The slope of the budget line is _______.
(Fill in the blank) 1
Or
What do you understand by ‘monotonic preferences’? 2
8. Prepare an imaginary demand schedule and
on its basis, draw a demand curve. 4
Or
Discuss the characteristics of indifference
curve. 4
9. The following table gives total cost (TC)
schedule of a firm. Determine total variable cost (TVC), average variable cost
(AVC), average cost (AC) and marginal cost (MC) schedule: 4
|
Quantity
of Output (Q): |
0 |
1 |
2 |
3 |
4 |
|
Total
Cost (TC) : |
10 |
40 |
60 |
80 |
95 |
Or
(a) Define average fixed cost. 1
(b) When a firm produces 4 units of output,
its total cost is Rs. 40 and total variable cost is Rs. 20. Calculate average
fixed cost. 2
(c) Draw an average fixed cost curve. 1
10. Write four differences between perfectly
competitive market and monopoly market. 4
Or
Write the characteristics of monopolistic
competitive market. 4
11. Define the following: 1x4=4
(a) Normal profit.
(b) Super-normal profit.
(c)
Break-even point.
(d) Shut-down point.
12. Briefly discuss two factors that affect
supply curve of a firm. 4
Or
Diagrammatically explain how market
equilibrium is attained. 4
13. (a) What is marginal revenue of a firm? 1
(b) Write the difference between revenue and
profit of a firm. 1
(c) For a firm under perfect competition,
show that Price (P) = Average Revenue (AR) = Marginal Revenue (MR). 4
Or
(a) Define production function. 1
(b) What does an isoquant indicate? 1
(c) The slope of an isoquant is _______
(positive / negative / zero). (Fill in the blank with correct option) 1
(d) The production function for a firm is
given as
14. What do you understand by movement along
the demand curve and shift in the demand curve? Explain with the help of
diagram. 6
Or
(a) What does price elasticity of demand
indicate? 1
(b) Write the formula of calculating price
elasticity of demand. 1
(c) What do you understand by ‘elastic demand’
and ‘inelastic demand’? 2
(d) When the price of a commodity is Rs. 4,
then 25 units of it is demanded. When the price increases to Rs. 5, the
quantity demanded falls to 20 units. Calculate price elasticity of demand. 2
PART – B
15. Answer the following as directed:
(a) Who is known as the father of economics? 1
(b) Give the meaning of statistics in plural sense. 1
(c)
What is primary data? 1
(d) Statistics deals only with quantitative data. (Write whether the
statement is True or False) 1
(e) Arithmetic mean is mostly affected by _______. (Fill in the blank) 1
(f)
Index numbers are also termed
as _______. (Fill in the blank) 1
16. Write two importance’s of statistics in
economics. 2
Or
Mention any two limitations of statistics. 2
17. Write two advantages of direct personal
investigation method of data collection. 2
Or
Write two advantages of classification of
data. 2
18. What do you understand by class frequency
and class interval? 2
Or
Write two differences between discrete and
continuous variable. 2
19. Write two characteristics of a good
average. 2
20. Write two merits of mode. 2
21. Write the formula of calculating median
for continuous frequency distribution. 2
Or
Give the formula of calculating arithmetic
mean by step deviation method in case of continuous series. 2
22. What are the advantages of sampling
method of data collection over the census method? 4
Or
Write the characteristics of a good
questionnaire. 4
23. Briefly discuss the importance of index
number. 4
Or
Mention the steps in constructing index
number. 4
24. Define correlation. What do you
understand by positive, negative and zero correlation? Write with example. 1+1+1+1=4
Or
Explain the concept of scatter diagram. 4
25. What is range? Write one merit and two
demerits of range. 1+1+2=4
Or
Write a short note on ‘measures of
dispersion’. 4
26. Discuss the limitations of median. 4
Or
Determine median for the following
distribution: 4
|
Wages
(in Rs.) |
20 |
21 |
22 |
23 |
24 |
25 |
26 |
27 |
28 |
|
No.
of Workers: |
8 |
10 |
11 |
16 |
20 |
25 |
19 |
9 |
6 |
27. Briefly discuss the merits and demerits
of arithmetic mean. 6
Or
(a) What do you understand by measures of
central tendency? 1
(b) What are the three main types of measures
of central tendency? Define each of them.
1+3=4
(c) Write the empirical relation between
mean, median and mode. 1
28. Briefly discuss four advantages and two
disadvantages of diagrammatic presentation of data. 4+2=6
Or
What do you understand by tabulation of data?
Briefly discuss the objective of tabulation of data. 2+4=6
***
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