Class 11 Economics Demand, Supply and Market equilibrium Notes and Important Questions
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Important Questions
Based on the given data, compute Average Product (AP) and Marginal Product (MP). Graph the three stages of production according to the Law of Variable Proportions and explain each stage in detail.
Land (Fixed Input) | Labor (Variable Input) | Total Product (TP in units) |
10 | 0 | 0 |
10 | 1 | 15 |
10 | 2 | 35 |
10 | 3 | 60 |
10 | 4 | 80 |
10 | 5 | 90 |
10 | 6 | 90 |
10 | 7 | 84 |
10 | 8 | 72 |
Law of Variable Proportions Meaning & Concept.
Law of Variable Proportions Analysis
(a) Compute Average Product (AP) and Marginal Product (MP) in the table.
(b) Detail the three stages of production and identify the zone chosen by a rational firm.
Land (Fixed) | Labor (L) | Total Product (TP) | Average Product (AP = TP/L) | Marginal Product (MP = ΔTP) | Production Stage |
|---|---|---|---|---|---|
15 | 0 | 0 | |||
15 | 1 | 10 | |||
15 | 2 | 30 | |||
15 | 3 | 60 | |||
15 | 4 | 80 | |||
15 | 5 | 90 | |||
15 | 6 | 90 | |||
15 | 7 | 80 | |||
15 | 8 | 60 |
What is Price Elasticity of Demand? Explain its types.
What is Marginal Utility (MU)?
What is price elasticity of demand?
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Exam
This page covers Demand, Supply and Market equilibrium, chapter 6 of 19 in the Class 11 Economics syllabus set by the National Examination Board (NEB). 20 important questions for this chapter are available, each with a model answer.
For subjects like this one, examiners tend to reuse similar question patterns year to year — comparing this chapter's important questions against recent old NEB papers is one of the more efficient ways to revise.
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Introduction and characteristics of factors of production: Land, Labour, Capital and Organization
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Elasticity of demand and supply