Class 11 Economics Elasticity of demand and supply Notes and Important Questions
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Important Questions
What is Price Elasticity of Demand? Explain the Total Outlay Method of measuring price elasticity of demand with a table and diagram.
What is Total Utility when Marginal Utility is zero?
Define Price Elasticity of Demand.
Define Price Elasticity of Demand.
Complete the following table and show the relationship between Total Utility (TU) and Marginal Utility (MU):
Units Consumed | Total Utility (TU) | Marginal Utility (MU) |
1 | 12 | 12 |
2 | 20 | ? |
3 | 25 | ? |
4 | 27 | ? |
5 | 27 | ? |
6 | 24 | ? |
Based on the data below, determine:
(a) Elasticity of supply when price increases from Rs. 5 to Rs. 15
(b) Elasticity of supply when price drops from Rs. 15 to Rs. 10
Supply Schedule
Price (Rs.) | Quantity Supplied (Kg) |
|---|---|
5 | 1 |
10 | 2 |
15 | 3 |
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Exam
This page covers Elasticity of demand and supply, chapter 7 of 19 in the Class 11 Economics syllabus set by the National Examination Board (NEB). 8 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.