Download Class XII Economics Chapter 2-Utility analysis

INDIAN SCHOOL MUSCAT
DEPARTMENT OF COMMERCE, ECONOMICS AND HUMANITIES
ENRICHMENT WORKSHEET-4
CLASS XII – MICRO ECONOMICS
Date of issue:----------------------Reference: Introductory Micro economics
I. Answer in one sentence each.
1. Define Demand.
2. What are Giffen goods?
3. What could be the shape of demand curve which of unitary elastic?
4. Define price elasticity of demand.
5. State the equation for a linear demand function.
6. Draw a demand curve with price elasticity of demand is infinity.
II. Answer in 30 words each
7. Distinguish between normal good and inferior good. Use examples.
8. Distinguish between complementary good and substitute good with example.
9. What are the reasons for a shift in demand curve to right?
10. What are the reasons for a shift in demand curve to left?
11. What are the assumptions of law of demand?
III. Answer in 40 words each
12. State law of demand. With a schedule and diagram
13. How is consumer’s expenditure on a good and its elasticity of demand related?
14. Distinguish between change in quantity demanded and change in demand.
IV. Answer in 100 words each
15. What are the major factors that determine price elasticity of demand for a good?
16. Using diagram explain the determinants of demand for a good
17. Briefly explain the three methods of measuring price elasticity of demand.
18. Briefly explain the theory of consumer equilibrium of with two-commodity
model.