Micro PYQ — Page 20

The price and quantity at a point on the demand curve of a good are given as 10 and 50 respectively. If the price is changed to 6 and as a result quantity changes to to 65, how do you explain the change.

A consumer is consuming two goods X and Y. If Muy=20, Mux=60 price of good Y=Rs 4, then what will be the price of good X if consumer it at equilibrium.

Find the value of price elasticity of demand of a good whose demand decreases by 20% for an increase in its price of 10%.

The main issues of an economy are:

Which of the following is part of Microeconomics ?

Match List I with List II | List I: Economic issue | List II: Refers to | | --- | --- | | A. Scarcity | I. Based on facts | | B. Normative statement | II. Central problem of an economy | | C. Positive statement | III. Problem of choice | | D. What to produce | IV. Based on value judgment | Choose the correct answer from the options given below:

The downward movement along the demand curve of a commodity is due to: Choose the correct option.

The Central problems of an economy that relate to the question 'what to produce and in what quantities, does not deal in :

The demand for normal good _____ with an increase in income of the consumer.

Match List - I with List - II. | List - I | List - II | |---|---| | (A) Centrally planned economy | (I) Depends on demand and supply forces | | (B) Mixed economy | (II) Economic problem | | (C) Market economy | (III) Socialist economy | | (D) Problem of choice | (IV) Public and Private sector | Choose the correct answer from the options given below :

The cause for the demand curve's movement is:

A hypothetical economy has a piece of land which, in order of priority, can be used for building a school, a hospital, a factory and a residential complex. What is the opportunity cost of choosing the best alternative ?

Elasticity of demand is constant and equal to 1 at every point on the demand curve. The shape of such a demand curve would be :

Budget set of a consumer is defined as:

If tea and coffee can be used in place of one another, then which of the following statements hold true ? (A) Increase in price of tea leads to decrease in demand for coffee. (B) Increase in price of tea leads to increase in demand for coffee. (C) Tea and coffee are substitute goods. (D) Decrease in price of tea leads to increase in price of coffee. (E) Tea and Coffee are complimentary goods. Choose the correct answer from the options given below :

Problem of for whom to produce is related to _______.