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Consumer Equilibrium And Demand Test: 11th Class Economics

Vidyadhan Academy Pvt. Ltd.

19/12/2017 0 0

Questions [1 Marks Each]:

What is meant by utility?
How is Total utility derived from marginal utilities?
What is Law of Diminishing Marginal Utility?
What will be the behaviour of total utility when marginal utility is zero?
State condition of consumer's equilibrium in respect of one good.
Define Indifference curve Map.
What is meant by Marginal Rate of Substitution (MRS)?
Why does higher indifference curve give more satisfaction?
How is market demand schedule derived with the help of individual demand schedules?
A straight line demand curve is given. What will be elasticity of demand on the mid point of this curve.

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