Exercise : Solutions of Questions on Page Number : 99 Q1 :What would be the shape of the demand curve so that the total revenue curve is (a) a positively …
Exercise : Solutions of Questions on Page Number : 84 Q1 :Explain market equilibrium. Answer : Market equilibrium is defined as the state of rest that is determined by the …
Exercise : Solutions of Questions on Page Number : 66 Q1 :What are the characteristics of a perfectly competitive market? Answer : Perfect Competition This type of market structure refers …
Exercise : Solutions of Questions on Page Number : 49 Q1 :Explain the concept of a production function. Answer : The production function of a firm depicts the relationship between …
Exercise : Solutions of Questions on Page Number : 34 Q1 :What do you mean by the budget set of a consumer? Answer : It refers to the set of …
Exercise : Solutions of Questions on Page Number : 7 Q1 :Discuss the central problems of an economy. Answer : Every economy faces three central problems due to scarce availability …
Exercise : Solutions of Questions on Page Number : 96 Q1 :Differentiate between balance of trade and current account balance. Answer : Points of difference Balance of trade Current account …
Exercise : Solutions of Questions on Page Number : 74 Q1 :Explain why public goods must be provided by the government. Answer : A good that is non-rival and non-excludable …
Exercise : Solutions of Questions on Page Number : 59 Q1 :What is marginal propensity to consume? How is it related to marginal propensity to save? Answer : Marginal propensity …
Exercise : Solutions of Questions on Page Number : 46 Q1 :What is a barter system? What are its drawbacks? Answer : Barter system is a system that was used …