{"id":5188,"date":"2016-05-20T11:49:00","date_gmt":"2016-05-20T06:19:00","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-eco-micro-02-theory-of-consumer-behaviour\/"},"modified":"2018-10-22T14:41:37","modified_gmt":"2018-10-22T09:11:37","slug":"ncert-solutions-class-12-economics-theory-of-consumer-behaviour","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-consumer-behaviour\/","title":{"rendered":"NCERT Solutions class 12 Economics Theory of consumer behaviour"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-consumer-behaviour\/#Microeconomics\" >Microeconomics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-consumer-behaviour\/#Macroeconomics\" >Macroeconomics<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-consumer-behaviour\/#CHAPTER_Two_Theory_o_Consumer_Behavior\" >CHAPTER Two\u00a0Theory o Consumer Behavior<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-consumer-behaviour\/#NCERT_Solutions_class_12_Economics_Theory_of_consumer_behaviour\" >NCERT Solutions class 12 Economics Theory of consumer behaviour<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-consumer-behaviour\/#NCERT_Solutions_for_Class_12_Economics\" >NCERT Solutions for Class 12 Economics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-consumer-behaviour\/#CBSE_App_for_Students\" >CBSE App for Students<\/a><\/li><\/ul><\/nav><\/div>\n<p>NCERT Solutions class 12 Economics Theory of consumer behaviour Class 12 Economics book solutions are available in PDF format for free download. These ncert book chapter wise questions and answers are very helpful for CBSE board exam. CBSE recommends NCERT books and most of the questions in CBSE exam are asked from NCERT text books. Class 12 Economics chapter wise NCERT solution for Economics part 1 and Economics part 2 for all the chapters can be downloaded from our website and myCBSEguide mobile app for free.<\/p>\n<p><strong>Download\u00a0<a href=\"https:\/\/mycbseguide.com\/downloads\/cbse-class-12-economics\/1327\/ncert-solutions\/5\/\">NCERT solutions for\u00a0Theory of consumer behaviour\u00a0<\/a>\u00a0as PDF.<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/media-mycbseguide.s3.ap-south-1.amazonaws.com\/images\/blog\/12%20Economics%20Book%20pic.jpg\" alt=\"NCERT Solutions class 12 Economics Micro Introduction\" width=\"131\" height=\"171\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Microeconomics\"><\/span><strong>Microeconomics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Introduction<\/li>\n<li>Theory o Consumer Behavior<\/li>\n<li>Production and Costs<\/li>\n<li>Theory of Firm Under Perfect Competition<\/li>\n<li>Market Competition<\/li>\n<li>Non Competitive Markets<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Macroeconomics\"><\/span><strong>Macroeconomics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Introduction<\/li>\n<li>National Income Accounting<\/li>\n<li>Money and Banking<\/li>\n<li>Income Determination<\/li>\n<li>Government Budget and Economy<\/li>\n<li>Open Economy Macroeconomics<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"CHAPTER_Two_Theory_o_Consumer_Behavior\"><\/span><strong>CHAPTER Two\u00a0<\/strong>Th<strong>eory o Consumer Behavior<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>The Consumer\u2019s Budget\n<ol>\n<li>Budget Set<\/li>\n<li>Budget Line<\/li>\n<li>Changes in the Budget Set<\/li>\n<\/ol>\n<\/li>\n<li>Preferences of the Consumer\n<ol>\n<li>Monotonic Preferences<\/li>\n<li>Substitution between Goods<\/li>\n<li>Diminishing Rate of Substitution<\/li>\n<li>Indifference Curve<\/li>\n<li>Shape of the Indifference Curve<\/li>\n<li>Indifference Map<\/li>\n<li>Utility<\/li>\n<\/ol>\n<\/li>\n<li>Optimal Choice of the Consumer<\/li>\n<li>Demand\n<ol>\n<li>Demand Curve and the Law of Demand<\/li>\n<li>Normal and Inferior Goods<\/li>\n<li>Substitutes and Complements<\/li>\n<li>Shifts in the Demand Curve<\/li>\n<li>Movements along the Demand Curve and Shifts in the Demand Curve<\/li>\n<\/ol>\n<\/li>\n<li>Market Demand<\/li>\n<li>Elasticity of Demand\n<ol>\n<li>Elasticity along a Linear Demand Curve<\/li>\n<li>Factors Determining Price Elasticity of Demand for a Good<\/li>\n<li>Elasticity and Expenditure<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"NCERT_Solutions_class_12_Economics_Theory_of_consumer_behaviour\"><\/span>NCERT Solutions class 12 Economics Theory of consumer behaviour<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">1. What do you mean by the budget set of a consumer?<\/p>\n<p style=\"text-align: justify;\">2. What is budget line?<\/p>\n<p style=\"text-align: justify;\">3. Explain why the budget line is downward sloping.<\/p>\n<p style=\"text-align: justify;\">4. A consumer wants to consume two goods. The prices of the two goods are Rs. 4 and Rs. 5 respectively. The consumer\u2019s income is Rs 20.<\/p>\n<p style=\"text-align: justify;\">(i) Write down the equation of the budget line.<\/p>\n<p style=\"text-align: justify;\">(ii) How much of good 1 can the consumer consume if she spends her entire income on that good?<\/p>\n<p style=\"text-align: justify;\">(iii) How much of good 2 can she consume if she spends her entire income on that good?<\/p>\n<p style=\"text-align: justify;\">(iv) What is the slope of the budget line?<\/p>\n<p style=\"text-align: justify;\">Questions 5, 6 and 7 are related to question 4.<\/p>\n<p style=\"text-align: justify;\">5. How does the budget line change if the consumer\u2019s income increases to Rs.\u00a0\u00a0 40 but the prices remain unchanged?<\/p>\n<p style=\"text-align: justify;\">6. How does the budget line change if the price of good 2 decreases by a rupee but the price of good 1 and the consumer\u2019s income remain unchanged?<\/p>\n<p style=\"text-align: justify;\">7. What happens to the budget set if both the prices as well as the income double?<\/p>\n<p style=\"text-align: justify;\">8. Suppose a consumer can afford to buy 6 units of good 1 and 8 units of good 2 if she spends her entire income. The prices of the two goods are Rs 6 and Rs 8 respectively. How much is the consumer\u2019s income?<\/p>\n<p style=\"text-align: justify;\">9. Suppose a consumer wants to consume two goods which are available only in integer units. The two goods are equally priced at Rs 10 and the consumer\u2019s income is Rs 40.<\/p>\n<p style=\"text-align: justify;\">(i) Write down all the bundles that are available to the consumer.<\/p>\n<p style=\"text-align: justify;\">(ii) Among the bundles that are available to the consumer, identify those which cost her exactly Rs 40.<\/p>\n<p style=\"text-align: justify;\">10. What do you mean by \u2018monotonic preferences\u2019?<\/p>\n<p style=\"text-align: justify;\">11. If a consumer has monotonic preferences, can she be indifferent between the bundles (10,8) and (8, 6)?<\/p>\n<p style=\"text-align: justify;\">12. Suppose a consumer\u2019s preferences are monotonic. What can you say about her preference ranking over the bundles (10, 10), (10, 9) and (9, 9)?<\/p>\n<p style=\"text-align: justify;\">13. Suppose your friend is indifferent to the bundles (5, 6) and (6, 6). Are the preferences of your friend monotonic?<\/p>\n<p style=\"text-align: justify;\">14. Suppose there are two consumers in the market for a good and their demand functions are as follows: <img decoding=\"async\" style=\"height: 24px; width: 96px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch02\/image048.png\" \/>\u00a0for any price less than or equal to 20, and <img decoding=\"async\" style=\"height: 24px; width: 64px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch02\/image049.png\" \/>at any price greater than 20. <img decoding=\"async\" style=\"height: 24px; width: 107px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch02\/image050.png\" \/>for any price less than or equal to 15 and <img decoding=\"async\" style=\"height: 24px; width: 64px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch02\/image049.png\" \/>at any price greater than 15. Find out the market demand function.<\/p>\n<p style=\"text-align: justify;\">15. Suppose there are 20 consumers for a good and they have identical demand functions:<\/p>\n<p style=\"text-align: justify;\">d(p) = 10 \u2013 3p for any price less than or equal to <img decoding=\"async\" style=\"height: 42px; width: 22px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch02\/image060.png\" \/>\u00a0and <img decoding=\"async\" style=\"height: 24px; width: 64px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch02\/image049.png\" \/>\u00a0at any price greater than<img decoding=\"async\" style=\"height: 42px; width: 22px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch02\/image060.png\" \/>. What is the market demand function?<\/p>\n<p style=\"text-align: justify;\">16. Consider a market where there are just two consumers and suppose their demands for the good are given as follows:<\/p>\n<table style=\"height: 369px;\" border=\"1\" width=\"760\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"height: 16.5pt; width: 12.1pt;\">\n<p style=\"text-align: justify;\">P<\/p>\n<\/td>\n<td style=\"height: 16.5pt; width: 12.15pt;\">\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"height: 24px; width: 17px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch02\/image070.png\" \/><\/p>\n<\/td>\n<td style=\"height: 16.5pt; width: 12.15pt;\">\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"height: 24px; width: 19px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch02\/image071.png\" \/><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.3pt; width: 12.1pt;\">\n<p style=\"text-align: justify;\">1<\/p>\n<\/td>\n<td style=\"height: 13.3pt; width: 12.15pt;\">\n<p style=\"text-align: justify;\">9<\/p>\n<\/td>\n<td style=\"height: 13.3pt; width: 12.15pt;\">\n<p style=\"text-align: justify;\">24<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.7pt; width: 12.1pt;\">\n<p style=\"text-align: justify;\">2<\/p>\n<\/td>\n<td style=\"height: 12.7pt; width: 12.15pt;\">\n<p style=\"text-align: justify;\">8<\/p>\n<\/td>\n<td style=\"height: 12.7pt; width: 12.15pt;\">\n<p style=\"text-align: justify;\">20<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.3pt; width: 12.1pt;\">\n<p style=\"text-align: justify;\">3<\/p>\n<\/td>\n<td style=\"height: 13.3pt; width: 12.15pt;\">\n<p style=\"text-align: justify;\">7<\/p>\n<\/td>\n<td style=\"height: 13.3pt; width: 12.15pt;\">\n<p style=\"text-align: justify;\">18<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.7pt; width: 12.1pt;\">\n<p style=\"text-align: justify;\">4<\/p>\n<\/td>\n<td style=\"height: 12.7pt; width: 12.15pt;\">\n<p style=\"text-align: justify;\">6<\/p>\n<\/td>\n<td style=\"height: 12.7pt; width: 12.15pt;\">\n<p style=\"text-align: justify;\">16<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.7pt; width: 12.1pt;\">\n<p style=\"text-align: justify;\">5<\/p>\n<\/td>\n<td style=\"height: 12.7pt; width: 12.15pt;\">\n<p style=\"text-align: justify;\">5<\/p>\n<\/td>\n<td style=\"height: 12.7pt; width: 12.15pt;\">\n<p style=\"text-align: justify;\">14<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.3pt; width: 12.1pt;\">\n<p style=\"text-align: justify;\">6<\/p>\n<\/td>\n<td style=\"height: 13.3pt; width: 12.15pt;\">\n<p style=\"text-align: justify;\">4<\/p>\n<\/td>\n<td style=\"height: 13.3pt; width: 12.15pt;\">\n<p style=\"text-align: justify;\">12<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\">Calculate the market demand for the good.<\/p>\n<p style=\"text-align: justify;\">17. What do you mean by a normal good?<\/p>\n<p style=\"text-align: justify;\">18. What do you mean by an \u2018inferior good\u2019? Give some examples.<\/p>\n<p style=\"text-align: justify;\">19. What do you mean by substitutes? Give examples of two goods which are substitutes of each other.<\/p>\n<p style=\"text-align: justify;\">20. What do you mean by complements? Give examples of two goods which are complements of each other.<\/p>\n<p style=\"text-align: justify;\">21. Explain price elasticity of demand.<\/p>\n<p style=\"text-align: justify;\">22. Consider the demand for a good. At price Rs 4, the demand for the good is 25 units. Suppose price of the good increases to Rs 5, and as a result, the demand for the good falls to 20 units. Calculate the price elasticity.<\/p>\n<p style=\"text-align: justify;\">23. Consider the demand curve D (p) = 10 \u2013 3p. What is the elasticity at price <img decoding=\"async\" style=\"height: 42px; width: 14px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch02\/image094.png\" \/>?<\/p>\n<p style=\"text-align: justify;\">24. Suppose the price elasticity of demand for a good is \u2013 0.2. If there is a 5 % increase in the price of the good, by what percentage will the demand for the good go down?<\/p>\n<p style=\"text-align: justify;\">25. Suppose the price elasticity of demand for a good is \u2013 0.2. How will the expenditure on the good be affected if there is a 10 % increase in the price of the good?<\/p>\n<p style=\"text-align: justify;\">26. Suppose there was a 4 % decrease in the price of a good, and as a result, the expenditure on the good increased by 2 %. What can you say about the elasticity of demand?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"NCERT_Solutions_for_Class_12_Economics\"><\/span>NCERT Solutions for Class 12 Economics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>NCERT Solutions class 12 Economics Macro Introduction PDF (Download) Free from myCBSEguide app and myCBSEguide website. Ncert solution class 12 Economics includes text book solutions from both part 1 and part 2. NCERT Solutions for CBSE Class 12 Economics have total 12 chapters. 12 Economics NCERT Solutions in PDF for free Download on our website. Ncert Economics class 12 solutions PDF and Economics ncert class 12 PDF solutions with latest modifications and as per the latest CBSE syllabus are only available in myCBSEguide<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_App_for_Students\"><\/span>CBSE App for Students<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To download\u00a0NCERT Solutions for class 12 Physics, Chemistry, Biology, History, Political Science, Economics, Geography, Computer Science, Home Science, Accountancy, Business Studies and Home Science; do check myCBSEguide app or website. myCBSEguide provides sample papers with solution, test papers for chapter-wise practice, NCERT solutions, NCERT Exemplar solutions, quick revision notes for ready reference, CBSE guess papers and CBSE important question papers. Sample Paper all are made available through\u00a0<a href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.techchefs.MyCBSEGuide&amp;referrer=utm_source%3Dmycbse_bottom%26utm_medium%3Dtext%26utm_campaign%3Dmycbseads\"><strong>the best app for CBSE students<\/strong><\/a>\u00a0and myCBSEguide website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NCERT Solutions class 12 Economics Theory of consumer behaviour Class 12 Economics book solutions are available in PDF format for free download. These ncert book chapter wise questions and answers are very helpful for CBSE board exam. CBSE recommends NCERT books and most of the questions in CBSE exam are asked from NCERT text books. &#8230; <a title=\"NCERT Solutions class 12 Economics Theory of consumer behaviour\" class=\"read-more\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-consumer-behaviour\/\" aria-label=\"More on NCERT Solutions class 12 Economics Theory of consumer behaviour\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":-1,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1437,281],"tags":[283,1342,323,216],"class_list":["post-5188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics-cbse-class-12","category-ncert-solutions","tag-cbse-study-material","tag-class-12","tag-economics","tag-ncert-solutions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCERT Solutions class 12 Economics Theory of consumer behaviour<\/title>\n<meta name=\"description\" content=\"NCERT Solutions class 12 Economics Theory of consumer behaviour in PDF format for free download. 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