CBSE > Class 11 > Economics | CBSE Board | Homework Help

Economic cost is the combination of gains and losses of any goods that have a value attached to them by any one individual. Economic cost is used mainly by economists as means to compare the prudence of one course of action with that of another.

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What is A Central Problem?

Posted by Kush Acha 6 years, 11 months ago

CBSE > Class 11 > Economics

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Akash Negi 6 years, 11 months ago

Central problems are those problems which are common to our faces by every economy in the and mainly relates to 1)what to produce? 2)whome to produce? 3)How to produce?

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What Is An Economic Problem?

Posted by Kush Acha 6 years, 11 months ago

CBSE > Class 11 > Economics

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Suhani Sharma 6 years, 11 months ago

A theory that scarcity exists in the sense that only finite and insufficient resources are available to satisfy the needs and desires of all human beings. The fundamental economic problem then faced by human society and business operators is how to allocate scarce resources to the provision of various goods and services within the economy.

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Describe producer equilibrium

Posted by Raini Samaiya 6 years, 11 months ago

CBSE > Class 11 > Economics

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Yogita Ingle 6 years, 11 months ago

Producer’s equilibrium refers to a situation of profit maximisation. A producer strikes his equilibrium at that level of output, where profit is maximised. It is only when (a) MR = MC, and (b) MC is rising, these two conditions are satisfied, then a producer will reach the point of his equilibrium and maximising his profit.

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How can we explain correlation in simple words

Posted by Yashwant Sagar 7 years ago

CBSE > Class 11 > Economics

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Deepak Choubey 6 years, 11 months ago

Correlation indicates the relationship between two variable of a series so that change in value of is related with change in other variable.

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What is collusive & noncollusive? And differentiate them. Atleast 10.

Posted by Vanshika Bansal 7 years ago

CBSE > Class 11 > Economics

1 answers

Yogita Ingle 7 years ago

Collusive oligopoly is a form of market in which few firms form a mutual agreement to avoid competition. They form a cartel and fix the output quotas and the market price. Leading firm in the market is accepted by the cartel as a price leader. All the firms in the cartel accept the price as fixed by the price leader.

Non-collusive oligopoly is a form of market in which few firms. Each firm has its price and output policy is independent of the rival firms in the market. The entire firms enable to increase its market share through competition in the market.

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what is the shape of the average revenue curve under perfect competition

Posted by Madhu Bhusal 7 years ago

CBSE > Class 11 > Economics

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Yogita Ingle 7 years ago

Perfect competition is the term applied to a situation in which the individual buyer or seller (firm) represent such a small share of the total business transacted in the market that he exerts no perceptible influence on the price of the commodity in which he deals.

Thus, in perfect competition an individual firm is price taker, because the price is determined by the collective forces of market demand and supply which are not influenced by the individual. When price is the same for all units of a commodity, naturally AR (Price) will be equal to MR i.e., AR = MR.

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What is collusive & non collusive? And their difference?

Posted by Anita Bansal 7 years ago

CBSE > Class 11 > Economics

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Gaurav Seth 7 years ago

The following points highlight the difference between collusive oligopoly and non-collusive oligopoly.

Collusive Oligopoly	Non-collusive Oligopoly
Under this form of oligopoly, firms might decide to collude together and not to compete with each other.	In this form of oligopoly, firms do not collude and instead compete with each other.
Under collusive oligopoly, the firms would behave as a single monopoly and aim at maximising their collective profits rather than their individual profits.	Under non-collusive oligopoly, each firm aims at maximising its own profits and decides how much quantity to produce assuming that the other firms would not change their quantity supplied

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A point outside the ppc indicates

Posted by Mondeep Kumar 7 years ago

CBSE > Class 11 > Economics

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Arpita Dubey 6 years, 11 months ago

A point outside the ppc are unattainable point

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What is brand loyalty

Posted by Anita Bansal 7 years ago

CBSE > Class 11 > Economics

1 answers

Gaurav Seth 7 years ago

Brand loyalty occurs when a customer chooses to repeatedly purchase a product produced by the same company instead of a substitute product produced by a competitor. For example, some people will always buy Coke at the grocery store, while other people will always purchase Pepsi.

Brand loyalty is often based upon perception. A consumer will consistently purchase the same product because she perceives it as being the superior product among the choices available. You should note that brand loyalty usually relates to a product, not a company. For example, while you may be loyal to your Honda Accord, but when it comes to motorcycles, you might believe that a Harley leaves a Honda motorcycle in the dust.

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What is monopolistic market competition &its featuresand types

Posted by Tannu Tannu 7 years ago

CBSE > Class 11 > Economics

1 answers

Chesta Pawan Manchanda 6 years, 11 months ago

This market is same as monopoly means it is a price maker but it is more elastic than monopoly because it has more substitute than monopoly

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What is the meaning of dispersion ?????????

Posted by Himani ?? 7 years ago

CBSE > Class 11 > Economics

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Chesta Pawan Manchanda 7 years ago

Dispersion means how items are variance from the average of a series.

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Why economics teachers are so frustating!!!!????

Posted by Himani ?? 7 years ago

CBSE > Class 11 > Economics

3 answers

Yashwant Sagar 7 years ago

Yes you are right

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Himani ?? 7 years ago

Ooo i thik u r right !!! ?

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Chesta Pawan Manchanda 7 years ago

Because they have attitude problem

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Koiiii hai .. .?????

Posted by Shivi Tripathi 7 years ago

CBSE > Class 11 > Economics

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Define Variable proportion.

Posted by Neyma Xubba 7 years ago

CBSE > Class 11 > Economics

1 answers

Jatin Sahni 7 years ago

Law says that MP initially rises with its employment level but after reaching certain level of employment it starts falling

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Can any one help me by giving me all the formulas of production, cost and revenue?

Posted by Rishika Raj 7 years ago

CBSE > Class 11 > Economics

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What is the price elasticity of supply of M.F. hussain paintings.

Posted by Jatin Kataria 7 years ago

CBSE > Class 11 > Economics

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When a price of commodity fall from ₹ 10 to ₹9 per unit it quantity fall 30% calculate pes

Posted by Shivam Panwar 7 years ago

CBSE > Class 11 > Economics

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Rishika Raj 7 years ago

As the change in quantity demanded is given 30% we should find change in price ... That is 9-10/10×100= -10% Now, ped = -%change in qd/%change in price= -30/-10 = 3

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Any one plz tell me how to study economics in easyiest way

Posted by Suryapratap Shekhawat 7 years ago

CBSE > Class 11 > Economics

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Chesta Pawan Manchanda 7 years ago

Statistics is a subject which demands high concentration on it. And another thing is if u start doing practice u will not face any problem. Just start to understand the problems . Do smartwork instead of doing hardwork. In the case of microeconomics , it is a imaginary subject . Most of the things only can be imagine not can apply in real life . So you should start understand the concepts and imagine them like "what will happen if it happens?". By doing these things you really find economics easy. Best of luck.

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Suryapratap Shekhawat 7 years ago

Now

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Suryapratap Shekhawat 7 years ago

I cant follow in starting time so what to do

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Suryansh Singh 7 years ago

What ever taught just learnt or revise in home on same day

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Suryansh Singh 7 years ago

So easy just day by day

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Is rent for a SHED a variable cost or a fixed cost?

Posted by Vishaalakshi Sharma 7 years ago

CBSE > Class 11 > Economics

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Chesta Pawan Manchanda 6 years, 11 months ago

Fixed cost in short run.

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Delhi Jal Board supplies water to different consumers like households , farmers, shopkeepers at different rates. What is such policy known as? How is it possible for Delhi Jal Board to adopt such a policy?

Posted by Devasri Sri 7 years ago

CBSE > Class 11 > Economics

1 answers

Chesta Pawan Manchanda 7 years ago

It is known as price discrimination. In this policy a firm provides same product to different consumers at different prices. Delhi jal board can adopt this policy by excepting two conditions . First one is firm must be able to identify market segments by their price elasticity of demand. Second is firm must be able to enforce the scheme. Example: airlines it provides air tickets at different price to different people like business men who have perfectly inelastic demand.

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The Indian Government has opened up the insurance sector and allowed private participation. Earliar, only LIC was allowed to operate in life insurance sector. a) What type of market prevailed earlier and what type market exists now? b) What are the benefits of opening up of economy?

Posted by Devasri Sri 7 years ago

CBSE > Class 11 > Economics

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Just dial, Ask me, Sulekha are services that provide users with data about producers/sellers. b) Why are there only a few such services? c) Comment upon the shape of demand curve in such a market.

Posted by Devasri Sri 7 years ago

CBSE > Class 11 > Economics

1 answers

Chesta Pawan Manchanda 6 years, 11 months ago

There are only few services because in perfect competition there are no product differentiation. It's demand curve will be perfectly elastic

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Just dial , Ask me, Sulekha are serice that provide users with data about producers/sellers. a) What type of market structure do you think they operate ?why?

Posted by Devasri Sri 7 years ago

CBSE > Class 11 > Economics

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Chesta Pawan Manchanda 6 years, 11 months ago

They operate perfect competition market because there is homogeneous product

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A fire broke out in an office ,rendering all its employees unemployed. How will ot affect the demand curve of the employees?.

Posted by Devasri Sri 7 years ago

CBSE > Class 11 > Economics

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Chesta Pawan Manchanda 6 years, 11 months ago

Demand curve of employees will shift backward because they don't have income as well as other resources

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If a consumer has monotonic preference,can he/she be indifferent between bundles with (10,8),(8,6)?why?

Posted by Devasri Sri 7 years ago

CBSE > Class 11 > Economics

1 answers

Chesta Pawan Manchanda 7 years ago

Consumer will buy first bundle (10,8) because in monotonic preference consumer is thinking that he get maximum satisfaction when he get more commodities at similar price.

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It was reported in a national daily newspaper that there is 2.5% inflation in the necessary consumption items. Explain the impact of this inflation on the consumers equilibrium in a single commodity case.

Posted by Devasri Sri 7 years ago

CBSE > Class 11 > Economics