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A benefit, profit, or value of something that must be given up to acquire or achieve something else. Since every resource (land, money, time, etc.) can be put to alternative uses, every action, choice, or decision has an associated opportunity cost.
Opportunity costs are fundamental costs in economics, and are used in computing cost benefit analysis of a project. Such costs, however, are not recorded in the account books but are recognized in decision making by computing the cash outlays and their resulting profit or loss.

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Sudhir says, 'cotton textile industry' is a macroeconomic study.Sanjay counters him that it is microeconomic study.Their teacher Omji says that Sanjay is correct.Justify.

Posted by Devesh Meena 6 years, 2 months ago

CBSE > Class 11 > Economics

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In our exams i get some questions which are related to real life from the chapters so how can i answer that questions

Posted by Jai Shree 6 years, 2 months ago

CBSE > Class 11 > Economics

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Sateties exercises

Posted by Ankaj Kumar 6 years, 2 months ago

CBSE > Class 11 > Economics

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Distinguish between change in demand and change in quantity demand

Posted by Nitish Kumar 6 years, 2 months ago

CBSE > Class 11 > Economics

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Sowmyen Rp 6 years, 2 months ago

When quantity demand changes due to only price it is change in quantity demend. When quantity demend changes due to any factor it is known as change in demand.

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What will be the effect on PPC with the introduction of GST in India in the :- (a) short run (b) long run Draw diagrams in both the parts explaining the reason.

Posted by ❣️Neel❣️Batra❣️ . 6 years, 2 months ago

CBSE > Class 11 > Economics

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Explain law of demand ? Using diagram

Posted by Riya Negi 6 years, 2 months ago

CBSE > Class 11 > Economics

1 answers

Bhavesh Sharma 6 years, 2 months ago

Law of demand states the inverse relationship between quantity demanded for a commodity and price of that commodity.

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Write the relative position of mean ,median and mode

Posted by Sufiyan Choudhary 6 years, 2 months ago

CBSE > Class 11 > Economics

1 answers

Devansh Pandey 6 years, 1 month ago

3 median = mode - 2 mean in statistics

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Explain the attainment of consumer's equilibrium through indifference curve analysis.

Posted by Shubhi Malik 6 years, 2 months ago

CBSE > Class 11 > Economics

1 answers

Yogita Ingle 6 years, 2 months ago

We know, a consumer always aims at maximising his/her utility or satisfaction level. A rational consumer, with well defined preferences, will always choose the best bundle among all the bundles available to him, given his/her money income and the prices of the goods and services. In other words, a consumer always tries to attain the highest possible
IC given his/her budget set.
Recall, that consumption bundles that lie below the budget line leave the consumer with some unspent income. As compared to this the consumption bundles that lie on the budget line will have more of at least one of the goods and no less of the other. In other words, the consumption bundles that lie on the budget line will be more preferred than those that lie below the budget line. As against this, the consumption bundles that lie above the budget line are unaffordable (i.e. the consumer cannot purchase those bundles with his given money income).
From this analysis it can be inferred that the optimum bundle for the consumer must lie on the budget line. The question now arises is where exactly on the budget line.
A consumer attains equilibrium at the point where the budget line is tangent to the indifference curve. This optimum point is characterised by the following equality.

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A consumer consume two goods as in an equilibrium. Using utiliy analysis, explain the reaction of consumer. if- 1. Price of commodity X rises 2. Price of commodity X fall 3. Price of commodity Y rises 4. Price of commodity Y fall

Posted by Shubhi Malik 6 years, 2 months ago

CBSE > Class 11 > Economics

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Difference between macro and micro economics

Posted by Dilbag Tanwer 6 years, 2 months ago

CBSE > Class 11 > Economics

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Shubhi Malik 6 years, 2 months ago

1. Micro economics studies the behaviour of individual units of an economy whereas macro economics studies the behaviour of aggregates of the economy as a whole. 2. The tools of micro economics are demand and supply, whereas macro economics are aggregate demand and aggregate supply.

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Difference between normative and positive economics

Posted by Dilbag Tanwer 6 years, 2 months ago

CBSE > Class 11 > Economics

3 answers

Saniya Khan 6 years, 2 months ago

Positive economics - A positive economics science deals with "things as they are "these statements can be empirically verified as these are based upon facts these are not suggestive in nature these deals with realistic situations. Normative economics - These statements tell us "what ought to be " these tell how economic problems should be solved these deals with idealistic situations these statements cannot be empirically verified these are called suggestive in nature.

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Mohit Kumar 6 years, 2 months ago

Normative economic is deals with what ought to be and how to be solved and also it cannot be verified actual data

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Mohit Kumar 6 years, 2 months ago

Positive economic is deals with what are economic problem and how are actually solved and also it can be verified actual data

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Assuming that no resources are equally efficient in the production of all the goods. Name the curve which shows production potential of the economy. Explain giving its reason and property.

Posted by Muskaan Jha 6 years, 2 months ago

CBSE > Class 11 > Economics

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Show the demand curve in case of perfectly inelastic demand?

Posted by Krish Arya 6 years, 2 months ago

CBSE > Class 11 > Economics

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Factors affecting demand

Posted by Akash Khurana 6 years, 2 months ago

CBSE > Class 11 > Economics

1 answers

Shubhi Malik 6 years, 2 months ago

1. Price of the given commodity (Px). 2. Prices of related goods(Pr). 3. Income of the consumer(Y). 4. Taste and preferences (T). 5. Expectation of change in price in future(F).

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Continuous series in mode CI 10-20 20-30 30-40 40-50 50-60 60-70 70-80 80-90 Frequency 4 10 25 15 23 22 12 9

Posted by Vikas Kumar 6 years, 2 months ago

CBSE > Class 11 > Economics

2 answers

Komal Padmanabhan 6 years, 2 months ago

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Prachi Jain 6 years, 2 months ago

30-40 25

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Ques no 29 of micro of class 11th of book sandeep garg

Posted by Khushi Yadav 6 years, 2 months ago

CBSE > Class 11 > Economics

2 answers

❣️Neel❣️Batra❣️ . 6 years, 2 months ago

Chapter ?

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Shubhi Malik 6 years, 2 months ago

Which chapter?

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Important chapters in statistics

Posted by Sahil Singh 6 years, 2 months ago

CBSE > Class 11 > Economics

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Ankita J 6 years, 2 months ago

5 & 4 are very imp

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Calculate the quartile deviation and its coefficient from the following data? Class interval is 31-40,41-50,51-60,61-70,71-80,81-90 Frequency is 40,60,20,40,25,15

Posted by Shagufta Taiyabba 6 years, 2 months ago

CBSE > Class 11 > Economics

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What does ' nature of economy' mean?

Posted by Shivam Singh 6 years, 2 months ago

CBSE > Class 11 > Economics

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The bowed shape of the production possibilities curve illustrates: a. the law of increasing marginal cost c. that production is unattainable b. that production is inefficient d. the demand is relatively inelastic Top Answer

Posted by Abhishek Garg 6 years, 2 months ago

CBSE > Class 11 > Economics

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Diffrence between cardinal and ordinal utility

Posted by Adiii Agrawal 6 years, 2 months ago

CBSE > Class 11 > Economics

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Different between iferior good and normal good

Posted by Dhruv Jain 6 years, 2 months ago

CBSE > Class 11 > Economics

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What is consumer equibilirium

Posted by Ajeet Patel 6 years, 2 months ago

CBSE > Class 11 > Economics

2 answers

Adiii Agrawal 6 years, 2 months ago

When a consumer get higest level of satisfaction from two good with limited money income

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Virendra Sharma 6 years, 2 months ago

The consumer is in equilibrium when given his income and market prices he plans his expenditure in such a manner that he maximise his satisfaction

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if ∆p/p =0.2 and Price elasticity is -2 calculate thw percentage fall in demand also calculate the original expenditure if New expenditure is 180 at the price of 6

Posted by Řãhúł Jâîśwáľ 6 years, 2 months ago

CBSE > Class 11 > Economics

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what is cardinal apporach ?

Posted by Prabhjot Kaur 6 years, 2 months ago

CBSE > Class 11 > Economics

1 answers

Bhavesh Sharma 6 years, 2 months ago

In cardinal approach a consumer measures his satisfaction in terms of utils.

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What is law of DMU

Posted by Samraddhi Saxena 6 years, 2 months ago

CBSE > Class 11 > Economics

2 answers

Adiii Agrawal 6 years, 2 months ago

Dmu states that when we are consuming a particualr commodity again and again its satisfaction power goes on declining

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Khushboo Giri 6 years, 2 months ago

law of DMU states that as we consume more and more units of a commodity, the satisfaction level for that commodity goes on decreasing

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Effect on ppc due to various government policy write in 350 to 4000 words

Posted by Bhakti Patel 6 years, 2 months ago

CBSE > Class 11 > Economics

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What do you mean by production possibility curve? Explain with example.

Posted by Siddhant Kourav 6 years, 2 months ago

CBSE > Class 11 > Economics

3 answers

Khushboo Giri 6 years, 2 months ago

It is a graphical representation of the combination of two goods which can be produced with given technology and resources.

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Samraddhi Saxena 6 years, 2 months ago

It is a graphical representation of two goods which can be produced with the available of resources

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Parul Mittal 6 years, 2 months ago

PPC is a curve showing different possible combination of two goods which can be produced with the available resources. The construction of PPC is based on these assumptions : 1. Resources are given. 2. Given resources are fully and efficiently utilised. 3.technology ( technique of production) remains constant.

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