Contents

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Description

This paper provides answers to the following questions -
Q.1 Price elasticity of demand depends on various factors. Explain each factor with the help of an example.
Q.2 A company is selling a particular brand of tea and wishes to introduce a new flavor. How will the company forecast demand for it?
Q.3 The supply of a product depends on the price. What are the other factors that will affect the supply of a product.
Q.4 Show how producers equilibrium is achieved with isoquants and isocost curves.
Q.5 Discuss the full cost pricing and marginal cost pricing method. Explain how the two methods differ from each other
Q.6 Discuss the price output determination using profit maximization under perfect competition in the short run.
Q.7 Income elasticity of demand has various applications. Explain each application with the help of an example.
Q.8 When is the opinion survey method used and what is the effectiveness of the method.
Q.9 Show how price is determined by the forces of demand and supply, by using forces of equilibrium.
Q.10 Distinguish between fixed cost and variable cost using an example.
Q.11 Discuss Marris Growth Maximization model ?
Q.12 Explain how fiscal policy is used to achieve economic stability