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Demand and Supply Question Bank

This document contains 37 questions related to concepts in economics including demand and supply, elasticity, costs, utility, and forecasting. Some questions ask for definitions of key terms like elasticity of demand, marginal cost, and cross elasticity of demand. Other questions ask about laws and relationships like the law of supply, price and quantity relationships, and factors that influence demand. Several questions are word problems that require calculations based on demand and supply schedules or equations.

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56 views2 pages

Demand and Supply Question Bank

This document contains 37 questions related to concepts in economics including demand and supply, elasticity, costs, utility, and forecasting. Some questions ask for definitions of key terms like elasticity of demand, marginal cost, and cross elasticity of demand. Other questions ask about laws and relationships like the law of supply, price and quantity relationships, and factors that influence demand. Several questions are word problems that require calculations based on demand and supply schedules or equations.

Uploaded by

nisajames
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

QUESTION BANK II

DEMAND AND SUPPLY


1. What is increase in demand?
2. Give the definition of elasticity of demand.
3. What is marginal cost?
4. State the law of supply.
5. What is contraction and expansion of demand?
6. Give the meaning of fixed cost and variable cost.
7. What is elasticity of supply?
8. What do you mean by marginal utility?
9. What do you mean by cross elasticity of demand?
10. Find out variable cost . Fixed cost =Rs. 50 ,Total cost =Rs 150.
11. Find out marginal utility, TU from the consumption of 2 oranges=25 units. TU from the
consumption of 3 oranges =35units.
12. Give any two examples of non-durable goods.
13. What is Giffen’s Paradox?
14. Define durable goods with examples.
15. What is demand forecasting?
16. What is increase and decrease in demand?
17. What is demand schedule?
18. Mention the price and quantity supplied relationship.
19. Give the meaning of demand curve.
20. What is a firm?
21. What is supply schedule?
22. State the law of demand.
23. Mention any 4 factors which influence demand.
24. What is shift in demand?
25. Mention the different types of demand?
26. Mention any three objectives of demand forecasting.
27. Mention the formula to calculate price elasticity of demand.
28. Distinguish between change in demand and expansion of demand.
29. What is increase and decrease in supply?
30. Explain the determinants of supply.
31. State and explain the law of demand.
32. What is price elasticity of demand / Find out it from the following data?
P1= 8, P2= 2, Q1= 100 units, Q2= 200 units.
33. What is the difference between Contraction and Decrease in demand?
34. A firm conducted a study of the demand of caps . It found that the
average daily demand (D) interms of price (P) is given by the equation D= 80-5P
a) How many caps per day the firm expect to sell at price Rs. 10 per
Cap?
b) If the firm wants to sell 50 caps per day what should it charge?

35. The Philips India company introduces a new TV product in a city with a demand function
Qd = 3000_5p
Questions:
a) Find out the demand schedules at prices Rs. 150, 250, 325, 400, 500.
b) At what prices Qd=0
c) If seller wants to sell 2500 sets, what Price should be fixed?
36. State and explain the law of demand .What are its exceptions.
37. What is elasticity of supply? Explain the different kinds of elasticity of
supply.

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