Complete the following table. | ||
Output (Units) | Average Cost (Rs) | Marginal Cost (Rs) |
1 | 12 | ...... |
2 | 10 | ...... |
3 | ..... | 10 |
4 | 10.5 | ...... |
5 | 11 | ...... |
6 | ..... | 17 |
The demand for good rises by 20 percent as a result of all in its price. Its price elasticity of demand (-) 0.8. Calculate the percentage fall in price. [4] |
Or |
How is price elasticity of demand affected by? |
(i) Number of substitutes of available for the good, |
(ii) Nature of the good |
In an economy, \[\mathbf{S}=-\mathbf{100}+\mathbf{0}.\mathbf{6Y}\] is the saving function, where S is saving and Y is National Income. If investment expenditure is 1100. Calculate: |
(i) Equilibrium level of National Income |
(ii) Consumption expenditure of equilibrium level of National Income. |
Complete the following table: | |||
Income Rs | Saving Rs | Average Propensity to consume | Marginal Propensity to consume |
0 | \[-40\] | ..... | ..... |
50 | \[-20\] | ..... | ..... |
100 | 0 | ..... | 0.6 |
150 | 30 | 0.8 | ..... |
200 | 50 | ..... | ..... |
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