NCERT Solutions for Class 12 Micro Economics Chapter-12 Market Equilibrium with Simple Applications NCERT TEXTBOOK QUESTIONS SOLVED Question 1. Explain market equilibrium. [1 Mark] Answer: Market equilibrium refers to the situation when market demand is equal to the market supply. Question 2. What will happen if the price prevailing in the market is (i) Above the … [Read more...]
NCERT Solutions for Class 12 Micro Economics Demand
NCERT Solutions for Class 12 Micro Economics Chapter - 3 Demand NCERT TEXTBOOK QUESTIONS SOLVED Question 1. Suppose there are two consumers in the market for a good and their demand functions are as follows: for any price than less 20, and at any price greater than or equal to 20. for any price less than 15 and at any price greater than or equal to 15. Find out the market … [Read more...]
NCERT Solutions for Class 12 Micro Economics Consumer Equilibrium
NCERT Solutions for Class 12 Micro Economics Chapter-2 Consumer Equilibrium NCERT TEXTBOOK QUESTIONS SOLVED Question 1. What do you mean by the budget set of a consumer? Or Define Budget Set. [CBSE 2011, 13] [1 Mark] Answer: Budget set is the collection of all bundles of goods that a consumer can buy with his income at the prevailing market prices. Question 2. What … [Read more...]
NCERT Solutions for Class 12 Micro Economics Introduction to Economics
NCERT Solutions for Class 12 Micro Economics Chapter-1 Introduction to Economics NCERT TEXTBOOK QUESTIONS SOLVED Question 1. Discuss the central problems of an economy. [4-6 Marks] Answer: The three central problems of an economy are: What to produce? [CBSE 2004C, 05, 06, 08, 08C, 09, 10; AI 2006, 10] (a) What to produce refers to a problem in which decision … [Read more...]