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Sample Paper – 2 (Elasticity)
1. What is price elasticity
…………………………….

of

demand

Price

elasticity

of

demand

means

……..
……………………………………………………………………………………………………………..
Elasticity of demand =
2. What is income elasticity of demand – Income elasticity of demand means
………………………
………………………………………………………………………………………………………………
…..
Income elasticity of demand =
3. What
is
cross
elasticity
…………………………………………………………………….

of

demand

………………………………………………………………………………………………………………
….
Cross elasticity of demand =

4. Two factors affecting the price elasticity of demand –
1) ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------2) ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------5. Factors affecting supply of a commodity –

.What is the shape of a perfectly elastic supply curve? .1) ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------2) ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------6. 7. The difference between extension & increase in supply – 1) -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------2) -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------8. law of supply states. Price elasticity of supply …………………………………… – Price elasticity of supply measures ……………………………………………………………………………………………………………… …. ……………………………………………………………………………………………………………… …. The law of supply – The …………………………………………………………. What is the shape of a perfectly inelastic supply curve? 10. 9.

Exception to the law of supply – a) -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------b) ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- .11.What is meant by an equilibrium -------------------------------------------------------------------------- price – ---------------------------------------------------------------------------------------------------------------------------------12.

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