Note: The following question is for the Visually Impaired Candidates only, in lieu of Q. No. 8 (Alternative) :

How would the demand for a commodity be affected by a change in ‘‘tastes and preferences’’ of the consumers in favor of the commodity?

The market for a good is in equilibrium. How would an increase in an input price affect the equilibrium price and equilibrium quantity, keeping other factors constant? Explain using a diagram.

(a) The coefficient of price elasticity of demand for Good X is (-) 0.2. If there is a 5% increase in the price of the good, by what percentage will the quantity demand a good fall?

(b) Arrange the following coefficients of price elasticity of demand in ascending order :

OR

How would the demand for a commodity be affected by a change in ‘‘tastes and preferences’’ of the consumers in favor of the commodity? Explain using a diagram.

Which of the following statements are true or false? Give valid reasons in support of your answer.

(a) Average cost curve cuts Average variable cost curve, at its minimum level.

(b) Average product curve and Marginal product curve are ‘U-shaped’ curves.

(c) Under all market conditions, Average revenue and marginal revenue are equal to each other.

(d) Total cost curve and Total variable cost curve are parallel to each other.

OR

Explain a firm’s equilibrium under perfect competition, using a hypothetical schedule.

Explain the meaning of the following features of the Oligopoly Market :

(a) Non-Price Competition

(b) Few Sellers