The coefficient of price elasticity of supply of a good is 3. It is known as

__________ . (Choose the correct alternative)

Shift from Point A on Production Possibility Curve X1₁Y₁to Point B on X₂Y₂in the given figure indicates : (Choose the correct alternative)

Mention any two examples of the implicit cost incurred by a firm.

OR

Define variable cost.

Discuss briefly the central problem of ‘‘How to produce’’.

OR

Classify the following statements into positive economics or normative economics, with suitable reasons :

(a) The autonomy of the central bank of a country should be maintained as per the law.

(b) Nominal Gross Domestic Product (GDP) is calculated based on ‘current year prices'.

Discuss the relationship between total utility and marginal utility, using a hypothetical schedule.