Q8 of 36 Page 1

Distinguish between ‘increase in demand’ and ‘increase in quantity demanded’ of a good.

The points of difference between ‘increase in demand’ and ‘increase in quantity demanded’ of a good are –


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6

Give the meaning and characteristics of production possibility frontier.

 7

Explain the problem of ‘‘how to produce’’.

 8

Explain the meaning of ‘Budget set’ and ‘Budget line’.

 9

Explain with the help of a numerical example, the meaning of diminishing marginal rate of substitution.