Download App

Theory of consumer behaviour — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsTheory of consumer behaviour4 Marks
Question
Define an indifference map. Why does an indifference curve to the right show more utility? Explain.
✓

Answer

Indifference map is the set of indifference curves.
An IC to the right shows more goods available to the consumer. By the assumption of monotonic preferences, more goods mean more utility.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "4 Marks Question" from Theory of consumer behaviour→Theory of consumer behaviour — all question types→Economics STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Demand curve facing a monopoly firm is a constraint for the monopolist." Comment.
→
The price elasticity of demand for a good is – 0.4. If its price increases by 5 percent, by what percentage will its demand fall? Calculate.
→
From the following data regarding cost of a firm, calculate:
  1. Average fixed and
  2. Average variable cost:
    Output
    0
    1
    2
    3
    4
    5
    6
    Total Cost (₹)
    60
    78
    90
    102
    112
    120
    126
→
Differentiate between Short Period production and Long Period production function.
→
Given the price of a good, how will a consumer decide as to how much quantity of that good to buy? Use utility analysis.
→
Calculate Average Revenue (AR) and Marginal Revenue (MR):
Units Sold 1 2 3 4 5 6 7
TR (₹) 20 36 48 56 60 60 56
→
As a result of increase in price from $4$ to $5$, the quantity demanded decreases by $20\%.$ Comment on $PED$.
→
Explain the effects of change in income on demand for a good.
→
The price of a commodity is ₹ 5 per unit and its quantity supplied is ₹ 600 units. If its price rises to its quantity supplied rises by 25 percent. Calculate its price elasticity of supply.
→
What is the value of the MR when the demand curve is elastic?
→