MICROECONOMICS CH : 7 PRODUCTION FUNTION AND RETURNS TO A FACTOR — Economics STD 11 Commerce — Question

When do we say there is excess supply for a commodity in the market?

Owing to a host of initiatives taken by our government like improving Ease of Doing Business, FDI Policy reforms, etc., the flow of foreign capital to India has increased.

What do you mean by substitutes? Give examples of two goods which are substitutes of each other.

For those working under MGNREGA, the government has raised minimum employment from 100 to 150 days during an year. How would it impact the actual and potential level of output in the economy?

Utility Analysis studies consumer's equilibrium on the assumption that utility can be expressed in terms of units like 2, 4, 6. Indifference Curve Analysis, on the other hand, assumes that utility cannot be expressed in terms of units; it can at best be compared. Does it mean that consumer's equilibrium (in terms of the consumption of goods X and Y) should be different, using different assumptions?

2022 Assam floods killed as many as 197 people and caused extensive damage in various districts of the area.

"Discovery of natural gas in the international market leads to a cut in the petrol and diesel prices." Explain the economic theory to analyse the impact of the statement on the cost of production of the transport firms in India. Also analyse its impact on the cost of transportation.

What is the relation between Good-X and Good-Y, if with rise in the price of Good-X, demand for Good-Y rises? Give an example.

Owing to political considerations, Russia has banned the import of seafood from the European Countries. How would you analyse the impact of this decision (i) on the export of seafood from the Indian market, and (ii) on the domestic supplies of seafood in India?

Can there be some fixed cost in the long run? If not, why?