A competitive firm sells as much as of its product as it chooses at a market price of Rs. 200 per unit. Its fixed cost is Rs. 600 and its variable costs (in rupees) for different levels of production are shown in the following table.

When production is 40 units, the average total cost is

Concerned about the poor state of the economy, a car dealer estimates that if income decreases by 4 per cent, car sales will fall from 352 to 335. Consequently, the income elasticity of demand for cars is approximately

A book seller estimates that if she increases the price of a book from Rs.60 to Rs.67, the quantity of books demanded will decrease from 2,035 to 1,946. The book’s price elasticity of demand is approximately

Question is based on the demand and supply diagrams in Figure 1. D₁ and S₁ are the original demand and supply curves. D₂,D₃,S₂ and S₃ are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?

In Figure 1(which represents the market for Mars Bars), the initial equilibrium is at the intersection of S₁ and D₁. Assume that the income of the consumers rises and at the same time there is an increase in the productivity in the production of Mars Bars. The new equilibrium will be:

Question is based on the demand and supply diagrams in Figure 1. D₁ and S₁ are the original demand and supply curves. D₂,D₃,S₂ and S₃ are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?

In Figure 1 (which represents the market for Mars Bars), the initial equilibrium is at the intersection of S₁ and D₁. Assuming that mars bars are an inferior good, the new equilibrium if there is a recession and wages of workers producing them fall is:

Question is based on the demand and supply diagrams in Figure 1. D₁ and S₁ are the original demand and supply curves. D₂,D₃,S₂ and S₃ are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?

In Figure 1 (which represents the market for Mars Bars), the initial equilibrium is at the intersection of S₁ and D₁. The new equilibrium if there is a health scare about the effect Mars Bars may have is:

Question is based on the demand and supply diagrams in Figure 1. D₁ and S₁ are the original demand and supply curves. D₂,D₃,S₂ and S₃ are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?

In Figure 1 (which represents the market for Mars Bars), the initial equilibrium is at the intersection of S₁ and D₁. The new equilibrium if there is rapid economic growth and the government also imposes a tax on Mars Bars is:

Question is based on the demand and supply diagrams in Figure 1. D₁ and S₁ are the original demand and supply curves. D₂,D₃,S₂ and S₃ are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?

If Figure 1 represents the market for Mars Bars, the initial equilibrium is at the intersection of S₁ and D₁. The new equilibrium if there is an increase in cocoa prices will be:

If out of 1000 population, 500 persons are in the labour force, 450 are employed, what is the unemployment rate?

If as a result of 20 percent fall in the ticket fares the demand for ‘watching movie’ in the cinema hall increases by 10 percent, then __________.