economics grade 11 case study term 3 questions and answers

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Case Study Questions Class 11 Economics

Students should refer to the following Case Study Questions Class 11 Economics which have been provided below as per the latest syllabus and examination pattern issued by CBSE, NCERT, and KVS. As per the new examination guidelines issued for the current academic year, case study-based questions will be asked in the Grade 11 Economics exams. Students should understand the case studies provided below and then practice these questions and answers provided by our teachers.

Class 11 Economics Case Study Questions

Please click on the links below to access free solved Case Study Questions for Class 11 Economics. We have provided chapter-wise case studies with solved questions. Please carefully understand each case and related questions before attempting the questions. Our teachers have provided answers to all questions so that you can compare your answers.

We have also provided MCQ Question for Class 11 Economics which will be asked in the upcoming exams in Grade 11. As this year many questions will be MCQ-based and there will also be a few case studies in the question papers. Students should go through all chapter-wise Case Study Questions for Class 11 Economics. We have provided many other useful links and study material for Standard 11th Economics for the benefit of students. All content has been provided for free so that the students can take full benefit and get better marks in examinations. Incase any student faces any doubts, please provide your comments in the section below so that our faculty is able to respond to your questions.

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Class 11 Economics Sample Papers, Notes & Mock Tests

Access CBSE class 11 Economics Sample Papers, NCERT Solutions, Notes, Test Papers, and Important Questions for practice. You can get this premium course content on the myCBSEguide app.

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Introduction to microeconomics & central problems, consumer’s equilibrium - utility & indifference curve, theory of demand, price elasticity of demand, production function & returns to a factor, concepts of cost, concepts of revenue, producer’s equilibrium, theory of supply & price elasticity, forms of market, introduction to statistics, price determination in perfect competition, collection of data, organisation of data, presentation of data, measures of central tendency, correlation, introduction to index number.

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CBSE Important Questions

Cbse value based questions, other useful resourses,   online tests,   learning videos.

As a social science subject has a great influence on every human being. Since we all are, knowingly or unknowingly, part of some sort of economic activity. Our economic life is bound to change, therefore our knowledge of economics needs to be updated according to these changes. Introduced at the secondary level, economics in the CBSE curriculum plays an important role. It grounds children's education in their own experiences. At the senior secondary level, students are exposed to this subject with an aim to make them well up on the economic realities through observation and analytical skills. One of India's best education apps myCBSEguide  brings all the course content for Class 11 Economics to the students on one platform. 

CBSE Class 11 Economics Study Material

The learners are introduced to the subject of economics as a theory of abstraction at the senior secondary level. This gives them opportunities to explore various economic issues both from their day-to-day life and also from issues, which are broader and invisible. The academic skills that they acquire in these courses would help to develop the projects and activities. They need to exercise their power of thinking and develop their perception.

Students in the first leg of senior secondary i.e., preparing for class 11 Economics, should have the comprehensive study material to drive away any confusion. Hence, they require methodically-designed course content for Class 11 Economics which is available on myCBSEguide . Here they can find everything related to the senior secondary Economics curriculum. Here's a list of useful resources for Class 11 Economics.

• CBSE Toppers Answer Sheet
• Online Tests
• Learning Videos

Out of these, those which are available in PDF and you can easily download are CBSE Class 11 Economics Syllabus, Sample Papers, Last Year Papers, Test Papers, Revision Notes, Toppers Answer Sheet, and CBSE Important Questions.

CBSE Class 11 Economics Syllabus

The senior secondary Economics syllabus is expected to provide opportunities to use information in understanding national economic operations. It would also facilitate their learning process. Hence the chapters of the curriculum focus on honing these conceptual market skills of the students. CBSE class 11 Economics has two separate sections and respective books:  Micro Economics  and the other on Statistics , students can download the  myCBSEguide app which provides complete course content for both books. 

The senior secondary economics courses also contain many projects and activities. For details check our blog on  Class 11 Economics Syllabus 2022-23 .

CBSE Class 11 Economics Important Questions & Notes

Every chapter has some important section that carries the maximum weightage. Students must know this section very well so that they do not miss out on the chance to score good marks/grades in the exam. We at myCBSEguide have an important questions section in all the subjects. You can find the important questions for Class 11 Economics on our dashboard. The important questions or extra questions are a set of a few questions which should not be skipped by anyone taking the class 11 economics test. 

Students can find the synopsis of every chapter in our revision notes section. These notes are sorted chapter-wise notes and can come in handy for quick preparation or chapter revision of school-based annual examinations. 

Class 11 Economics Chapter Wise Revision Notes 

• Economic Reform Since 1991 class 11 Notes Economics
• Indian Economy 1950-1990 class 11 Notes Economics
• Collection of Data class 11 Notes Economics
• Organisation of Data class 11 Notes Economics
• Presentation of Data class 11 Notes Economics
• Measures of Central Tendency class 11 Notes Economics
• Measures of Dispersion class 11 Notes Economics
• Correlation class 11 Notes Economics
• Introduction to Index Number class 11 Notes Economics

Class 11 Economics Sample Papers

Following the marking scheme and blueprint of the official CBSE sample papers for 2022-23, the model question papers of class 11 Economics are now available on myCBSEguide. Every year we dish out quality sample papers for all the subjects of secondary and senior secondary levels. These question papers play a decisive role in students' grades. It is a well-known fact that students aspiring to get good grades must solve as much as sample papers as they can. This practice takes them closer to accuracy and boosts their confidence as well.  Download Class 11 Economics Sample Papers 2023  from my CBSE Guide website or app.

Class 11 Economics Case Study Questions

The introduction of case study questions in the CBSE question papers  left the students perplexed as it was an unexplored area. However, the noble motive behind it was to foster analytical thinking by using their acquired knowledge in a real-life case or situation. The idea is to focus on competency-based education (CBE) fortifying the Indian education system. The case study questions test students' problem-solving skills of the students and they become aware of their ability to master a skill or competency on their own.

Since it is a new kind of question, much reliable content is not easily available. The question based on the source (case) can either be subjective or objective. Hence, students need to be acquainted with both these formats. With the help of the best CBSE  teachers we bring to you  Class 11 Economics Case Study Questions . The fact that our resources have a record of being one of the most downloaded study material in India attest to the quality of our content. 

Class 11 Economics Test Papers and Mock Tests

Test papers define short-term goals for the students. It motivates them to take small steps which ultimately leads to bigger outcomes. These tests are designed to meet different learning abilities and can lead to efficient student outcomes. Our well-furnished question bank has questions of all types to cater to the needs of the students. You can practice the chapter-based Test Papers for class 11 Economics on the  myCBSEguide app . Our mock tests and online test gives an opportunity for fun experiential learning. 

In the economics course, at the initial level, the learners are introduced to the present-day economic realities along with some basic statistical tools to understand these broader economic realities. However, the level of difficulty increases at the senior secondary level. Students need to hit the books if they aim to shine.

Economics is the most preferred subject of class 11 students who opt for the Commerce or Humanities stream. CBSE has introduced the format of class 11 Economics case study questions in the syllabus for the new academic session. It is a well-integrated program that highlights the general economic terms and …

CBSE Class 11 Economics Syllabus 2022-23

CBSE Class 11 Economics Syllabus 2022-23 includes Collection, Organisation and Presentation of Data, Statistical Tools and Interpretation, Consumer’s Equilibrium and Demand, Forms of Market and Price Determination under perfect competition with simple applications etc for the session 2022 – 2023. Here is the detailed syllabus. To download class 11 Economics …

CBSE Term-1 MCQ Sample Papers 2021-22

CBSE will ask only MCQs in Term-1 Examination this year. The board will hold this first term exam in Nov-Dec 2021. As CBSE has already cleared that 1st term exam will carry 90 minutes, now it’s time to start preparation. Students can download CBSE Term-1 MCQ Sample Papers from myCBSEguide …

CBSE Class-11 New Stream Selection Rules

The New Education Policy-2020 has suggested eliminating rigid stream selection rules. We know that there are three streams in class 11 and the choices to select subjects are limited. Students have to select subjects within the stream only. Thus, if you are taking Science Stream, you have no option to …

CBSE Reduced Syllabus by 30% for Session 2020-21

CBSE, New Delhi has reduced the syllabus for classes 9 to 12 by 30%. The CBSE Revised Syllabus 2020-21 is available in CBSE official website and myCBSEguide mobile app. Here is the complete circular regarding CBSE Revised Syllabus 2020-21: CBSE Reduced the Syllabus The prevailing health emergency in the country …

CBSE Released Syllabus for 2019-20

CBSE syllabus for 2019-20 is now available for download in CBSE official website and myCBSEguide Mobile App. The new syllabus for 2019 and exams to be held in March 2020. CBSE 2019-20 syllabus for March 2020 examination is released by CBSE, New Delhi. CBSE class 10 Syllabus for 2019 and …

CBSE Class 11 Economics Revision Notes

CBSE Class 11 Economics Revision Notes in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides class 11 Notes latest chapter wise notes for quick preparation of CBSE exams and school-based annual examinations. Class 11 Economics Revision notes are also available …

CBSE Sample Papers Class 11 Economics 2024

CBSE Sample Question Paper for Class 11 Economics – in PDF CBSE Sample Papers Class 11 Economics for the session 2023-24 are now available on myCBSEguide app.  We have followed the new marking scheme and the blueprint released by CBSE. We are providing Economics sample papers for Class 11 CBSE …

CBSE class 11 Economics New Syllabus 2018-19

CBSE class 11 Economics New Syllabus 2018-19 in PDF format for free download. Economics New syllabus for 2018 2019 class 11 CBSE is now available in myCBSEguide app. The curriculum for March 2019 exams is designed by CBSE, New Delhi as per NCERT text books for the session 2018-19. Download …

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X-kit Achieve! Grade 11 Economics Study Guide

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Grade 11 learners can use X-kit Achieve! Economics study guide throughout the year to prepare for and pass exams. Concise,  step-by-step explanations in plain language and worked examples make  learning, understanding and remembering Economics easy. Current examples and case studies illustrate and contextualise Economics concepts, making them accessible to learners. Plenty of  exercises, practice exam papers and memos prepare learners for tests and exams.

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Download Economics Grade 11 Past Exam Papers and Memos 2022, 2021, 2020, 2019, and 2018

Download Economics Grade 11 Past Exam Papers and Memos 2022, 2021, 2020, 2019, 2018, 2017: This page contains Economics Grade 11 Past Exam Papers and Memos for you to download and do proper revisions. Career Times has your back.

Good luck with your grade 11 studies.

List of the downloadable papers by years

2022 papers.

Economics Grade 11 November 2022 Exam Question Papers and Memos

2021 papers April and June

2020 papers november (afrikaans and english), 2018 papers november.

2017 Papers

More Grade 11 Study Resources

• Grade 11 Computer Applications Technology Study Guides   Available for Free Download
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Most of the exam papers are available in English and Afrikaans

Summaries for Gr 11  Economics

No June Exams was written due to covid

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Solutions For All Economics Grade 11 Learner's Book

How does the Learner’s Book assist learning and teaching?

• Every topic opener page shows a summary of what will be covered in that topic – What you will learn about in this topic . It also contains a Let’s talk about this topic feature, which brings the learner’s mind into the classroom through lively discussion of topics relevant to their daily lives. Once they can relate to the topic being introduced, they will grasp the concepts more easily.
• Discuss the issues raised in the What you know already feature.
• Test the learners using the Check myself questions (the answers appear in the Teacher’s Guide).
• Any learners who are still struggling with the content would benefit from the remedial questions in Extra Practice Activities at the end of every topic. This will help them reach the same level of understanding of their fellow learners before proceeding with the lesson.
• There are Word Banks which are placed at the beginning of each new section of work so that new words and terms can be discussed with learners before starting with the new content. This way a lesson is not interrupted to explain terms that some learners don’t understand. The simple explanations are therefore also all in one place, instead of dotted through the text as is often found in other textbooks. A full list of all the words is also provided at the end of the Learner’s Book.
• The What you still need to know content is as required in the CAPS document, and is broken down into brief, easy-to-understand sections with bold colourful headings, making the work more manageable and easier to follow.
• Most content is visually reinforced through tables, photos, illustrations, diagrams, flow charts and graphs throughout the Learner’s Book, so that learners can better understand the content visually, verbally and through the written word. This includes cartoons that are often found in the Business section of newspapers which take a satirical look at the economic climate of our country.
• Classroom Activities allow learners to test their knowledge of what they have learnt so far.
• The Homework Activities cover all levels of ability and understanding.
• All activities – classroom, homework and extra practice – have marks per question so that the learners are always aware of how much information to provide and how their answers will be marked.
• The Summary at the end of every topic allows learners to identify the main points discussed in the topic.
• At the end of each term, the content of that term is revised in a Revision Test provided for the learners. This is a useful tool for the learners to use when studying this subject at home. The answers are provided in the Teacher’s Guide and be copied and handed out to the learners once they have completed the revision questions. (The rest of the Controlled Tests, Formal Assessment Tasks and Exam Papers are provided in the Teacher’s Guide.)

How does the Teacher’s Guide assist learning and teaching?

• The Annual Teaching Plan breaks the CAPS curriculum into terms and then topics, with page references to the Learner’s Book and Teacher’s Guide, how long should be spent on each topic and the forms of assessment per topic.
• The Control Tests and Examinations follow the same outline and format as the exams provided by the Department of Basic Education and is good practice for learners.
• There are tips for teachers on how to deal with barriers to learning.
• Every topic starts with background information for the teacher, with useful websites and other references to enhance the teaching experience. It also contains tips for teaching the particular topics.
• Every activity starts with teaching hints on how to help the learners complete the questions.
• Answers to all activities are provided, including how the marks should be allocated.
• The activity questions are categorised according to cognitive levels so that teachers can easily identify which questions would work best with learners with different learning abilities. Questions have been formulated to include all of Bloom’s taxonomy words and question formats.

How does this course deal with assessment?

• The Teacher’s Guide contains basic guidelines on how to perform assessment in Economics.
• Questions have been allocated into lower order, middle order and higher order categories so that all three cognitive levels are included in activities and revision exercises.
• A full Programme of Assessment is provided, indicating the types of assessment and when they should take place in terms of the CAPS document. Assessment activities are also provided: formal case study, project and research tasks, two Controlled Tests and mid-year and end-of-year examinations.
• The DBE states that activities and assessment in this Learner’s Book “are clear and will be engaging for learners in this grade. They are clearly related to the topic coverage and provide for interesting variety, while being clearly scaffolded”.
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Economics Grade 11 2021 November Questions and Answers from Past Papers and Memos PDF

Economics Grade 11 2021 November Questions and Answers from Past Papers and Memos PDF: from past exam papers and tests.

Looking for Grade 11 comprehensive resources to ace your exams? Look no further! Our collection of Economics Grade 11 2021 November Questions and Answers offers invaluable insights drawn directly from Past Papers and Memos PDFs. Covering all South African provinces, including Gauteng, Western Cape, Eastern Cape, KwaZulu-Natal, Free State, Limpopo, Mpumalanga, Northern Cape, and North West, these study materials offer a wide array of questions and expert solutions. Enhance your test preparation and deepen your understanding of key concepts in Economics with our meticulously curated content.

List of Economics Grade 11 2021 November Questions and Answers from Past Papers and Memos PDF

Download the Economics Grade 11 2021 November Questions and Answers from Past Papers and Memos PDF below:

Economics Grade 11 Previous Exam Papers and Memos for 2020

Economics Grade 11 Previous Exam Papers and Memos for 2020:

Table of Contents

List of Economics Grade 11 Previous Exam Papers and Memos for 2020

Hello Grade 11 Learners. Modern Classroom has everything for you needed to pass your exams, tests, assessments, research tasks and assignments under CAPS Curriculum . Feel free to explore all resources for grade 11, such as Study Guides, DBE Past Exam Papers with Memos , and Speech Topics. That’s if you want to know how to pass grade 11 with distinctions in South Africa Modern Classroom

Why passing Grade 11 is very important

Grade 11 ultimately prepares you for Grade 12. You regard Grade 11 as your last trial run for your Matric year because most of the work covered in the syllabus will prepare you for Matric anyway. Passing your Grade 11 very well, is usually a sign that you may pass very well in Matric.

What can you do with your Grade 11 marks in South Africa?

• You can apply at a South African University using your Grade 11 marks
• You can already apply for university bursaries using your Grade 11 marks

Other Grade 11 Subjects

• Accounting Grade 11
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• Tshivenda Home Language Grade 11  
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• Afrikaans Home Language Grade 11  
• English Home Language Grade 11  
• Xitsonga Home Language Grade 11  
• Tourism and Hospitality Studies Grade 11  
• Computer Applications Technology Grade 11  
• Civil Technology Grade 11  
• Electrical Technology Grade 11
• Engineering Graphics and Designs Grade 11  
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Did You See These?

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• Business Studies Grade 11 past exam papers and memos 2020
• Accounting Grade 11 Exam Papers and Memos for Revision (South Africa)

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• Commerce Important Questions
• Class 11 Economics

Important Questions Class 11 Economics - Chapter wise

Important questions for Class 11 economics are prepared by the subject matter experts, from the latest edition of CBSE books. It is recommended for students to practice the given important questions with the answers. These would definitely help them to score good marks in their upcoming board examinations.

Stay tuned for questions papers, sample papers, syllabus, and relevant notifications on our website.

Important Questions for other Commerce Subjects:

• Important Questions for Class 11 Accountancy
• Important Questions for Class 11 Business Studies
• Important Questions for Class 11 Statistics

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Class 11 CBSE And ICSE Economics Important Questions With Answers

Author : Palak Khanna

Updated On : September 14, 2023

Knowing the CBSE Class 11 Economics Syllabus 2022 is a prerequisite for preparing for the main examination.

The board has divided the Economics syllabus into two parts, i.e., Part A and Part B.

Part A consists of Statistics for Economics, while Part B consists of Introductory Microeconomics. The theoretical part of the CBSE Class 11 Economics Syllabus 2022 comprises of 80 marks, while project work consists of 20 marks.

To help you with the exam preparation, we have provided chapter-wise class 11 Economics important questions with answers. 

You can go through these questions and enhance your exam preparation. You can also download free study notes for the Economics subject below. 

Economics Class 11 Important Questions with Answers

Economics is one of the optional subjects among all the 11th Commerce Subjects .  

• Important Questions for Class 11 Economics helps you focus on the specific questions and parts of the syllabus that hold more value in the exam.
• You need to focus more on topics like statistics for economics, collection, organization, presentation of data, consumer equilibrium, and demand to score good marks in this section.
• With the help of important questions for class 11 economics, you can increase your efficiency and accuracy.

Chapter Wise NCERT Class 11 Economics Important Questions

Let us have a look at the chapter-wise important questions for class 11 economics from below and improve your speed and accuracy in the exam.

Solving Class 11 Economics Sample Papers will help you know the paper's difficulty level and the type of questions asked in the exam.

Chapter – 01: Introduction to Micro Economics

Check the list of some important questions for class 11 economics chapter 1 provided here and enhance your preparation.

Q. Explain Diamond Water Paradox?

Ans. It is based on the principle of scarcity. Like water is useful, yet it is cheap due to its abundance in the economy. Diamonds are very expensive because they are scarce so,  people are ready to pay a high price.

Download Free Study Material for Class 11 Economics by Super Grads

Q. Only scarce goods attract price.” Comment.

Ans. The given statement is correct. All resources are not scarce in the economy. For example, the air we breathe is abundant in relation to wants. Such goods are available free of cost. These goods are known as Non-Economic Goods. On the other hand, some goods are scarce in relation to their wants. For example, petrol, electricity, etc. are scarce in relation to wants. These goods command price and are known as Economic Goods. So, it is rightly said that only scarce goods attract price.

Q. What does the slope of PPF indicate?

Ans. PPF is a downward sloping concave shaped curve.

      (i)       Its downward slope indicates that in order to increase production of one good, another good need to be sacrificed

      (ii)      Its concave shape indicates that More and More unit of one good sacrificed in order to produce one unit of another good.

Q.  “Scarcity and Choice go together”. Comment.

Ans. All of us want better food, clothing, housing, schooling, entertainment, etc. But resources are not enough to meet all our wants. Even the developed economies cannot satisfy all the needs of people. It means, scarcity of resources is a common feature of every economy and it gives rise to the problem of choice, i. e. how to make the best possible use of available resources. If resources were available in plenty, there would not have been any problem of choice. Hence, economics is concerned with the problem of choice under the conditions of scarcity.

Q. “An economy always produces on, but not inside, a PPC”, Defend or refute the statement .

Ans. The given statement is refuted. An economy operates on PPF, only when resources are fully and efficiently utilized, it means, if there is unemployment or inefficient use of resources, then the economy may operate inside the PPC.

Chapter – 02: Consumer’s Behaviour

Go through all the important questions for class 11 economics state board for the consumer's behavior chapter.

Q. Law of DMU operates only with continues consumption.

Ans. Law of diminishing marginal utility will operate only when consumption is a continuous process. For example, if one burger is consumed in the morning and another in the afternoon, then the second burger may provide equal or higher satisfaction as compared to the first one.

Q. “Define a budget line. When can it shift to the right?

Ans. Budget line is a graphical representation of all possible combinations of two goods which can be purchased with given income and prices, such that the cost of each of these combinations is equal to the money income of the consumer.

Budget Line shifts to the right when:

 (i) When there is an increase in income, assuming no change in prices of the two goods;

(ii) When there is decrease in prices of both the goods, assuming no change in income of the consumer.

Read more :  CBSE Class 11 Numerical applications

Q. What changes will take place in TU, when: (i) MU curve remains positive; (ii) MU becomes ‘0’ ; (iii) MU is negative.

Ans. (i) TU will increase, but a diminishing rate; (ii) TU will be maximum; (iii) TU starts falling.

Q. State the conditions of consumer’s equilibrium in the Indifference Curve Analysis and explain the rationale behind these conditions.

Ans. Let the only two goods the consumer consumes are X and Y. The two conditions of equilibrium are:

(1) MRS XY =  

(2) MRS falls as more of X is consumed in place of Y

Rationale behind these conditions:

(1) Suppose MRS XY >  it means that to obtain one more unit of X , the consumer's willing to sacrifice more units of Y as compared to what is required in the market. It induces the consumer to buy more of X. As a result, MRS falls and continue to fall till it becomes equal to the ratio of prices and the equilibrium is established.

Suppose MRS XY <  it means that to obtain one more unit of X , the consumer's willing to sacrifice less units of Y as compared to what is required in the market. It induces the consumer to buy less of X. As a result, MRS increases and continue to rise till it becomes equal to the ratio of prices and the equilibrium is established.

(2) Unless MRS falls as consumer consumes more of X, the consumer will not reach equilibrium again.

Q. A consumer consumes only two goods X and Y whose prices are Rs.4 and Rs.5 per unit respectively. If the consumer chooses a combination of the two goods with marginal utility of X equal to 5 and that of Y equal to 4, is the consumer in equilibriumRs.Give reasons. What will a rational consumer do in this situationRs.Use utility analysis.

Ans. Given P X = 10, P Y = 15 and MU X = 50, MU Y = 45. A consumer will be in equilibrium when Substituting values, we find that: Or

Since per rupee MU X is higher than per rupee MU Y , consumer is not in equilibrium.

The consumer will buy more of x and less of y. As a result MU X will fall and MU Y will rise. The reaction will continue till  are equal and consumer is in equilibrium.

   Read more :  Class 11 Accountancy Sample Papers

Chapter – 03: Theory of Demand

Here, we have provided economics class 11 important questions chapter wise for the theory of demand.

Q.  “Law of Demand is a Qualitative statement”. Comment.

Ans. Law of demand is only an indicative, and not a quantitative statement. It indicates only the direction, in which the demand will change with a change in price. It says nothing about the magnitude of such a change. For example, price of Pepsi rises from  Rs.10 to  Rs.12 per bottle, then, as per law of demand, wecan say that the demand for Pepsi will fall. But the law does not give the actual amount by which the demand for Pepsi will decline.

Q. Distinguish between an inferior good and a normal good. Is a good which is inferior for one consumer also inferior for all the consumers? Explain.

Ans. When with the rise in income of the consumer demand fora good increases, that good is a normal good for that consumer. If with rise in income demand for the good decreases than that good is inferior for that consumer. A good is not necessarily inferior for all the consumers. A good which is inferior for a higher income consumer may be a normal good for the lower income consumer. It is not the consumer but the income level of the consumer which determines whether a good is normal or inferior.

Q. Derive the law of demand from the single commodity equilibrium condition “Marginal utility = Price” .

Ans. According to single commodity equilibrium condition, consumer purchases that much quantity of a good at which marginal utility (MU) is equal to price. Given, MU = price. Now suppose, price falls. It will make MU greater than the price and will encourage the consumer to buy more. It shows that when price falls demand rises.

Q. Distinguish between demand by an individual consumer and market demand of a good. Also state the factors leading to fall in demand by an individual consumer.

Ans. Demand by an individual refers to the quantity of a good the consumer is willing to buy at a price during a period of time. While market demand refers to the quantity of a good the consumers of that good are willing to buy at a price during a period of time.

The factors leading to fall in demand by an individual consumers are:

(I) Rise in own price of the normal good.

(ii) Fall in the price of substitute good.

Read more :  Short tricks to prepare for Class 11 Commerce

Q. Suppose there are two consumers in the market for good and their demand functions are as follows:

• d 1 (p) = 20 – p for any price less than or equal to 15, and d 1 (p) = 0 at any price greater than 15.
• D 2 (p) = 30 – 2p for any price less than or equal to 15, and d 1 (p) = 0 at any price greater than 15.

Find out the market demand function.

Ans. From the given demand functions, it can be seen that both the consumers do not want to demand the good for any price above Rs. 15. Both of them demand only at a price less than or equal to Rs. 15. Hence, the market demand will be: 

d market (p) = d 1 (p) + d 2 (p)

d market (p) = 20 – p + 30 – 2p

d market (p) = 50 – 3p for any price less than or equal to 15 and d market (p) = 0 at any price greater than 15.

Chapter – 04: Elasticity of Demand

Candidates can go through the economics class 11 important questions with answers for the elasticity of demand chapter.

Q. Price elasticity of demand for Milk and Wheat are respectively (-) 0.9 and (-) 0.5. Demand for which one is more elastic and Why?

Ans. Demand for Milk is more elastic as with 1% fall in price of milk, its demand rises by 0.9%. However, in case of wheat, 1 % fall in price raises the demand by just 0.5%.

Q. Differentiate between law of demand and price elasticity of demand.

Ans. (i) Law of demand states the inverse relation between price of a commodity and its quantity demanded, assuming no change in other factors. On the other hand, price elasticity of demand indicates the rate of change in quantity demanded of the commodity due to change in its price.

(ii) Law of Demand reflects the direction of change in demand, whereas, price elasticity of demand measures the magnitude of change in demand.

Q. What is the price elasticity of demand for following demand curves: (i) Straight line demand curve parallel to X-axis; (ii) Straight line demand curve parallel to Y-axis.

Ans. The price elasticity of demand in the following cases will be: (i) Perfectly Elastic Demand; (ii) Perfectly Inelastic Demand.

Q. State with reasons, whether the following items will have elastic or inelastic demand: (i) Matchbox;

(ii) Cold Drink; (iii) Medicines; (iv) Salt; (v) Electricity; (vi) Cigarettes; (vii) Butter for a poor person.

Ans. (i) Matchbox has inelastic demand as consumer has to spend a very small proportion of his income.

(ii) Coke has elastic demand as it has number of substitutes.

(iii) Medicines have inelastic demand as their consumption cannot be postponed.

(iv) NCERT Textbook has inelastic demand as it is a necessity item.

(v) Electricity has elastic demand as it can be put to several uses.

(vi) Cigarettes have inelastic demand as its consumers are habituated.

(vii) Butter for a poor person has elastic demand as it is a luxury item for the poor person.

Read more :  Short tricks to prepare for Class 11 Business Studies

Q.The price elasticity of demand for good × is known to be twice that of good Y. Price of X falls by 5% while that of good Y rises by 5%. What is the percentage change in the quantities demanded of X and  Y?

Percentage fall in price of X = 5%; Percentage rise in price of Y = 5%

Also, price elasticity (E d ) of X is twice of good Y Suppose, ed of Y is 1, then ed of X will be 2.

Therefore, a 5% fall in the price of good × will lead to a 10% rise in the demand for X and  a 5% rise in the price of good Y will lead to a 5% fall in the demand for Y.

Ans. Quantity of X will rise by 10%; Quantity of Y will fall by 5%

Chapter – 05: Theory of Production

Check the class 11 economics chapter 5 important questions from below.

Q. Why MP curve cuts AP curve at its maximum point?

Ans. It happens because when AP rises, MP is more than AP. When AP falls, MP is less than AP So, it is only when AP is constant and at its maximum point, that MP is equal to AP. Therefore, MP curve cuts AP curve at its maximum point.

Q. Can AP rise when MP starts declining?

Ans. Yes, AP can rise when MP starts declining. It can happen as long as falling MP is more than AP. However, when MP becomes equal to AP, then further decline in MP will also reduce the AP.

Q. What are the different phases in the Law of Variable Proportions in terms of Total Product? Give reasons behind each phase. Use diagram.

Ans. The Phases are:

Phase I: TP rises at increasing rate, i.e. upto A.

Phase II: TP rises at decreasing rate, i.e. between A and B.

Phase III: TP falls i.e. after B.

Phase 1: Initially variable input is too small as compared to the fixed input, As production starts, there is efficient use of the fixed input, leading to rise in productivity of the variable input on account of division of labour. As a result, TP rises at increasing rate.

Phase II: After a level of output, pressure on fixed input leads to fall in productivity of the variable input. As a result, TP continues to rise but at a decreasing rate.

Phase III: The amount of variable input becomes too large in comparison to the fixed input causing decline in TP.

Q4. Let the production function of a firm be: Q = 2L 2 K 2 . Find out the maximum possible output that the firm can produce with 5 units of L and 2 units of K. What is the maximum possible output that the firm can produce with zero unit of L and 10 units of K?

Hint: Maximum possible output with 5 units of L and 2 units of K

Given: Q = 2L 2 K 2 and L = 5 units; K-2 units

Putting the values of L and K in the given production function, we get:

Q = 2(5) 2 (2) 2 = 200 units

Maximum possible output with 0 unit of L and 10 units of K

Given: Q = 2L 2 K 2 and L = 0 unit; K = 10 units

Putting the values of Land K in the given production function, we get:

Q = 2(5) 2 (10) 2 = 0 unit.

Q. Find out the maximum possible output for a firm with zero unit of L and 10 units of K when its production function is: Q = 5L + 2K.

Hint: Given: Q = 5L + 2K. and L = 0 units; K- 10 units

Q = 5(0)+2(10)

Q or Maximum output = 20 units.

Chapter – 06: Theory of Cost

Let us have a look at Class 11 Economics important questions for theory of cost chapter.

Q.“The gap between AC and AVC keeps on decreasing with rise in output, but they never meet each other”. Comment.

Ans. The given statement is correct. The gap between AC and AVC keeps on decreasing because the difference between them is AFC, which falls with increase in output. However, AFC can never be zero. Therefore, AC and AVC can never meet each other.

Q. Why does the minimum point of AC curve fall towards right of AVC curve?

Ans. The minimum point of AC curve fall towards right of AVC curve because AC continues to fall due to decreasing AFC even after AVC starts rising.

Q.“MC can be calculated both from total cost and total variable cost and is not affected by total fixed cost”. Discuss

Ans. The given statement is correct. MC is not at all affected by total fixed cost (TFC). MC is addition to TC or TVC when one more unit of output is produced. As TFC remains same with increase in output, MC is independent of fixed cost and is affected just by change in variable costs.

Q. Calculate TFC, if AC and AVC are Rs. 22 and Rs. 18 respectively, at output of 10 units.

Ans. AFC = AC - AVC = Rs.22- Rs. 78 = Rs.4

TFC - AFC × units produced = Rs. 4×10 units

TFC = Rs. 40

Q. Classify the following as fixed cost and variable cost:

(i) Salary to manager of the company.

(ii) Wages to casual labour.

(iii) Payment of insurance premium for insurance of factory.

(iv) Payment for raw material.

(v) Payment of rent of Postpaid connection of Mobile Phone.

(vi) Interest on loan taken from ICICI.

(vii) Electricity charges beyond the minimum rent.

(viii) Payment of rent of the factory building to the landlord.

(ix) Commission to production manager on the basis of number of units produced.

(x) Payment of fuel used in machines.

Read more :  Short tricks to prepare for Class 11 Applied Mathematical Reasoning

Ans. Fixed Cost: (i), (iii), (v), (vi), (viii); Variable Cost: (ii), (iv), (vii), (ix). (x).

Chapter – 07: Theory of Revenue

Check the Class 11 Economics important questions for the chapter theory of revenue from the post below.

Q.Why AR curve under monopolistic competition is more elastic than AR curve under monopoly?

Ans . AR curve under both the markets slope downwards. However, AR curve under monopolistic competition is more elastic as compared to AR curve under monopoly because of presence of close substitutes. AR curve is less elastic in monopoly because of no close substitutes.

Q. Under what market condition does Average Revenue always equal Marginal Revenue? Explain?

Ans. It is under the market condition when a firm can sell more at the given price that AR = MR throughout as production is increased by the firm. It is because the firm is a price taker. It means that price, which is same as AR, remains unchanged throughout. By the average - marginal relationship, AR remains unchanged only when AR = MR throughout.

Q. What is the relation between market price and marginal revenue of a price-taking firm?

Ans . Market price is equal to marginal revenue (MR). It happens because the price-taking firm can sell more quantity of output at the same price. It means, revenue from every additional unit (MR) is equal to price or average revenue (AR) as Price = AR.

Q. Compute the total revenue, marginal revenue and average revenue schedules in the following table. Market price of each unit of the good is Rs. 10.

Q. What would be shape of demand curve, so that TR curve is: (a) a positively sloped straight line passing through the origin; (b) a horizontal line?

(a) Demand curve or AR curve will be a horizontal straight line parallel to the X-axis because positively sloped straight line TR curve passing through the origin indicates that price (orAR) remains constant at all levels of output.

(b) Demand curve or AR curve will slope downwards from left to right because horizontal TR indicates that TR remains same at levels of output. It is possible only when price (or AR) falls with rise in output.

Chapter – 08: Producer’s Equilibrium

 Go through the Class 11 Economics Important Questions of the producer's equilibrium provided in this post.

Q. Why should MC curve cut MR curve from below to achieve producer’s equilibrium?

Ans. One of the two conditions of the establishment of stable equilibrium of a firm is that its MC curve should cut the MR curve from below, not from above. If the MC curve cuts the MR curve from above, the equilibrium so established shall not be stable as it will be possible to add to profits by producing more. The idea is that beyond the point of equilibrium, the MC should be greater than MR so that further production becomes uneconomical.

Q. A table showing TC and TR of a firm is given. Calculate MC and MR and find out the equilibrium level of output.

The producer achieves equilibrium at 6 units of output. It is because this level of output satisfies both the conditions of producer’s equilibrium:

(i) MC is equal to MR; and

(ii) MC becomes greater than MR after this level of output.

Q. The equality of marginal cost and marginal revenue is a condition necessary for equilibrium, but it is not by itself sufficient to assure the attainment of producer’s equilibrium. Comment.

Ans. The given statement is correct. Equality of marginal revenue (MR) and marginal cost (MC) is only one condition for the equilibrium of the firm. Another condition also needs to be fulfilled for the establishment of the firm’s equilibrium and that is: ‘MC must be greater than MR after MC = MR output level’.

Q. Why is the equality between marginal cost and marginal revenue necessary for a firm to be in equilibrium? Is it sufficient to ensure equilibrium? Explain.

Ans. The producer’s equilibrium conditions are: (i) MC = MR; and (ii) MC > MR after equilibrium.

Suppose MC > MR: In this situation, it will be profitable for the firm to produce more or less depending upon relative changes in MC and MR till MC = MR.

Suppose MC < MR: It will be profitable for the producer to produce more till MC = MR.

MC= MR is not a sufficient condition to ensure equilibrium. Given MC = MR, suppose the behaviour of MC and MR is such that if one more unit is produced, MC becomes less than MR.

Then in this case it will be profitable for the firm to produce more. Therefore, in this case though MC = MR, the producer is not in equilibrium. However, if after MC = MR output, MC becomes greater than MR, it will be most advantageous for the firm to produce only upto MC = MR.

Q. Explain why will a producer not be in equilibrium if the conditions of equilibrium are not met.

Ans. The equilibrium conditions are: (i) MC = MR; and (ii) MC > MR after equilibrium.

Suppose MC = MR condition is not met. Let MC > MR. In this, it will be profitable for the firm to produce more or less depending upon the relative changes in MC and MR till MC = MR. Similarly, if MC < MR, it will also be profitable to produce more till MC = MR.

Now Suppose ‘MC > MR after equilibrium condition is not met’ and MC < MR after equilibrium. In this case, the firm will not be in equilibrium because it can increase its profits by producing more.

Chapter – 09: Supply

Here, we have provided Class 11 Economics important questions for the supply chapter. These questions will help candidates enhance their preparation for the exam.

Q. What is the price elasticity of supply, when: (a) Supply curve passes through the origin; (b) Supply curve is a vertical straight line; (c) Supply curve is a horizontal straight line.

Ans. The price elasticity of supply in the following cases will be:

(i) Unitary elastic Supply

(ii) Perfectly Inelastic Supply

(iii) Perfectly Elastic Supply

Q. There are three different supply curves passing through the origin. Curve A makes an angle of 60°. Curve B makes an angle of 45° and curve C makes an angle of 30°. What will be the price elasticity of curves A, B and C?

Ans. All the three curves: A, B and C will have unitary elastic supply as they all are passing through the origin.

Q. Give one point of difference between individual supply and market supply.

Ans. Individual supply may not strictly follow Law of supply i. e. it is not necessary that supply for an individual always varies directly with price. However, market supply always follows law of supply, i.e. market supply always varies directly with price.

Q. ‘Supply curve is the rising portion of marginal cost curve over and above the minimum of Average Variable cost curve’. Do you agree? Support your answer with valid reason.

Ans. Yes, we do agree with the given statement. No rational producer would like to supply his output to the market if he is unable to recover his per unit variable cost as it would lead to losses between the range of minimum of marginal cost and minimum of average variable cost.

Q. A firm earns a revenue of Rs. 50 when the market price of a good is Rs. 10. The market price increases to Rs. 15 and the firm now earns a revenue of Rs. 150. What is the price elasticity of the firm’s supply curve?

Price Elasticity of Supply (E s ) =  ×  =  ×  = 2

Chapter – 10: Main Market Forms

Go through the Class 11 Economics Important Questions here and prepare well for the upcoming exam.

Q. How does a firm under monopolistic competition exercise partial control over price?

Ans. A monopolistic competitive firm enjoys partial control over price. It happens because by incurring heavy selling cost, the firm is able to create a differentiated image of its product in the minds of consumers. Products are differentiated on the basis of brand, size, colour, shape, etc. Buyers are attracted to buy a particular product even at a relatively higher price.

Q. “Monopolistic Competition is competition with differentiated products.” Elucidate.

Ans. An important characteristic of monopolistic competition is product differentiation. The competing firms produce products which are close but not perfect substitutes of each other. The products are differentiated on the basis of brand, size, colour, shape, etc. It is on account of this product differentiation, firms have to incur huge selling costs to compete with other firms. So, it is rightly said that ‘Monopolistic Competition is competition with differentiated products’.

Q. Why is the number of firms small in an oligopoly market? Explain.

Ans . The main reason for small number of firms under oligopoly is the ‘Barriers to Entry’, which prevent entry of new firms into the industry. Patents, requirement of large capital, control over crucial raw materials, etc, are some of the other reasons, which prevent new firms from entering into industry. As a result, there are few firms in an oligopoly market.

Q. What happens to profits in the long run if firms are free to enter in the industry?

Ans. When existing firms are earning profit, freedom of entry induces new firms to enter the industry. This raises market supply which in turn leads to fall in market price. Profits fall and continue to fall, till each firm is earning zero economic profit or normal profit.

Q. Explain the ‘Implications’ of the following:

(i) ‘Large Number of Buyers’ under Perfect Competition

(ii) ‘Freedom of Entry and Exit’ to firms under Perfect Competition

(iii) ‘Inter-dependence between Firms’ under Oligopoly

(iv) ‘Non-price Competition’ under Oligopoly

(v) ‘Large number of Sellers’ under Perfect Competition

(vi) ‘Homogeneous Products’ under Perfect Competition

(vii) ‘Barriers to Entry of New Firms’ under Oligopoly

(viii) ‘Few Big Sellers’ under Oligopoly

(ix) ‘Product Differentiation’ under Monopolistic Competition

(x) ‘Perfect Knowledge’ under Perfect Competition

(i) Implication is that no individual buyer is in a position to influence the market price on its own by changing his individual demand.

(ii) Implication is that when existing firms are making profits, new firms enter, raise the output of industry, bring down the market price enough for the firm to earn just only normal profit in the long run. The opposite happens if the existing firms are facing losses.

(iii) Implication is that an individual firm takes into consideration the likely reaction of its rival firms before making a move to change price or output. It is possible because it is assumed that rival firms may react.

(iv) Non-price competition means competition between firms by means other than changing price, like free gift, home service, customer care etc. Implication is that firms in oligopoly prefer non-price competition to avoid price-war because the firm who starts the price-war may be the ultimate loser.

(v) Implication is that no single firm is in a position to influence the market price on its own by changing its own output. Thus, price remains unchanged.

(vi) Implication is that no firm can charge a higher price because no buyer is willing to pay the same. Thus, market price remains the same for all the firms.

(vii) Implication is that such barriers allow only a limited number of firms into oligopoly industries. Such barriers may be in the form of huge capital requirements, patent rights, availability of crucial raw materials etc.

(viii) Implication is that each big seller contributes a fairly large share of total output. This gives an individual seller the power of influencing the market price by changing its own output.

(ix) Implication is that buyers differentiate products of firms various as different. So, they are willing to pay different prices for the products of different firms. This product differentiation gives the power to an individual firm to influence the market price on their own.

(x) Implication is that buyers are fully aware of price in market and sellers of technique of production. Knowledge by buyers further implies that no buyer is willing to pay a higher price for the product of any firm. Knowledge by sellers implies that cost of production is same for all producers.

Chapter – 11: Price Determination

Here is the list of Class 11 Economics Important questions for the price determination chapter.

Q. Explain the effect of increase in income of buyers of a ‘normal’ commodity on its equilibrium price.

Ans. An increase in income of buyers will increase the demand for normal goods at the given price. It will lead to excess demand. This leads to competition among buyers, which raises the price. Increase in price leads to rise in supply and fall in demand. These changes continue till supply and demand become equal at a new equilibrium price. As there is an increase in demand only, equilibrium price rises.

Q. What will be the effect on equilibrium price and equilibrium quantity, when price of complementary goods increases?

Ans. When price of complementary goods increases, keeping other factors constant, then demand for the given commodity decreases since it becomes relatively expensive to consume the two commodities (the given commodity and its complement) together. It will lead to excess supply. This leads to competition among sellers, which reduces the price. Fall in price leads to decrease in supply and rise in demand. These changes continue till supply and demand become equal at a new equilibrium price. As there is a decrease in demand only, both equilibrium price and equilibrium quantity will fall.

Q. If market demand function is given as: Q MD = 25 - 2P and market supply as: Q MS = 3P, then what will be the equilibrium price and equilibrium

Ans. At equilibrium, Q MD = Q MS It means, 25 -2P = 3P Or, 5P = 25

P or Equilibrium Price = Rs. 5.

Putting the value of equilibrium price in the equation of market demand function:

Equilibrium Quantity= 25-2×5=15 units.

Q. Explain the effects of ‘Maximum Price Ceiling’ on the market of a good. Use diagram.

Ans.  Maximum Price Ceiling refers to imposition of upper limit on the price of a good by the government. For example, in the diagram, OP is Price Ceiling, while equilibrium price is OPv At this price, the producers are willing to supply only PA (Or OQ 1 ), while consumers demand PB (Or OQ 1 ). The effect of the ceiling is that shortage, equal to A B (Q 1 Q 2 ), is created, which may further lead to black marketing,

Q. What are the effects of ‘price-floor’ (Minimum Price Ceiling) on the market of a good? Use diagram.

Ans. When government imposes lower limit on a price that may be charged for a particular good or service, it is called Minimum Price Ceiling, e.g. price OP 1 . At this price, the producers are willing to supply P 1 B or (OQ 2 ), while consumers demand only P 1 A (= OQ 1 ). Unable to sell, all they want to sell, the producers may try to illegally sell below the minimum price.

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Grade 11 Economics Lesson Week 3, Term 3: Economic Pursuits - Economic Growth

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Eleventh Grade (Grade 11) Economics Questions

You can create printable tests and worksheets from these Grade 11 Economics questions! Select one or more questions using the checkboxes above each question. Then click the add selected questions to a test button before moving to another page.

• a trade treaty
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• the inspection of ships going through customs
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• lower prices
• raise prices
• increase demand
• stay the same
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• none of the above
• the difference between revenues and expenses
• the difference between commissions earned and receipts
• the difference between sales and expenses
• the sum of sales and expenses
• perfect competition
• monopolistic competition
• a decrease in the price of goods and services.
• an increase in the price of good and services.
• a decision making strategy.
• a step in the decision making process.
• to the right
• to the left
• to the center
• government.
• buyers and sellers together.
• demand exceeds supply
• supply exceeds demand
• supply and demand are equal
• supply and demand curves intersect
• shifts to the left
• shifts to the right
• becomes smooth
• becomes steep
• fixed expense.
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