CBSE Class 11 Economics Theory of Firm Under Perfect Competition Worksheet

Download printable Economics Class 11 Worksheets in pdf format, CBSE Class 11 Economics Theory of Firm Under Perfect Competition Worksheet has been prepared as per the latest syllabus and exam pattern issued by CBSE, NCERT and KVS. Also download free pdf Economics Class 11 Assignments and practice them daily to get better marks in tests and exams for Grade 11. Free chapter wise worksheets with answers have been designed by Standard 11 teachers as per latest examination pattern

Theory of Firm Under Perfect Competition Class 11 Economics Worksheet Pdf

Class 11 Economics students should refer to the following printable worksheet in Pdf for Theory of Firm Under Perfect Competition in Grade 11. This test paper with questions and solutions for Standard 11 Economics will be very useful for tests and exams and help you to score better marks

Class 11 Economics Worksheet for Theory of Firm Under Perfect Competition

THEORY OF FIRM UNDER PERFECT COMPETITION


I. Answer in one sentence only

1. Define Total Revenue.

2. What is supply curve of a firm in the short run?

3. What is the shut down point of a firm in the short run?

4. Define opportunity cost?

5. How is market supply curve of a commodity derived?

6. Define price elasticity of supply.


II. Explain in 30 words each

7. Discuss the nature of AR and MR curves of a firm under conditions of perfect competition.

8. Why do we consider firm as a price taker under perfect competition?

9. Distinguish between implicit cost and explicit cost.

10. Define a. Marginal Revenue b. Normal profits c. Supply

11. How is price elasticity of supply measured according to geometrical method?


II. Explain in 40 words each

12. Distinguish between change in quantity supplied and change in supply

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

14. The market price of a good changes from Rs.5 to Rs20. As a result the quantity supplied by the form increases by 15 units. Price elasticity of firms supply curve is 0.5. Find initial and final level of output of the firm.

15. The following table shows the total cost schedule of a firm. It is given that the price of the good is Rs.10. Find profit maximising level of output of then firm with the help of TR & TC and MR & MC

Units:    0     1     2     3     4     5     6     7     8     9     10
TC(Rs)   5   15   22    27   31   38   49    63   81   101  123

16. What conditions must hold good if a profit maximising firm produces positive level of output.

17. State the law of supply with a schedule and diagram.


IV Explain in around 100 words.

18. What are the determinants of supply of a good? Explain using diagram.

19. Briefly explain the conditions of profit maximising level of output of a firm under perfect competition.


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