MG 2452 EEFA UNIT 2 IMPORTANT QUESTIONS

PART A
1. Demand has three distinct characteristics-List them.
2. State the law of demand.
3. The demand for a commodity may be elastic or inelastic Derive the meaning of elastic and inelastic
demand with example.
4. Extension and Contraction of Demand & Shift in Demand are different concepts Narrate with suitable
diagrams.
5. A good forecasting should satisfy various criteria What are they?
6. Give the equation for supply function.
7. Law of supply describe the direct relationship between price and supply Elucidate with a neat diagram.
8. Extract the meaning of elasticity of supply and state how you will measure it.
9. Law of demand is applicable when other things being equal-What are those other things?
10. Differentiate individual demand schedule and market demand schedule.
11. Cross Elasticity of Demand is measured by ________________.
12. List out the various types of demand.
13. Demand Forecasting is a crucial thing to any firm Derive the significance.
14. Describe the concept of supply with the help of a supply curve.
15. Supply of a product has changes and shifts Narrate.
16. Give the conditions where law of supply is not applicable.
PART B (4x16 = 64)
1. (a) There are various types of demand based on the nature of the goods and services Narrate
them.
(b) The demand for a product is determined by many factors Enumerate.
2. 12. Elasticity of Demand can be classified into various types Brief about them.
3. 13. Several methods are employed for forecasting the demand for existing products Elucidate.
4. 14. Write short notes on: (a) Determinants of Supply
(b) Types of Elasticity of Supply
5. Brief about: (a) Reasons for the negative slope of demand curve
(b) Exceptions to the Law of Demand
6. (a) Elasticity of Demand is influenced by various factors Brief about them.
(b) State the significance of elasticity of demand.
7. (a) Several methods are employed for forecasting the demand for new products Elucidate.
(b) Discuss about the factors affecting demand forecasting and the criteria for good forecasting
method.
8. Write about the various types of elasticity of supply with neat diagrams and the factors influencing
elasticity of supply.
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