B. Give economic terms (4 marks)
i. Graphical representation of demand schedule.
ii. Degree of responsiveness of a change in quantity demanded of one commodity due to
change in the price of another commodity.
iii. Cost incurred per unit of output.
iv. The point where demand and supply curve intersect

Dear Student,
​​​​​(i) When demand schedule is presented graphically is called as graphical representation od demand schedule. 

• Demand schedule - Demand schedule is a tabular presentation of the relationship between price of a commodity and the quantity demanded of that commodity at a particular point of time. In other words, it shows the different quantities of a commodity that a consumer is willing to purchase at different possible prices.

(ii) Elasticity of demand refers to the degree of responsiveness of quantity demanded of a commodity to change in any of its determinants, viz. ... price of the commodity, prices of other commodities and income of the consumers Cross elasticity is positive in this case.

(iii) The cost per unit is derived from the variable costs and fixed costs incurred by a production process, divided by the number of units produced.

(iv) The point where demand and supply curve intersect is known as eqilibrium point.


Regards