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Explain the concept of opportunity cost with the help of production possibility schedule. Explain the chain of effects in the market demand for a commodity when there is rise in the price of its related goods. By giving reason distinguish between demand curve under perfect competition and monopolistic competition. Define Non collusive Oligopoly. Why do demand curve under oligopoly indeterminate? When the price of a good rises from Rs. I10 per unit to Rs. 12 per unit, its quantity demanded falls OR by 20 percent. Calculate its price elasticity of demand. How much would be the percentage change in its quantity demanded, if the price rises from Rs. 10 per unit to Rs. 13 per unit? Complele the following table: Marginal cost Average fixed cost Average cost Average variable cost Output 140 45 2 45

Explain the concept of opportunity cost with the help of production possibility schedule. Explain the chain of effects in the market demand for a commodity when there is rise in the price of its related goods. By giving reason distinguish between demand curve under perfect competition and monopolistic competition. Define Non collusive Oligopoly. Why do demand curve under oligopoly indeterminate? When the price of a good rises from Rs. I10 per unit to Rs. 12 per unit, its quantity demanded falls OR by 20 percent. Calculate its price elasticity of demand. How much would be the percentage change in its quantity demanded, if the price rises from Rs. 10 per unit to Rs. 13 per unit? Complele the following table: Marginal cost Average fixed cost Average cost Average variable cost Output 140 45 2 45 When the price or a good rises from Rs. 10 per unit to Rs. 12 per unit, its quantity demanded falls by 20 percent. Calculate its price elasticity or demand. How much would bc the percentage change in its quantity demanded, if the price rises from Rs. 10 per unit to Rs. 13 per unit?

Dear student Due to paucity of time I am providing you the solutions of first three questions that are - 1.Explain the concept of opportunity cost with the help of production possibility schedule. 2.Explain the chain of effects in the market demand for a commodity when there is rise in the price of its related goods. 3. By giving reason distinguish between demand curve under perfect competition and monopolistic competition ANSWERS 1. We have provided the solutions of All India Economics Board Paper 2013. You can check your answers with them at the below-mentioned link. https://m.meritnation.com/cbse/class12-commerce/board_paper_solutions/economics/economics/board-paper-of-class-12-commerce-2013-economics-all-india(set-1)---solutions/test/341_20707?writtenSolution=yes 2. Refer this link for the same https://m.meritnation.com/cbse/class12-commerce/studymaterial/economics/introductory-microeconomics/theory-of-consumer-behaviour/1_15_16_338_1981 3. PERFECT COMPETITION Due to large number of buyers and sellers in a perfectly competitive market, the firm acts as a price taker, while the price is determined by the demand for and supply of the commodities.Thus, firms have no role to play other than supplying the required output at the existing market price and therefore, a perfectly competitive firm faces infinitely elastic demand curve . MONOPOLISTIC COMPETITION As a monopolistic firm is a price maker, so it can design its own price policies. The firms are distinguished on the basis of their brand names, therefore each monopolistic firm enjoys a monopolist (or monopoly) position. Due to this, the demand curve faced by a monopolistic firm are downward sloping . You are requested to not to pile up your queries. Kindly post them in different threads to get rapid assistance REGARDS

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1. Opportunity cost is the cost of next best alterna5ive forgone.
consider the following schedule, assuming that the resources are fixed, the available Resouces are fully and efficiently employed, technology is fixed and no two resources are available to produce both the commdoties effectively.
                                                   
        X               Y            MRT  
         0              10              -       
         1                9           1Y: 1X  
         2                7          2Y:1X  
         3                4          3Y:1X  
        4                  0         4Y:1X 
Here if you consider some given tow commodities and fixed resources and technology we need to sacrifice c=oen commodity to obtain the other one, this is called as the opportunity cost.
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2.
CASE 1 : 
let the related good be the substitute 
When the substitutes price increases then the consumer's utility on a given product will increase as a result the demand of the given product increases since demand has increased if appropriate supply is not present the price of the given product also will increase slowly as a result the old situation will be restored.
CASE 2 : 
If the related good is a complementary one
When the price of the complementary good increases the demand for the given good will fall as the purchasing power has reduced , because of the fall in the demand and the same level of supply excess will be created as a result the price will come down and the old demand situation will be restored.
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Non collusive oligopoly is an oligopoly where there is no association or cartel.
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Ed = Change in quantity demanded  / Change in price of the commodity
Ed = -20 / 2/10 * 100
Ed = -20 / 20 = -1 

-1 =  x / 3/10 *100
-30% = x
The demand will fall by 30%

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