Q. 1. Explain with the help of suitable examples / graph the following;

(a) ‘Production Possibility Curve’.

(a) The concept of ‘Opportunity Cost’.

(c) The concept of ‘Margin’ in Economics.

Q. 2.

(a) Distinguish between ‘Quantity Demanded’ and ‘Demand Schedule’.

(b) Distinguish between ‘movement along demand curve’ and ‘shift in demand curve’.

(c) By drawing a graph for the market demand and supply (of commodity X) show the conditions of ‘equilibrium’, ‘excess demand’, and ‘excess supply’.