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Preparing for the Maharashtra Board Class 12 Economics exam becomes more manageable with a focused approach, and practising previous years' question papers is a key strategy. This article presents a compilation of the last three years' Economics question papers with detailed solutions. By working through these papers of class 12 Maharashtra board exam, students gain insight into the exam format, familiarize themselves with the types of questions asked, and develop effective strategies for answering them. This practice helps identify key topics, enhances problem-solving skills, and boosts confidence, ensuring a thorough preparation for the Economics exam.
Certain major trends have been noticed in the Maharashtra State Board class 12 Economics previous year question papers, which can assist students to prepare accordingly. Over these years, the question papers have maintained a good balance between the various sections like Microeconomics, Macroeconomics, Indian Economic Development, and Statistics for Economics. Given below are the major trends observed:
2024 Trends: The final paper in 2024 contained an overall mix of topics with a heavy emphasis on Microeconomics and Indian Economic Development. Various questions, in general, had a comprehensive focus on market structures, consumer behaviour, and economic reforms. A more anti-cyclical shift towards practical-based and application-based questions was found, normally representative of modern trends in education, which emphasize the critical abilities of thinking and the actual working of concepts intrinsic to Economics.
2023 Trends: The 2023 paper, though set a bit differently, still attached considerable importance to Macroeconomics and Statistics. Particular areas that were well tested include national income accounting, money and banking, and statistical methods like correlation and index numbers. This thus shows that macroeconomic principles and statistical tools are very fundamental in the analysis of economic data and therefore important for higher education and professional fields in economics.
2022 Trends: The paper in 2022 was majorly based on Indian Economic Development and critical analysis of economic policies. There was significant emphasis laid on topics like poverty, unemployment, and economic planning in India. Many questions demanded detailed analysis and interpretation of the economic scenario, underpinning analytical skills and a deep understanding of issues in the Indian economy. This trend reflects one of the broadened educational approaches that include an appreciation of economic policies and critical thinking in the context of national development.
Question 1: Explain the concept of price elasticity with its types.
Solution: Price Elasticity of Demand (PED) is a measure that quantifies the responsiveness of the quantity demanded of a good or service to a change in its price. It is a crucial concept in economics as it helps understand how changes in price affect consumer behaviour and revenue.
The formula for calculating the price elasticity of demand is:
FED= Percentage change in quantity demandedPercentage change in price
Types of Price Elasticity of Demand:
Elastic Demand (PED > 1):
When the absolute value of PED is greater than 1, demand is considered elastic. This means that the percentage change in quantity demanded is greater than the percentage change in price. Consumers are highly responsive to price changes.
Example: Luxury goods or non-essential items often have elastic demand. For instance, a significant price increase in designer handbags may lead to a large decrease in the quantity demanded.
Inelastic Demand (PED < 1):
When the absolute value of PED is less than 1, demand is inelastic. This implies that the percentage change in quantity demanded is less than the percentage change in price. Consumers are less responsive to price changes.
Example: Necessities such as basic food items and prescription medications often exhibit inelastic demand. A price increase in these goods may not significantly reduce the quantity demanded.
Unitary Elastic Demand (PED = 1):
When the absolute value of PED is exactly 1, demand is unitary elastic. This indicates that the percentage change in quantity demanded is equal to the percentage change in price.
Example: If the price of a product increases by 10% and the quantity demanded decreases by 10%, the demand is unitary elastic.
Perfectly Elastic Demand (PED = ∞):
In this scenario, any change in price leads to an infinite change in the quantity demanded. Consumers will only buy the product at a specific price, and even a small increase in price will reduce the quantity demanded to zero.
Example: This is a theoretical concept rarely seen in real markets, but it can be exemplified by a perfectly competitive market for a standardized product where all sellers charge the same price.
Perfectly Inelastic Demand (PED = 0):
In this case, the quantity demanded remains constant regardless of any change in price. Consumers will buy the same quantity of the product even if the price changes.
Example: Essential medications for life-threatening conditions might demonstrate perfectly inelastic demand if there are no substitutes and the medication is crucial for survival.
Question 2: Explain the concept of National income and explain the practical difficulties involved in the measurement of National income.
Solution: National Income is one of the important subject matters of macroeconomics. The total income of the nation is called national income. In real terms, national income is the flow of goods and services produced in an economy during a year. The various practical or statistical difficulties in the measurement of national income are as follows:
Question 3: State and explain the law of supply with assumptions.
Solution: The law of supply is based on the following assumptions:
Question 4: A table seller sold the table for ₹ 2,000 per piece. In this way, he sold 15 tables and earned ₹ 30,000. The the cost price per table is:
Solution: Total revenue is the total sales proceeds of a firm by selling a commodity at a given price. It is the total income of a firm.
Now, let's calculate the cost price per table:
Total earnings = Selling price per table * Number of tables sold
So, ₹ 30,000=₹ 2,000 *15
To find the cost price per table:
Cost price per table = Total earnings / Number of tables sold
Cost price per table =₹ 30,000 / 15
Cost price per table =₹ 2,000
Therefore, the cost price per table is ₹ 2,000.
Question 5: Explain the meaning of index number. Explain various steps involved in the construction of index numbers.
Solution: An index number is a statistical measure designed to show changes in a variable or a group of related variables with reference to time, geographical location, and other characteristics such as income, profession, etc.
Index numbers are one of the most used statistical tools in economics. An index number is a device to measure changes in an economic variable (or group of variables) over a period of time.
The following steps are involved in the construction of index numbers:
Download the complete PDF here - Maharashtra HSC Economics Previous Year Question Paper with Solutions
In conclusion, practising previous years' question papers for the Maharashtra 12th Board Economics exam is invaluable for mastering the exam format, enhancing accuracy, and managing time effectively. By identifying key topics and developing confidence through this focused practice, students can significantly improve their preparation and performance for the Economics exam.
It aligns the students to the format of exams, the kind of questions that may be asked, and the level of comprehension that is expected or desired.
Papers for the last academic year can be accessed from the Careers360 website.
Microeconomics, Macroeconomics, and Indian Economic Development. These are some of the most important for HSC board class 12.
Some effective strategies include reviewing past papers, focusing on areas where you need improvement, noting down important concepts, and regularly revisiting these notes as part of your study routine.
Make sure you understand all key concepts and theories clearly. Solve practice questions daily to grasp the underlying principles.
Application Date:09 September,2024 - 14 November,2024
Application Date:09 September,2024 - 14 November,2024
Admit Card Date:04 October,2024 - 29 November,2024
Admit Card Date:04 October,2024 - 29 November,2024
Application Date:07 October,2024 - 22 November,2024
Yes, you can repeat Class 12th from the Maharashtra Board, even if you passed in 2022 and took an improvement exam. You need to re-enrol in a school affiliated with the Maharashtra Board , submit the necessary documents, and pay the required fees. The student may also contact the Maharashtra State Board of Secondary and Higher Secondary Education for specific guidelines and procedures for repeating Class 12.
If you want to repeat the MSBSHSE HSC exam in 2024 , you will have to contact the Maharashtra State Board about your missing MSBSHSE improvement result . You can visit their official website or reach out to your previous school for guidance. You can register as a private candidate to apply, however, it is advisable to get the latest information from the MSBSHSE board directly.
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