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Revision Notes

Determination of Prices and Quantity

NIOS · Class 10 · Economics

Quick revision notes for Determination of Prices and Quantity — NIOS Class 10 Economics. Key concepts, formulas, and definitions for last-minute revision.

50 questions27 flashcards5 concepts

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Key Topics to Revise

1

Meaning of Price and Profit

  • Price is the money paid by a buyer for one unit of a good or service.
  • A buyer paying Rs 36 for one litre of full cream milk means the price is Rs 36 per litre.
  • The seller tries to earn maximum profit while fixing the price.
2

Equilibrium Price and Equilibrium Quantity

  • Equilibrium literally means a state of balance from where there is no tendency to change.
  • Equilibrium price is the price at which quantity demanded and quantity supplied are equal.
  • Equilibrium quantity is the quantity demanded and quantity supplied at the equilibrium price.
3

Demand, Supply, and Price Adjustment

  • According to the law of supply, sellers sell more at a higher price and less at a lower price, other factors constant.
  • According to the law of demand, buyers buy more at a lower price and less at a higher price, other factors constant.
  • If quantity demanded is greater than quantity supplied at a given price, there is excess demand.
4

Tomato Schedule and Equilibrium

  • At Rs 20 per kg, quantity supplied is 300 kg and quantity demanded is 100 kg.
  • At Rs 18 per kg, quantity demanded rises to 150 kg and quantity supplied falls to 250 kg.
  • At Rs 16 per kg, quantity demanded and quantity supplied both equal 200 kg.

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Full Notes

Key Concepts

Price is the amount of moneyProfit = Total Revenue − TotalA seller considers cost of productionThe buyer aims to get maximumThe price at which quantity demanded

Frequently Asked Questions

What are the important topics in Determination of Prices and Quantity for NIOS Class 10 Economics?
Determination of Prices and Quantity covers several key topics that are frequently asked in NIOS Class 10 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Determination of Prices and Quantity — NIOS Class 10 Economics?
Understand the core concepts first, then work through the 50 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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