CBSE Class-12 Marking Scheme for IOP/Comptt Examination 2017 : Economics

CBSE Class-12 Marking Scheme for IOP/Comptt Examination 2017 :

Economics

CBSE Class-12 Marking Scheme for IOP/Comptt Examination 2017 : Economics(Delhi)

MARKING SCHEME – ECONOMICS (DELHI)
Expected Answers / Value Points
(Set – 1)

GENERAL INSTRUCTIONS :

1 The Marking Scheme carries only suggested value points for the answers. These are only guidelines and do not constitute the complete answers. Students can have their own expression and if the expression is correct, marks should be awarded accordingly.
2 As per orders of the Hon’ble Supreme Court,a candidate would now be permitted to obtain a photocopy of his/her Answer Book on payment of the prescribed fee.Examiners/Head Examiners are,therefore,once again reminded that they must ensure that evaluation is carried out strictly as per value points for each answer as given in the Marking Scheme.

3 Head Examiners/Examiners are hereby instructed that while evaluating the answer books, if the answer is found to be totally incorrect, the (X) should be marked on the incorrect answer and awarded ‘0’ mark.

4 Please examine each part of a question carefully and allocate the marks allotted for the part as given in the ‘Marking Scheme’ below.

TOTAL MARKS FOR ANY ANSWER MAY BE PUT IN A CIRCLE ON THE LEFT SIDE WHERE THE ANSWER ENDS.
5 Expected/suggested answers have been given in the ‘Marking Scheme’. To evaluate the answers, the value points indicated in the marking scheme should be followed.

6 For questions asking the candidate to explain or define, the detailed explanations and definitions have been indicated alongwith the value points.

7 For mere arithmetical errors, there should be minimal deduction. Only ½ mark should be deducted for such an error.
8 Where only two / three or a ‘given’ number of examples / factors / points are expected, only the first two / three or expected number should be read. The rest are irrelevant and must not be examined.
9 There should be no effort at ‘moderation’ of the marks by the evaluating teachers. The actual total marks obtained by the candidate may be of no concern to the evaluators.
10 Higher order thinking ability questions are for assessing a student’s understanding / analytical ability. General Note: In case of a numerical question, no marks should be awarded if only the final answer has been given, even if it is correct.

A1	Expected Answer / Value Points	Distribution of Marks
1	When with the rise/fall in income of the consumer its demand falls/rises.	1
2	(C) Both (A) and (B)	1
3	Production function is the relation between physical inputs used and the physical output produced.	1
4	(D) All the above
5	A firm is called ‘price - taker’ under perfect competition.	1
6	Positive economics studies “what is”. For example, statement that the man is consuming tobacco is a positive statement. whereas, normative economics studies “ what should be “. For example consumption of tobacco is bad for health. OR In microeconomics we study the economic behaviour of an individual economic agent. For example, a consumer etc. whereas, In macroeconomics we study the economic behaviour of the economy as a whole. For example, aggregate demand,……..etc	1 ⁄ 1 ⁄ 1 ⁄ 1 ⁄
7	PP curve slope downwards because to produce more of a good, the economy has to sacrifice some production of other good. It is because of the limited resources in the economy. (Diagram not required)	3
8	== -2 (No marks if only final answer is given)	1⁄

9

1. Improved technology

2. Fall in input prices

3. Fall in tax on the good.

4. Any other factor.

(Any two) Statement Explanation

1x2

10

Price(Rs) Output(units) TR(Rs) TC(Rs) MR MC

10 1 10 10 10 10

10 2 20 19 10 9

10 3 30 26 10 7

10 4 40 36 10 10 Equilibr ium

10 5 50 48 10 12

· Equilibrium level of output is 4 units.

· Because at this output

(i) MC = MR

(ii) MC > MR after equilibrium.

OR

Variable input TP MP (units) (units) (units)

1 5 5 Phase I

2 11 6

3 15 4 Phase II

4 17 2

5 15 (-2) Phase III

Phase I is upto 2 units of output because MP rises or TP rises at an increasing rate.

Phase II is from 3 upto 4 units of output because MP falls but is positive or TP

rises at a decreasing rate.

Phase III is from unit of output onwards because MP becomes negative or TP falls.

2

1

⁄

2

11

The number of buyers is so large that no individual buyer can influence the market price on its own. The proportion of demand of an individual buyer in the total market demand of the good is insignificant. If the single buyer buys more or less, market price is not affected.

(To be marked as a whole)

4