Economics final September

test questions:
Q1. Define marginal revenue.
Q2. Define marginal product.
Q3. When is the supply of a
commodity elastic?
Q4. Define price sailing.
Q5. When price of a
commodity falls by 2 rupees
per unit its demand increases
by 10 units. if price elasticity
of demand is -1. Calculate its
quantity demanded at the
price before change which
was 10 rupees per unit?
Q6. Consumption of liquor is
responsible for many serious
diseases. Government reduces
its consumption using the
market forces? Explain
Q7. Define an economic
problem.
Q8.What gives rise to an
economic problem?