Target Exam

CUET

Subject

-- Applied Mathematics - Section B2

Chapter

Question:

As per the graph given below:

Match List-I with List-II

List-I (Function/Area/point)

List-II (Representation)

(A) Consumers Surplus

(I) $y=g(x)$

(B) Supply function

(II) $v$

(C) Demand function

(III) $s$

(D) Equilibrium point

(IV) $y=f(x)$

Choose the correct answer from the options given below:

Options:

(A)-(III), (B)-(IV), (C)-(I), (D)-(II)

(A)-(IV), (B)-(III), (C)-(II), (D)-(I)

(A)-(III), (B)-(I), (C)-(IV), (D)-(II)

(A)-(I), (B)-(II), (C)-(III), (D)-(IV)

Correct Answer:

(A)-(III), (B)-(I), (C)-(IV), (D)-(II)

Explanation:

The correct answer is Option (3) → (A)-(III), (B)-(I), (C)-(IV), (D)-(II)

(A) Consumers Surplus → $s$

Consumer surplus is the difference between what a consumer is willing to pay (demand curve) and what they actually pay (market price). It is represented as $s$, i.e., the surplus enjoyed by consumers.

(B) Supply function → $y = g(x)$

The supply function shows the relationship between quantity supplied and price. It is usually written as $y = g(x)$, where $y$ is quantity supplied and $x$ is price.

(C) Demand function → $y = f(x)$

The demand function shows the relationship between quantity demanded and price. It is represented as $y = f(x)$, where $y$ is quantity demanded and $x$ is price.

(D) Equilibrium point → $v$

The equilibrium point occurs where demand equals supply, i.e., $f(x) = g(x)$. At this point, both buyers and sellers are satisfied. It is represented by $v$ in the list.