# Market Equilibrium - Class 12 - Economics

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## Extra Questions - Market Equilibrium | Microeconomics | Economics | Class 12

A shopkeeper bought a T.V. at a discount of $30 %$ on the list price of Rs. 24,000. The shopkeeper offers a discount of $10 %$ on the list price to his customer. If the VAT is $10 %$, find the amount paid by the customer and the VAT to be paid by the shopkeeper.

A) Rs. 24,760; Rs. 480

B) Rs. 23,760; Rs. 480

C) Rs. 23,760; Rs. 460

D) Rs. 24,750; Rs. 460

E) Rs. 24,760; Rs. 460

**Calculation of Purchase Price for Shopkeeper:**The shopkeeper buys the TV at a discount of**30%**on the list price. The list price of the TV is Rs. 24,000. Therefore, the purchase price for the shopkeeper would be: $$ \text{Purchased Price} = \text{List Price} - \left(\frac{30}{100} \times \text{List Price}\right) $$ $$ \text{Purchased Price} = 24000 - (0.3 \times 24000) = 24000 - 7200 = Rs. 16,800. $$**Selling Price Before VAT:**The shopkeeper sells the TV at a**10% discount**. Therefore, the selling price before VAT is: $$ \text{Selling Price before VAT} = \text{List Price} - \left(\frac{10}{100} \times \text{List Price}\right) $$ $$ \text{Selling Price before VAT} = 24000 - (0.1 \times 24000) = 24000 - 2400 = Rs. 21,600. $$**Calculation of VAT:**The VAT applied is**10%**. Therefore, the VAT amount is: $$ \text{VAT} = \frac{10}{100} \times \text{Selling Price before VAT} $$ $$ \text{VAT} = 0.1 \times 21600 = Rs. 2160. $$**Total Amount Paid by Customer:**Finally, the amount paid by the customer including VAT is: $$ \text{Total Amount} = \text{Selling Price before VAT} + \text{VAT} $$ $$ \text{Total Amount} = 21600 + 2160 = Rs. 23,760. $$**VAT Paid by Shopkeeper:**The shopkeeper collects Rs. 2160 as VAT from the customer, but he only retains: $$ \text{VAT to retain} = \frac{10}{100} \times (\text{Selling Price before VAT - Purchased Price}) $$ $$ \text{VAT to retain} = 0.1 \times (21600 - 16800) = 0.1 \times 4800 = Rs. 480. $$

The correct answers are **Total Amount Paid by the Customer: Rs. 23,760** and **VAT to be paid by the Shopkeeper: Rs. 480**.

Option B) Rs. 23,760; Rs. 480, is the correct answer.

Pinky scored 40 marks in a test, receiving 3 marks for each correct answer and losing 1 mark for each wrong answer. If 4 marks had been awarded for each correct answer and 2 marks were deducted for each wrong answer, Pinky would have scored 40 marks again. How many questions were there in the test?

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