Holiday Homework (Summer vacation) 2013-2014 Class: XII Com. Subject: Physical Education 1.

Board Practical File having Two game details as per C.B.S.E blue print. By Following Points : 1. History of the game / sports. 2. Latest general rules of the game / sports 3. Specification of play fields and related sports Equipments. 4. Important Tournaments and venues. 5. Sports Personalities. 6. Proper sports gear and its importance. 7. Fundamental skills of the Game/Sports. 8. Specific Exercise of worm-up and conditioning. 9. Related sports Terminologies. Teacher Name: Mr. Sunil Sutel Contact No.: 9719995678

Subject: Informatics Practices (065) 1. Write Create commend on following entities (a) Student (b) Employee (c) Sports Shop 2. Enter 5 unique records in each above created tables. Teacher Name: Mr. Vishwajit Singh Pal Contact : vishwajit@fastmail.fm +919897695915

HOLIDAY HOME WORK ACCOUNTANCY

XII COMMERCE RECONSTITUTION OF A PARTNERSHIPFIRM- ADMISSION OF A PARTNER

1. 2. 3. 4. 5. 6. 7. 8. 9.

10.

State any two occasions when reconstitution of a partnership firm taken place. State any one right that a newly admitted partner acquires in the firm. What is Revaluation Account ? Why is it necessary to revalue assets and reassess liabilities at the time of admission of news partner ? A and B are partners in a firm sharing profits in the ratio 3 : 2. They admit C as a new partner for 1/7th share in future profits. What is the Sacrificing Ratio of A and B ? X and Y are partners in a firm sharing profits in the ratio 5 : 3. Z is admitted as a new partner for 1/6th share in future profits which he acquires as 3/24th from X and 1/24TH from Y. What is sacrificing ratio ? P and Q are partners sharing profits and losses in the ratio 3 : 2. They admit R as a new partner and decide to share future profits in the ratio 3 : 3 : 2. Calculate Sacrificing Ratio. Karan and Depika are partners in a firm sharing profits ion the ratio 5 : 3. They admit Sampat as a new partner for 1/3rd share in future profits. Calculate new profit sharing ratio and sacrificing ratio. A and B are partners in a firm sharing profits in the ratio 3 : 2. C is admitted as a new partner for 1/4th share in profits. A and B decide to share future profits equally. Calculate new profit sharing ratio and sacrificing ratio. A and B are partners sharing profits in the ratio of 5 : 4. They admit C for 1/9th share, which he acquires form A. Find the new profit sharing ratio.

11. 12. 13. 14.

15.

16.

17.

18.

19.

20.

A and B are partners sharing profits in the ratio of 7 : 3. C is admitted for 1/5th share, which he takes equally from both. State the new profit sharing ratio. P, Q and R are partners in the ratio of 3 : 2 : 1. S is admitted with 1/6th share in profits. R world retain his original share. Calculate new profit sharing ratio and sacrificing ratio. E and F are two partners sharing in the ratio of 3 : 2. They admit G into partnership. E give 1/3rd of his share while F gives 1/10th from his share. Calculate new profit sharing ratio and sacrificing ratio. A and B were partners sharing profits and losses in the ratio of 3 : 2. They admitted C into partnership for 1/5th share in profits. C brought Rs. 50,000 as capital and Rs. 10,000 as his share of goodwill. At the time of admission, goodwill was appearing in the books at Rs. 3,000. A and B withdrew half of their share of goodwill from the firm. Partners decided to share future profits in the ratio of 5 : 3 : 2. Pass necessary journal entries. X and Y are partners sharing profits in the ratio 3 :2. Goodwill appears in their books at Rs. 5,000. They admit Z into partnership for 1/5th share of future profits. Z brings Rs. 20,000 as his capital but was unable to bring his share of goodwill Rs. 4,0000. X and Y decide to share future profits equally. Pass journal entries. A and B are partners sharing profit in the ratio of 3 : 2. They admit C into the firm for 3/7th share in profit which he takes from A and B in the ratio 2 : 1. C brings Rs. 20,000 as capital and Rs. 3,000 as premium out of his share of Rs. 4,500. Give the necessary journal entries. A and B are partners with capitals of Rs. 90,000 and Rs. 1,00,000 respectively. They decide to admit C into partnership for 1/4th share in the future profits. C is to bring in a sum of Rs. 80,000 as his capital. Calculate the amount of Goodwill. Kavya and Prachi are partners with capital of Rs. 30,000 each. They admit Karishma as a partner with 1/4th share in the profits of the firm. Karishma brings Rs. 48,000 as her share of capital. The Profit & Loss A/c showed a credit balance of Rs. 24,000 as on date of admission of Karishma. Give the necessary journal entries for the treatment of Profit & Loss A/c and Goodwill. J and K were partners in a firm sharing profits and losses in 3 : 2 ratio. On 20.1.2008 they admitted L and M as partners. They new profits sharing ratio of J, K, L and M will be 1 : 1: 1 :1 L and M brought Rs. 60,000 each as their capitals and Rs. 10,000 each for goodwill. Calculate the sacrificing ratio of J and K and also pass necessary journal entries in the books of the firm for the above transactions. A, B and C are equal partners in a firm. Their Balance sheet as on 31st March, 2007 was as follows : Liabilities Sundry Creditors Employees Provident Fund Bills Payable General Reserve Capitals : A B C Rs. Assets Rs. 1,17,000 1,25,000 72,000 24,000 1,14,000 1,02,000 12,000

27,000 Goodwill 6,000 Building 45,000 Machinery 15,000 Furniture Stock 2,17,000 Debtors 1,66,000 Cash 90,000 5,66,000

5,66,000

On that date they agree to take D as equal partner on the following terms : D should bring in Rs. 2,10,000 as his capital and goodwill. His share of goodwill is valued at Rs. 60,000. iii. Goodwill appearing in the books must be written off. iv. Provision for loss on stock and provision for doubtful debts is to be made at 10% and 5% respectively. The value of Building is to be taken at Rs. 2,00,000. v. The total capital of the new firm has been fixed at Rs. 6,00,000 and the partners' capital accounts are to be adjusted in the profit sharing ratio. Any excess is to be transferred to current account and any deficit is to be brought in cash. Prepare the Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm.

i. ii.

21.

A and B are partners sharing profits in the ratio of 4 : 3. Their Balance Sheet on March 31st 2007 was as follows : Liabilities Sunday Creditors Bills Payable Capitals : A B 80,000 60,000 Rs. 25,000 Cash 5,000 Bank Debtors Less: Provision for 1,40,000 Bed & Doubtful debts Stock Plat Buildings 1,70,000 300 30,500 30,200 30,200 25,000 40,000 60,000 1,70,000 Assets Rs. 1,800 13,000

22.

They agreed to admit C into the partnership with effect from April 1st, 2007 on the following terms: i. C to bring capital equal to 1/8th of the total capital of the new firm after all adjustments. ii. Buildings to be appreciated by Rs. 7,000 and Plant depreciated by Rs. 3,500. iii. The provision on debtors to be raised to Rs. 650. iv. The goodwill of the firm to be valued at Rs. 28,000 and C to bring his share of premium in cash. Prepare Revaluation Account, Partners' Partners' Capital Accounts and the Balance Sheet on C's admission. Ashish and Dutta were partners in a firm sharing profit in 3:2 ratio. On Jan. 01,2007 they admitted Vimal for 1/5 share in the profit. The Balance Sheet of Ashish and Dutta as on Jan. 01, 2007 was as follows : Balance Sheet of A and B as on 1.1.2007 Liabilities Rs. Assets Rs. Creditors 15,000 Land & Building 35,000

Bills Payable Ashish Capital Dutta's Capital

10,000 Plant 80,000 Debtors 35,000 Less: Provision Stock Cash 1,40,000 22,000 2,000

45,000

20,000 35,000 5,000 1,40,000

23.

It was agreed that : i. The value of Land & Building be increased by Rs. 15,000 ii. The value of Plant be increased by Rs. 10,000. iii. Goodwill of the firm be valued at Rs. 20,000. iv. Vimal to bring in capital to the extent of 1/5th of the total capital of the new firm. Record the necessary journal entries and prepare the Balance Sheet of the firm after Vimal's admission. Azad and Babli are partners in affirm sharing profits and losses in the ratio of 2 : 1. Chintan is admitted into the firm with 1/4th share in profits. Chintan will bring in Rs. 30,000 as his capital and the capitals of Azad and Babli are to be adjusted in the profit sharing ratio. The Balance Sheet of Azad and Babli as on December 31,2006 (before Chintan's Admission) was as follows : Balance Sheet as on Dec. 31st, 2006 Liabilities Creditors Bills Payable General reserve Capital Accounts Azad Babli 50,000 32,000 82,000 Rs. 8,000 4,000 6,000 Assets Cash in Hand Cash in Bank Sundry Debtors Stock Furniture Machinery Building 1,00,000 Rs. 2,000 10,000 8,000 10,000 5,000 25,000 40,000 1,00,000

24.

It was agreed that : i. Chintan will bring in Rs. 12,000 as his share of goodwill premium. ii. Building was valued at Rs. 45,000 and Machinery at Rs. 23,000. iii. A provision for doubtful debts is to be created @ 6% on Debtors. iv. The capital accounts of Azad and Babli are to be adjusted by opening current accounts. Record necessary journals entries, show necessary ledger accounts and prepare the Balance Sheet after admission. A and B are partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st December, 2004 stood as under : Liabilities Capital Accounts Rs. Assets Machinery Rs. 33,000

A B General Reserve Bank Loan Creditors

35,000 Furniture 30,000 Investment 10,000 Stock 9,000 Debtors 36,000 Less : Provision for D/D Cash 1,20,000 19,000 2,000

15,000 20,000 23,000

17,000 12,000 1,20,000

25.

i. C brings capital proportionate to his share. He brings Rs. 7,000 in cash as his share of goodwill. ii. Debtors are all goods. iii. Depreciate Stock by 5% and Furniture by 10% iv. An outstanding bill for repairs Rs. 1,000 will be brought in books. v. Half of the investment were to be taken over by A and Bin their profit sharing ratio at book value. vi. Bank loan is paid off. vii. Partners agreed to share future profits in the ratio of 3 : 3 : 2. Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet after admission of C into the partnership. X and Y were partners in affirm sharing profits in 5 : 3 ratio. They admitted Z as a new partner for 1/3rd share in the profits. Z was to contribute Rs. 20,000 as his capital. The Balance Sheet of X and Y on 1.4.2007 the date of Z's admission was as follows : Balance Sheet of X and Y as at 1st April, 2007 Liabilities Creditors Capital A/cs : X Y General Reserve 50,000 35,000 85,000 16,000 Rs. 27,000 Assets Land and Building Plant and Machinery Stock Debtors Less : Provision Investment Cash 1,28,000 20,000 1,500 18,500 20,000 12,000 1,28,000 Rs. 25,000 30,000 15,000

Other terms agreed upon were : i. Goodwill of the firm was valued at Rs. 12,000. ii. Land and Building were to be valued at Rs. 35,000 and Plant and Machinery at Rs. 25,000. iii. The provision for doubtful debts was found to be in excess by Rs. 400. iv. A liability for Rs. 1,000 included in sundry creditors was not likely to arise. v. The capitals of the partners be adjusted on the basis of Z's contribution of capital in the firm.

vi. Excess or shortfall if any to be transferred to current accounts. Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm.

Holiday Homework-2013-14 Subject - Business St udies ClassXII Com.

Assignment- Ch. 1, 2, 3 (A) Very Short Answer type questions :Q.1 Pizza Hut keeps introducing, new variety of Pizzas in its menu, which characteristic of management is highlighted in this. Q.2 Producing manager tries to produce goods with minimum costs. Name the concept which is being focused by management. Q.3 Name any two needs of the employees which are to be fulfilled by the management. Q.4 How does management help in achieving groups goals. Q.5 What do you mean by management Hierarchy ? Q.6 Your grandfather has retired as the Director of a manufacturing company. At what level of management was he working ? Q.7 Which function of management is inferred to as human resource function ? Q.8 Name that function of management which synchronizes the effort of subordinates for achievement of common purpose. Q.9 Enumerate any two features of coordination. Q.10 What is the nature of management in twenty first century ? Q.11 Define scientific management ? Q.12 Principle of cooperation, not individualism is an extension of which principle given by Taylor ? Q.13 Why does Taylor insist on having, specialized foreman ? Q.14 Which technique of scientific management is an extension, of principle of division of work and specialization, to the shop floor ? Q.15 Enlist any two objectives of standardization. Q.16 Distinguish between unity of command and functional foremanship on the basis of the meaning. Q.17 Name the technique of Taylor which is strongest motivator for a worker to reach standard performance. Q.18 Give any one disadvantage of differential piece wage system. Q.19 Give any one effect of principle of Espirit de corps. Q.20 What does the principle of Initiative indicate ? Q.21 Name the process related with dispersal of power of decision making among more than one person. Q.22 Give any one main difference between Fayol's and Taylor's contribution ? Q.23 Which sector was given more importance after independence ? Q.24 What was the immediate cause of economic reforms in 1991 ? Q.25 Which policy moved India to globalization pattern ? SHORT ANSWER TYPE QUESTIONS Q.26 Suppose you are working as a marketing manager in a company. List some of the functions that you would perform at this level. Q.27 What are the personal objectives of the management ? Q.28 Why is directing function considered as an important function ? Q.29 "Principles of management achieve results economically . " Explain. Q.30 Describe, in brief, Taylor's principle of "Science not rule of thumb. Q.31 Which technique of Taylor suggests that each worker should be supervised by specialist ? Give the designations of any four specialist. Q.32 How does the technique of motion study help to improve the efficiency of workers ? Give any two points in support of your answers. Q.33 Explain with the help of a suitable example the technique of "differential piece rates. " Q.34 Give positive effect of the principle of discipline. " Q.35 Fayol's principles of equity and order can be applied in actual work situations" Do you agree ? Explain your viewpoint. Q.36 Why is it important for business enterprises to understand their environment ? Q.37 Define globalization. List the main objectives of Globalization. Q.38 List the various changes initiated by the Government of India since 1991. Q.39 Explain the role of political environment in shaping any business. Q.40 Enumerate the various ways in which managers respond to changes in business environment. LONG ANSWE TYPE QUESTIONS Q.41 'Management is a profession like medical or legal profession." Do you agree with this statement ? Give reasons in support of your answer. Q.42 Is coordination needed at all levels of management ? Explain with example. Q.43 Discuss the following techniques of scientific works study : A- Time Study BMotion study C- Fatigue study DMethod study

Q.44 Explain the 'Principle of 'Scalar Chain' with an example. Q.45 Explain the following principle of management given by Fayol with examples A- Unity of Direction B- Centralization and Decentralization. Q.46 Explain the impact of Government policy changes on business and industry. Q.47 Discuss the important characteristics of business environment ? Q.48 What are the essential features of : A Liberalisation B Privatisation C Globalisation ? Q.49 How would you argue that the success of a business enterprise is significantly influenced by its environment Q.50 Discuss the difference between the contribution of Taylor and Fayol. ENTREPRENEURSHIP CLASS XII COMMERCE 1. 2. Draw an 'Entrepreneurial profile' of any leading Indian entrepreneur highlighting his / her unique skills in sensing opportunities. Imagine that you want to introduce a new soap in the market. Working individual prepare a proposal taking your immediate environment factors in to account. 3. Carry out a detailed study to Indian Railways as a model of sustainable development. As it is a challenging project the entire class can participate in it as a team. 4. Explain the 'Amway' company ? Is it a channel of distribution yes or no describe it ? [Questions ] Q.1 How is market segmentation useful to an entrepreneur ? Q.2 How does market supply influence a Business idea ? Explain with a suitable example ? Q.3 Why is environment an important factor for entrepreneurship ? Q.4 "Most of the business opportunities exist in the environment" Explain. Q.5 Explain the factors involved in sensing entrepreneurial opportunities ? Q.6 An Idea that is not assessed for its opportunity potential may fail in business comment on this statement. Q.7 What do you mean by marketing mix ? Explain the process of marketing mix. Q.8 Advertising through. Television is favorable to big enterprise. But indirectly it affects small emerging entrepreneurs. Do you agree ? Justify your answer.

ECONOMICS HOLIDAY HOME WORK 2013-14

VERY SHORT ANSWER TYPE QUESTIONS (1 MARK)

1. With the help of an example, define micro economics. 2. Define macro economics with the help of an example. 3. Define opportunity cost. 4. Why does an economic problem arise? 5. Write two characteristics of resources. 6. What do you mean by scarcity? 7. Define Marginal Rate of Transformation. 8. What do you mean by an economy?

HOTS
9. Sugar industry is a subject matter of micro economics. Give reason. 10. What do you mean by alternative uses of resources? 11. What will be the shape of PPF when MRT is constant? 12. Unemployment in India is a subject matter of Microeconomics or Marcoeconomics, give reason.

SHORT ANSWER TYPE QUESTIONS (3/4 MARKS)

1. Distinguish between microeconomics and macroeconomics. Give example. 2. Why does an economic problem arise? Explain the problem of 'How to Produce'? 3. Explain the problem of 'What to Produce' with the help of an example. 4. For whom to produce is a central problem of an economy. Explain.

5. Why is a production possibility curve concave? Explain. 6. Define opportunity cost with the help of an example, how does it differ from marginal opportunity cost?

HOTS
7. What is PP Frontier? Explain it with the help of an imaginary schedule and diagram. 8. Show the following situation with PPF (a) Fuller utilisation of resources (b) Growth of resources. (c) Under utilisation of resources. 9. How is PPC affected by unemployment in the economy? Explain. 10. Define opportunity cost and explain it with the help of an example. 11. Explain how a PPC is affected where resources are in efficiently employed in an economy. 12. Calculate MRT from following table. What will be the shape of PPF and why?
Combinations Good A (units) A 20 B 18 C 14 D 8 E 0 Good B (units) 0 1 2 3 4

13. Explain features of P.P.C.

CHAPTER 2

VERY SHORT ANSWER TYPE QUESTIONS (1 MARK)

1. What is meant by utility? 2. How is Total utility derived from marginal utilities? 3. What is Law of Diminishing Marginal Utility? 4. What will be the behaviour of total utility when marginal utility is zero? 5. State condition of consumer's equilibrium in respect of one good. 6. Define consumers equilibrium. 7. What is meant by Marginal Rate of Substitution (MRS). 8. What is meant by budget set. 9. Define Indifference curve Map. 10. How is budget line defined? 11. Why does higher indifference curve give more satisfaction? 12. What is the impact of diminishing marginal rate of substitution on the slope of indifference curve? 13. Define monotonic preference. 14. How is market demand schedule derived with the help of individual demand schedules? 15. Define normal good. 16. How does availability of substitute good affect the elasticity of demand? 17. Demand of good X falls due to increase in the income of the consumer what type of good X is? 18. What will be the impact on demand of the good due to increase in price of the substitute good? 19. A rise in price of a good results in a decrease in expenditure of it. Is its demand elastic or inelastic? 20. What is meant by market demand? 21. Define demand schedule. 22. What cause an upward movement along a demand curve? 23. If the number of consumers increase, in which direction will the demand curve shift? 24. A straight line demand curve is given. What will be elasticity of demand on the mid point of this curve. 25. If the slope of a demand curve is parallel to X-axis, what will be the elasticity of demand? 26. Why is demand of water inelastic?

H.O.T.S.
27. What happens to total expenditure of a commodity when its price falls and its demand is unit elastic?

28. Why does total utility increases at diminishing rate due to continuous increase in consumption? 29. Due to decrease in price of pen why does the demand of ink increase? 30. What will be the behaviour of total utility when marginal utility curve lies below X-axis?

SHORT ANSWER TYPE QUESTIONS (3-4 MARKS)

1. Explain the law of diminishing marginal utility with the help of a utility schedule. 2. Explain consumers equilibrium with utility approach in case of single good. 3. What do you mean by budget line? What are the reasons of change in

budget line? 4. Explain the relationship between total utility and marginal utility with the help of schedule. Or What changes will take place in total utility when (a) Marginal utility curve remains above Xaxis (b) Marginal utility curve touches Xaxis (c) Marginal utility curve lies below Xaxis. 5. State three features of indifference curve. 6. Why does two indifference curves not intersect each other? 7. Under what situations there will be parallel shift in budget line? 8. Explain the effect of a rise in the prices of related goods on the demand for a good X. 9. Why does demand of a normal good increases due to increase in consumers income? 10. Explain by giving an example, how price elasticity of demand of a good depends on the nature of good. 11. State elasticity of demand of followings : (a) Luxurious goods (b) Goods of alternate use (c) Necessity goods. 12. Distinguish between expansion of demand and increase in demand with the help of diagram. 13. Measure Price Elasticity of Demand on the following points of a straight line demand curve : (a) Centre point of the demand curve. (b) Demand curve intercepting y-axis (c) Demand curve intercepting x-axis. 14. What is an inferior good? In what manner does the demand curve of such a good affected when income of the consumer increase? Use diagrams. 15. Distinguish between change in demand and change in quantity demanded. 16. What will be the effect of following on elasticity of demand. (a) time factor (b) nature of the product. 17. How is price elasticity of demand of a good influenced by availability of its close substitute? Explain by giving an example. 18. A good may be inferior for one consumer and normal for another. Do you agree with this statement. Give reasons in support of your answer. 19. What will be the slope of demand curve under following situations. (a) Perfectly elastic demand (b) Perfectly inelastic demand (c) Unit elastic demand. 20. State the factors of rightward shift of demand curve. Explain any one. 21. State the factors of leftward shift of demand curve. Explain any one. 22. How does a portion of income spent on a good effect elasticity of demand. 23. What will be elasticity of demand if (a) Total expenditure increases due to increase in price. (b) Total expenditure increases due to fall in price. NUMERICALS 24. The price elasticity of Demand of commodity X and Y are equal. The price of X falls from Rs. 10 to Rs. 8 per unit and its quantity demanded increase by 16 percent. The price of Y rises by 10 percent. Calculate the percentage decrease in its demand. 25. The price elasticity of demand of good X and Y is same. If price of good X falls by 10% and price of good Y incre ase by 10% then what changes will take place is demand of good X and good Y. 26. If the price of a commodity rises from Rs. 8 per unit to Rs. 10 per unit, a consumers demand falls from 110 units to 100 units. Find out the price elasticity of demand for this commodity. 27. At the price of Rs. 4 per unit, a elasticity of demand is 2. How many units will the consumer buy at Rs. 3 per unit? 28. When the price of a commodity falls by Rs. 2 per unit, its quantity demanded increases by 10 units. Its price elasticity of demand is () 1. Calculate its quantity demanded at the price before change which was Rs. 10 per unit. 29. The price elasticity of demand of a commodity is 0.5. At a price of Rs.

20 per unit, total expenditure on it is Rs. 2,000. Its price is reduced by 10 percent. Calculate its demand at the reduced price.

H.O.T.S.
30. State four determinants of price elasticity of demand. 31. Differentiate between : (i) Normal goods and Inferior goods (ii) Complimentary goods and substitute goods. 32. Why should the budget line be tangent to the indifference curve at the point of consumers equilibrium. 33. Distinguish between rightward shift of demand curve and downward movement along the demand curve. 34. Why does consumer stop consumption in case where marginal utility is less than price of a good?

LONG QUESTIONS (6 MARKS)

1. Explain the conditions of consumers equilibrium with the help of the indifference curve analysis. Represent the same in a diagram. 2. Explain the determination of consumers equilibrium with the help of a schedule in case of two commodities by using utility approach. 3. Why does demand curve slope downward? 4. Explain the determinants of price elasticity of demand. 5. Explain the causes of increase in demand (rightward shift of demand curve). 6. With the help of diagrams, explain the effect of following changes on the demand of a commodity. (a) A fall in the income of its buyer. (b) A rise in price of complementary good. 7. What are the conditions of consumers equilibrium under the indifference curve approach? What changes will take place if the conditions are not fulfilled to reach equilibrium?

H.O.T.S.
8. With the help of numerical example measure price elasticity of demand in the following conditions by total expenditure method : (i) Demand falls when price is constant. (ii) Price falls while demand is constant. 9. How will a fall in the price of tea affect the equilibrium price of coffee? Explain the chain of effects. 10. hether the following statements are true or false? Give reasons. (i) Two indifference curves never intersects each other. (ii) Income effect of inferior good is positive. (iii) Change in quantity demanded is the explanations of law of demand. 11. Following statements are true or false give reasons : (i) Increase in number of consumers shifts the demand curve rightward. (ii) The demand of a commodity becomes elastic if its substitute good is available in the market. (iii) The price elasticity of demand is equal to unity at a point situated in the middle of a straight line demand curve.