R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC chapter 10 - Concept of Production and Law of Returns [Latest edition]

What is meant by production function?

What is meant by the total product?

What are Average product?

What is marginal product?

What is meant by the law of production or the law of variable proportions?

In which stage is the rational decision possible?

Explain the reflection on total output if a single factor of production is increased continuously, keeping other factors same.

What is meant by returns to scale?

Distinguish between short-run and long-run production functions.

What is meant by increasing returns to scale?

What is meant by decreasing returns to scale?

What is meant by constant returns to scale?

What do you mean by scale of production?

Give the classification of economies of scale of production.

Explain the internal economies of scale.

Explain external economies of scale.

What do you mean by diseconomies of scale?

What is a product?

Give the classification of the product.

What is meant by production function?

Explain various features of the production function.

Give any two differences between returns to a factor and returns to scale.

State the three stages of production.

Illustrate the law of returns to scale with the help of a diagram.

Differentiate between returns to scale and laws of returns.

Explain economies of the scale of production.

Give the relationship between economies of scale of production and indivisibility.

Explain the internal economies of scale.

Explain external economies of scale.

Is there any diseconomies of scale of production? If so, discuss fully.

Find out the average product and marginal product from the following data:

Distinguish between internal economies and external economies.

What is meant by ‘short-run’ production function?

What is meant by long-run production functions?

Distinguish between fixed factor and variable factor.

Explain briefly the two types of production function.

Draw a diagram to show the effect of total product on the marginal product of a variable factor when the total product reaches its maximum.

Explain the law of variable proportions with the help of a diagram.

Differentiate between returns to scale & returns to a variable factor.

Distinguish between internal economies and external economies.

Explain two causes of increasing returns to a variable factor.

Explain two causes of diminishing returns to a variable factor.

Explain two causes of negative returns to a variable factor.

Give one difference between increasing returns to scale & diminishing returns to scale.

Discuss two reasons for increasing returns to scale.

Explain two causes of diminishing returns to a variable factor.

What is meant by production function?

Explain briefly the two types of production function.

Distinguish between short-run and long-run production functions.

Define marginal product.

What is the law of increasing returns to factor?

In which stage of production a producer will produce? Explain.

Give two assumptions of the law of variable proportions.

Define production function.

Distinguish between short-run and long-run production functions.

Define production function.

Discuss two criticisms of the law of variable proportions.

With the help of a suitable diagram, discuss the relationship between Average product and Marginal Product.

Explain the relation between marginal product and total product with the help of a diagram.

‘If more variable factors are employed with fixed factors, the total product increases at an increasing rate and finally it falls.’ Explain the three stages of the law of variable proportions with the help of TP, AP and MP curves.

Differentiate between fixed factor production and variable factor of production.

Explain the relation between marginal product and total product with the help of a diagram.

What is meant by ‘short-run’ production function?

Distinguish between short-run and long-run production functions.

Mention two causes of increasing returns to a factor.

If more variable factors are employed to fixed factors, the total product increases initially at increasing rate and finally it decreases. Explain this law with the help of a diagram.

Fill in the blanks in the table given below:

Explain the law of variable proportions with the help of a diagram.