Advertisements
Advertisements
Question
Product obtained from additional factors of production is termed as
Options
Marginal product
Total product
Average product
Annual product
Advertisements
Solution
Marginal product
APPEARS IN
RELATED QUESTIONS
State the behaviour of marginal product in the law of variable proportions. Explain the causes of this behaviour
State the different phases of change in the total product according to the Law of Variable Proportions. Use diagram
What are the different phases in the Law of Variable Proportions in terms of Total Product ? Give reasons behind each phase. Use diagram.
What is the law of variable proportions?
Explain the law of variable proportions with the help of a diagram.
The short-run production is studied through
Define Marginal Product of a factor.
Which one of the following is NOT a ceteris paribus assumption of the Law of Supply?
Why is the AVC curve U-shaped?
With the help of a diagram, explain the relationship between Average Product and Total Product under the Law of Variable Proportions.
Study the data given below and identify the laws followed in the production of A and B depicted in the Table I and Table II. Justify your answer with a reason for each.
| Table I | Table II | ||||
| Machines | Labour | Output of A (units) | Machines | Labour | Output of B (units) |
| 5 | 10 | 1000 | 5 | 10 | 400 |
| 5 | 11 | 1150 | 10 | 20 | 800 |
| 5 | 12 | 1310 | 15 | 30 | 1200 |
Which stage of the Law of Variable proportions will be the best for the producer? Explain with a reason.
Which term describes the extra output from adding one more unit of labour in production?
What happens to marginal product after a certain point, if more and more labour is added to fixed land?
What is the formula for calculating Average Product?
Which stage is shown when total production drops and marginal product becomes negative?
Why should businesses study the law of variable proportions?
