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What is opportunity cost? Explain with the help of a numerical example.
Concept: Concept of Opportunity Cost
What is the relation between Average Variable Cost and Average Total Cost, if Total Fixed Cost is zero?
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost
When does 'shift' in supply curve take place?
Concept: Movements Along and Shifts in Supply Curve
From the following data find out the level of output that will give the producer maximum profit (Use marginal cost and marginal revenue approach,) Give reasons for your answer
| Output (units) | 1 | 2 | 3 | 4 | 5 |
| Total Cost (Rs) | 9 | 17 | 24 | 29 | 36 |
| Total Revenue (Rs) | 11 | 20 | 27 | 32 | 35 |
Concept: Average and Marginal Physical Products
Giving reason comment on the production possibilities curve based on the following schedule:
| Good X (units) | Good Y (units) |
| 0 | 20 |
| 1 | 18 |
| 2 | 14 |
| 3 | 8 |
| 4 | 0 |
Concept: Basics of Production Theory
Giving reason comment on the shape of Production Possibilities curve based on the following schedule :
| Good X (units | Good Y (units) |
| 0 | 30 |
| 1 | 27 |
| 2 | 21 |
| 3 | 12 |
| 4 | 0 |
Concept: Basics of Production Theory
Giving reason comment on the shape of Production Possibilities curve based on the following schedule:
| Good X (units) | Good Y (units) |
| 0 | 16 |
| 1 | 12 |
| 2 | 8 |
| 3 | 4 |
| 4 | 0 |
Concept: Basics of Production Theory
What are the different phases in the Law of Variable Proportions in terms of Total Product ? Give reasons behind each phase. Use diagram.
Concept: Law of Variable Proportions
The price elasticity of supply of a good is 0.8. Its price rises by 50 percent. Calculate the percentage increase in its supply.
Concept: Measurement of Elasticity of Supply
Complete the following table:
|
Units of Labour |
Average Product (Units) |
Marginal Product (Units) |
|
1 |
16 |
……. |
|
2 |
20 |
…….. |
|
3 |
……. |
20 |
|
4 |
18 |
…….. |
|
5 |
…… |
8 |
|
6 |
14 |
…….. |
Concept: Relation Between Total, Average and Marginal Product
A producer starts a business by investing his own savings and hiring the labour. Identify implicit and explicit costs from this information. Explain.
Concept: Concept of Opportunity Cost
Total revenue is Rs 400 when the price of the commodity is Rs 2 per unit. When price rises to Rs 3 per unit, the quantity supplied is 300 units. Calculate the price elasticity of supply.
Concept: Measurement of Elasticity of Supply
Answer the following question.
Explain the relation between the Average Variable Cost (AVC) curve and the Marginal Cost (MC) curve. Use diagram
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost
State the relation between marginal product and average product. Show this relation in a diagram.
Concept: Relation Between Total, Average and Marginal Product
Choose the correct answer from given options
If the supply curve is a straight line parallel to the vertical axis (Y-axis), supply of the good is called as _________.
Concept: Movements Along and Shifts in Supply Curve
Explain whether the statement is true or false with reasons.
Average product curve and Marginal product curves are 'U-shaped' curves.
Concept: Shapes of Product Curves
Explain whether the statement is true or false with reasons.
Total cost curve and Total variable cost curve are parallel to each other.
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost
Name any one Maharatana company.
Concept: Components of New Economic Policy >> Privatisation
“The value of all goods and services can be expressed in monetary units.”
On the basis of the given statement, identify the function performed by money:
Concept: Functions of Money
