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Explain the law of variable proportions with the help of a diagram.
Concept: Law of Variable Proportions
Which one of the following is NOT a ceteris paribus assumption of the Law of Supply?
Concept: Law of Variable Proportions
When the Marginal Product turns negative, Total Product will ______.
Concept: Law of Variable Proportions
Why is the AVC curve U-shaped?
Concept: Law of Variable Proportions
At the point of inflexion, ______ is maximum.
Concept: Law of Variable Proportions
With the help of a diagram, explain the relationship between Average Product and Total Product under the Law of Variable Proportions.
Concept: 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 |
Concept: Law of Variable Proportions
Normal profits for a firm imply that the firm is breaking even. Explain.
Concept: Basics of Production Theory
What are Average product?
Concept: Law of Variable Proportions
What is marginal product?
Concept: Law of Variable Proportions
With the help of a suitable diagram, discuss the relationship between Average product and Marginal Product.
Concept: Law of Variable Proportions
Which stage of the Law of Variable proportions will be the best for the producer? Explain with a reason.
Concept: Law of Variable Proportions
Find the value of additional investment made by the government when MPC = 0.5 and the increase in income (ΔY) = ₹ 1000.
Concept: Investment Multiplier and Its Mechanism
Discuss the mechanism of investment multiplier with the help of a numerical.
Concept: Investment Multiplier and Its Mechanism
Explain the concept of Investment Multiplier using a diagram.
Concept: Investment Multiplier and Its Mechanism
Mention any one difference between Induced investment and Autonomous investment.
Concept: Investment Multiplier and Its Mechanism
Illustrate that the investment multiplier is inversely proportional to MPS.
Concept: Investment Multiplier and Its Mechanism
Medium of exchange and measure of value is ______.
Concept: Functions of Money
Answer the following question.
Discuss two qualitative methods of credit control.
Concept: Central Bank as a Controller of Credit
Differentiate between Cash Credit and Outright Loans.
Concept: Central Bank as a Controller of Credit
