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An increase in the number of firms in the market causes a rightward shift in the market supply curve, but the individual supply curve may shift leftward. Justify the statement.
Concept: Movements Along and Shifts in Supply Curve
Give two differences between intended supply and actual supply.
Concept: Determinants of Supply
Prices of air conditioners and refrigerators have shot up in the new year as consumer durables makers pass on the impact of rising raw material costs and higher freight charges to customers, while home appliances like washing machines may witness a 5–10 per cent price hike later this month or by March.
(Source: The Economic Times)
Explain the behaviour of supply of this consumer durable. Illustrate the same in a diagram.
Concept: Determinants of Supply
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
