Which of the following is considered production in Economics?
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In the production of wheat, all of the following are variable factors that are used by the farmer except :
The marginal product of a variable input is best described as:
The short run, as economists use the phrase, is characterized by:
The marginal, average, and total product curves encountered by the firm producing in the short run exhibit all of the following relationships except:
To economists, the main difference between the short run and the long run is that :
Which of the following is the best definition of the “production function”?
(Direction 14 - 16) Use the following information to answer questions.
Q. What is the total output when 2 hours of labour are employed?
Q. What is the marginal product of the third hour of labour?
Q. What is the average product of the first three hours of labour? What is the average product of the first three hours of labour?
Which cost increases continuously with the increase in production?
Total cost in the short run is classified into fixed costs and variable costs. Which one of the following is a variable cost?
In the short run, when the output of a firm increases, its average fixed cost :
Which one of the following is also known as planning curve?
The cost of one thing in terms of the alternative given up is known as:
With which of the following is the concept of marginal cost closely related?
Which of the following is an example of an “explicit cost”?
Which of the following is an example of an “implicit cost”?
(Direction 27 - 29) Use the following data to answer questions.
Q. The average fixed cost of 2 units of output is :
Q. Diminishing marginal returns start to occur between units :
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135 videos|190 docs|88 tests
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