Short Answer Questions - Producer Behaviour and Supply Commerce Notes | EduRev

Economics Class 12

Created by: Pj Commerce Academy

Commerce : Short Answer Questions - Producer Behaviour and Supply Commerce Notes | EduRev

The document Short Answer Questions - Producer Behaviour and Supply Commerce Notes | EduRev is a part of the Commerce Course Economics Class 12.
All you need of Commerce at this link: Commerce

Short answer questions and Long answer questions

 

1. What is meant by production?

Ans :- Transformation of Input into Output.

 

2. What will be MP when TP is maximum?

Ans :- MP will be zero.

 

3. Define market period, Short run & Long run.

Ans :- Refer time period.

 

4. Explain the law of variable proportions with the help of a schedule and a diagram.

 

5. What are the reasons for                                                                     

a) Increasing returns to a factor

b) Diminishing returns to a factor

c) Negative returns to a factor

 

6. Explain the difference between MPP & TPP.                                   

 

Short answers and Long Answer questions:

  1. What is cost of production?
  2. Define cost function.
  3. What are money costs?
  4. Distinguish between explicit and implicit costs.
  5. How do you define an opportunity cost?
  6. What difference you find between fixed and variable costs?
  7. Why the fixed cost curve is a horizontal straight line to the X axis?
  8. Why variable costs are variable?
  9. What is average cost? How do you derive it?
  10. Explain AVC, AFC & ATC and explain the relationship between these costs.
  11. Explain the relationship TC, TFC & TVC.
  12. With a diagram describe the various phases of AC.
  13. Bring out the relationship between AC & MC

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