Producer Behaviour and Supply (CBSE Class-12 Economics): Questions 13 - 20 of 175

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Question number: 13

» Producer Behaviour and Supply » Production Function

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What change will take place in marginal product, when total product increases at a diminishing rate?

Question number: 14

» Producer Behaviour and Supply » Supply » Supply Schedule

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State the ‘law of supply’. What is meant by the assumption ‘other things remaining the same’ on which the law is based?

Question number: 15

» Producer Behaviour and Supply » Producer's Equilibrium

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Define ‘producer’s equilibrium’. Explain the conditions of producer’s equilibrium in terms of Total Cost and Total Revenue. Use diagram.

Question number: 16

» Producer Behaviour and Supply » Revenue

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Explain the relation between marginal revenue and average revenue when a firm is able to sell more quantity of output

(i) at the same price.

(ii) only by lowering the price.

Question number: 17

» Consumer's Equilibrium and Demand » Consumer's Equilibrium

» Producer Behaviour and Supply » Producer's Equilibrium

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There is a simultaneous ‘decrease’ in demand and supply of a commodity. When will it result in:

(a) No change in equilibrium price.

(b) A fall in equilibrium price.

Use diagrams.

Question number: 18

» Producer Behaviour and Supply » Production Function

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Explain why a production possibilities curve is concave.

Question number: 19

» Producer Behaviour and Supply » Producer's Equilibrium

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Explain the reasons for: (i) increasing returns to a factor and (ii) increasing returns to scale.

Question number: 20

» Producer Behaviour and Supply » Supply » Elasticity of Supply

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What is the price elasticity of supply of a commodity whose straight line supply curve passes through the origin forming an angle of 75?

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