Producer Behaviour and Supply (CBSE Class-12 Economics): Questions 30 - 34 of 175

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Question number: 30

» Producer Behaviour and Supply » Cost

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A firm’s Average Fixed Cost of producing 2 units of a good is Rs. 9. and given below is its total cost schedule. Calculate its Average Variable Cost and Marginal Cost for each of the given level of output:

total cost schedule and number of unit produced by the firm

information to calculate average variable cost and marginal cost

Output (units)

Total cost ( Rs. )

1

23

2

27

3

30

Question number: 31

» 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. Explain its effect on equilibrium price.

Question number: 32

» Producer Behaviour and Supply » Cost

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Explain the concept of opportunity cost with the help of an example.

Question number: 33

» Producer Behaviour and Supply » Production Function

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All the inputs used in production of a good are increased simultaneously and in the same proportion. What are its possible effects on Total Product?

Explain with the help of a numerical example.

Question number: 34

» Producer Behaviour and Supply » Producer's Equilibrium

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On the basis of the information given below, determine the level of output at which the producer will be in equilibrium. Use the marginal cost - marginal revenue approach. Give reasons for your answer.

Output, Average Revenue and Total Cost

shows AR and TC when output per unit changes

Output (Units)

Average Revenue (Rs)

Total Cost (Rs)

1

7

8

2

7

15

3

7

21

4

7

26

5

7

33

6

7

41

Why does the difference between Average Total Cost and Average Variable Cost

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