Producer Behaviour and Supply-Cost (CBSE Class-12 Economics): Questions 1 - 9 of 47

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Question number: 1

» Producer Behaviour and Supply » Cost

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Give the meaning of marginal cost.

Question number: 2

» Producer Behaviour and Supply » Cost

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State the distinction between explicit cost and implicit cost. Give an example of each.

Question number: 3

» Producer Behaviour and Supply » Cost

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Draw average total cost, average variable cost, and marginal cost curves in a single diagram. Also explain the relationship between ATC and AVC.

Question number: 4

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Why does the difference between Average Total Cost and Average Variable Cost decrease with an increase in the level of output? Can these two be equal at some level of output? Explain.

Question number: 5

» Producer Behaviour and Supply » Cost

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What is meant by cost in economics?

Question number: 6

» Producer Behaviour and Supply » Cost

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Define ‘opportunity cost’.

Question number: 7

» Producer Behaviour and Supply » Cost

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Define cost.

Question number: 8

» 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: 9

» Producer Behaviour and Supply » Cost

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

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