Producer Behaviour and Supply-Cost (CBSE Class-12 Economics): Questions 24 - 32 of 47

Get 1 year subscription: Access detailed explanations (illustrated with images and videos) to 523 questions. Access all new questions we will add tracking exam-pattern and syllabus changes. View Sample Explanation or View Features.

Rs. 900.00 or

Question number: 24

» Producer Behaviour and Supply » Cost

Essay Question▾

Describe in Detail

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

marginal cost and marginal revenue

Calculate marginal cost and marginal revenue

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

Explanation

marginal cost and marginal revenue

Calculate marginal cost and marginal revenue

Output (units)

Average Revenue (Rs)

Total Cost (Rs)

Marginal cost

Marginal revenue

1

7

8

-

7

2

7

15

7

7

3

7

21

6

7

4

7

26

5

7

5

7

33

7

7

6

7… (57 more words) …

Question number: 25

» Producer Behaviour and Supply » Cost

Short Answer Question▾

Write in Short

What is meant by cost in economics?

Question number: 26

» Producer Behaviour and Supply » Cost

Short Answer Question▾

Write in Short

Give meanings of marginal cost

Question number: 27

» Producer Behaviour and Supply » Cost

Essay Question▾

Describe in Detail

Distinguish between average cost and marginal cost giving an example.

Explanation

Characteristics

average cost

marginal cost

Definition

average cost is the cost of producing amount of output divided by the cost per unit

When a firm increases its output by one unit, there is a change in the total cost of producing that commodity this change in cost is known as… (121 more words) …

Question number: 28

» Producer Behaviour and Supply » Cost

Essay Question▾

Describe in Detail

Average variable cost and Marginal Cost

Calculation of Marginal Cost and Average variable cost

Output (units)

Total Variable cost (Rs)

Average variable cost

Marginal cost

1

10

-

-

-

-

8

6

3

27

-

-

-

-

10

13

Explanation

Calculation Average variable cost and Marginal Cost

Calculation of Marginal Cost and Average variable cost

Output (units)

Total Variable Cost (Rs)

Average variable cost

Marginal Cost

1

10

10

10

2

16

8

6

3

27

9

11

4

40

10

13

In that sum find in first row find… (101 more words) …

Question number: 29

» Producer Behaviour and Supply » Cost

Essay Question▾

Describe in Detail

Distinguish between fixed cost and variable cost giving examples an example.

Explanation

Characteristics

Fixed cost

Variable cost

Definition

Fixed cost means it is indirect cost it is not dependent on level of goods or services.

Variable cost means cost of labor, material and change in volume of production.

Behavior

It is constant for given time period

It changes with change in the… (8 more words) …

Question number: 30

» Producer Behaviour and Supply » Cost

Short Answer Question▾

Write in Short

Give meaning of ‘opportunity cost’

Question number: 31

» Producer Behaviour and Supply » Cost

Short Answer Question▾

Write in Short

What does cost mean in economics?

Question number: 32

» Producer Behaviour and Supply » Cost

Essay Question▾

Describe in Detail

Output (units)

Total Variable cost (Rs)

Average variable cost

Marginal cost

1

-

12

-

2

20

-

-

-

-

10

10

4

40

-

-

Explanation

Output (units)

Total Variable Cost (Rs)

Average variable cost

Marginal Cost

1

12

12

12

2

20

10

8

3

30

10

10

4

40

10

10

In that sum find in first row find average variable cost

Totalvariabl… (110 more words) …

Sign In