Producer Behaviour and Supply-Cost (CBSE Class-12 Economics): Questions 43 - 47 of 47

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Question number: 43

» 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 producer 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… (120 more words) …

Question number: 44

» Producer Behaviour and Supply » Cost

Essay Question▾

Describe in Detail

Calculate ‘total variable cost’ and ‘total cost’ from the following cost schedule of a firm whose fixed costs are Rs. 10.

Calculate total variable cost and total cost

Calculation of total variable cost and total cost in detail

Output (Units)

1

2

3

4

Marginal Cost (Rs):

6

5

4

6

Explanation

Calculate total variable cost and total cost

Calculation of total variable cost and total cost in detail

Output (units)

Marginal cost (RS)

Fixed cost

Total variable cost

Total cost

1

6

10

6

16

2

5

10

11

21

3

4

10

15

25

4

6

10

21

31

In… (36 more words) …

Question number: 45

» Producer Behaviour and Supply » Cost

Essay Question▾

Describe in Detail

Explain the relation between marginal cost and average cost.

Explanation

Relationship between Marginal cost and Average cost is:

Both marginal cost and Average cost are obtain from Total cost and Average cost refers to Total cost per unit of output and marginal cost refers to addition to total cost when one more unit of output is composed and both Average… (118 more words) …

Question number: 46

» Producer Behaviour and Supply » Cost

Short Answer Question▾

Write in Short

Give meaning of Cost

Question number: 47

» Producer Behaviour and Supply » Cost

Short Answer Question▾

Write in Short

Define opportunity cost.

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