Producer Behaviour and Supply-Production Function (CBSE Class-12 Economics): Questions 9 - 18 of 49

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Question number: 9

» Producer Behaviour and Supply » Production Function

Appeared in Year: 2011

Short Answer Question▾

Write in Short

Define budget set.

Question number: 10

» Producer Behaviour and Supply » Production Function

Appeared in Year: 2009

Short Answer Question▾

Write in Short

What can be the minimum value of investment multiplier?

Question number: 11

» Producer Behaviour and Supply » Production Function

Appeared in Year: 2011

Essay Question▾

Describe in Detail

Explain the three properties of indifference curves

Explanation

Indifference curve properties are given below:

(i) The slope of an indifference curve is negative, downward sloping, and from left to right. It means that the consumer to be indifferent to all the combinations on an indifference curve must leave less units of good Y in order to have more… (236 more words) …

Question number: 12

» Producer Behaviour and Supply » Production Function

Appeared in Year: 2011

Short Answer Question▾

Write in Short

Giving reasons classify the following into intermediate products and final products:

(i) Furniture purchased by a school.

(ii) Chalks, dusters, etc. purchased by a school

Question number: 13

» Producer Behaviour and Supply » Production Function

Appeared in Year: 2006

One Liner Question▾

Write in Brief

When a good is called an ‘inferior good’?

Question number: 14

» Producer Behaviour and Supply » Production Function

Appeared in Year: 2010

True-False▾

Following Statement is true or false:

When marginal product falls, average product will also fall.

Question number: 15

» Producer Behaviour and Supply » Production Function

Appeared in Year: 2010

Essay Question▾

Describe in Detail

In an economy 75 percent of the increase in income is spent on consumption. Investment is increased by Rs. 1, 000 crore. Calculate:

(a) Total increase in income

(b) Total increase in consumption expenditure.

Explanation

Increase in income spent on consumption (MPC) = 0.75

Change in investment l = 1000 crore

We know about

K= 11MPC

K= 110.75 =4

K= ΔyΔI

Here value of ΔI and K

4 = Δy1000… (69 more words) …

Question number: 16

» Producer Behaviour and Supply » Production Function

Appeared in Year: 2011

Short Answer Question▾

Write in Short

Why is a production possibility curve concave? Explain.

Question number: 17

» Producer Behaviour and Supply » Production Function

Short Answer Question▾

Write in Short

Give meanings of marginal physical product

Question number: 18

» Producer Behaviour and Supply » Production Function

Essay Question▾

Describe in Detail

Identify the three phases of the Law of Variable Proportions from the following and also give reason behind each phase:

Law of Variable Proportions

Find Law of Variable Proportions

Unit of variable input

Total physical product

1

10

2

22

3

30

4

35

5

30

Explanation

Law of Variable Proportions

Phase of Law of Variable Proportions

Units of variable Input

Total Physical product

Average physical product

Marginal physical product

1

10

10

10

2

22

11

12

3

30

10

8

4

35

8.75

5

5

30

6

-5

Here, Average Physical product = Total Physical… (78 more words) …

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