Micro PYQ — Page 11

The government-imposed lower limit on the price that may be charged for a particular good or service. What this lower limit is called ?

When we have proportionately more output than input this economic concept is known as .........

Which of the following is not concerned with the problem of choice?

Calculate the short run average cost when total cost is 95 with 9 units of output.

Marginal cost curve intersects average cost curve at ..........

Arrange the following statements showing the change in budget set due to change in income. (A) The equation of the budget line is $P_1 X_1 + P_2 X_2 = M'$. (B) Consumer's income increases from $M$ to $M'$, but the price of goods remains constant. (C) The set of available bundles depends upon prices and the income of the consumer. (D) Consumers can buy more of the goods at the prevailing market prices. Choose the correct answer from the options given below:

A profit-maximizing firm will attain its equilibrium at that level of output where?

The demand curve that a firm faces in a perfectly competitive market is...........

Choose the correct statements considering the relationship between marginal product and average product. (A) Average product and marginal product curve are 'U'shaped. (B) Average product and marginal product curve are inverse 'U'shaped. (C) When the average product increases, the marginal product is greater than the average product. (D) When the average product decreases, the marginal product is less than the average product. Choose the correct answer from the options given below:

The difference between the revenue and cost is known as________

Which of the following are correct: (A) Average Product of labor = Total Product of labor / Labor. (B) Average cost = average variable cost + average fixed cost. (C) Marginal Product of labor = Total Product of labor/Labor. (D) Average fixed cost = Fixed cost / Output. Choose the correct answer from the options given below:

Identify the correct sequence to establish the relation between marginal cost and average cost. (A) When Marginal cost falls, average cost also falls. (B) Marginal cost rises but average cost continues to fall. (C) Marginal cost is equal to average cost. (D) Marginal cost rises and average cost also rises. Choose the correct answer from the options given below:

Keeping the capital as a fixed input, as 3, when the quantity of labor changes from 3 to 4, the total product with labor also rises from 40 to 50 units. What is the average product after the change? 1. 50 2. 13.33 3. 12.5 4. 40

"Economics is the science of wealth". This statement was given by :-

What will be the value of Marginal utility of the 4th unit | Units consumed | Total Utility derived (utils) | |---|---| | 1 | 10 | | 2 | 8 | | 3 | 5 | | 4 | 2 |

The total cost of a firm is Rs 80 for 3 units of output, Rs 95 for 4 units of output, and Rs. 115 for 5 units of output. What is the marginal cost for the 5th unit of output?

A firm increased the capital by a unit, which led to a rise in total product from 10 units to 24 units. Further increase in capital in the same quantity leads to an increase in total product to 40 units. What is the difference in change in marginal product? 1. 14 2. 2 3. 30 4. 16

There are two goods that are priced at Rs 5 each and are available only in integral units. If a consumer has Rs 20, then the bundle that this consumer can afford to buy is:

If the total revenue curve of a firm is an upward sloping straight line, then which of the following is true for this firm?

Match List-I with List-II | List-I | List-II | |---|---| | (A) Budget Set | (I) $-(P_1/P_2)$ | | (B) Slope of the budget line | (II) $M/P_1$ | | (C) Horizontal intercept of the budget line | (III) $P_1 X_1 + P_2 X_2 \le M$ | | (D) Vertical intercept of the budget line | (IV) $M/P_2$ | Choose the correct answer from the options given below:

The total sum consumer will spends on cloth in 2025?

If the supply curve of a good cuts the price axis in its positive range and as we extend the straight line, it cuts the quantity-axis at its negative range, the elasticity of supply for the good will be:

The problem of 'what to produce' relates to?

If the government imposes a price ceiling of Rs 31 on salt, what will be the volume of excess demand/ supply in the market?