Micro PYQ — Page 13

If price of a commodity rises from Rs. 10 to Rs. 15, its supply increases by 20%. calculate the price elasticity of supply for this commodity.

In a perfectly competitive market, a firm produces and sells a certain amount of goods. Among the following what reflect the firm's profit?

The first book on Microeconomics, "An inquiry into Nature and Cause of the Wealth of Nations", was written by_________.

A firm produce $q$ amount of output using $x₁$ amount of factor 1 and $x₂$ amount of factor 2. Match List-I with List-II | List-I | List-II | |--------|---------| | (A). Cobb-Douglas Production Function | (I). $f(tx_1, tx_2) > t \cdot f(x_1, x_2)$ | | (B). Constant returns to scale | (II). $f(tx_1, tx_2) < t \cdot f(x_1, x_2)$ | | (C). Increasing returns to scale | (III). $q = x_1^\alpha x_2^\beta$ | | (D). Decreasing returns to scale | (IV). $f(tx_1, tx_2) = t \cdot f(x_1, x_2)$ | Choose the correct answer from the options given below:

Suppose in a production process, all inputs get doubled. As a result, if the output gets doubled, the production function exhibits? 1. Decreasing Return to scale. 2. Incresing Returns to scale. 3. Constant Return to scale. 4. Decresing Productivity.

The book 'An Enquiry into the Nature and Cause of the Wealth of Nations' was published in which of the following year.

For a hypothetical firm, the total cost of producing 5 units of a commodity is Rs. 310 and that of producing 8 units is Rs. 850. If the firm has to spend Rs. 50 even when there is no output, what will be the marginal cost of producing the 8th unit?

In a perfectly competitive market, the marginal revenue curve is?

The change in total cost per unit of change in output is known as by which name

Arrange the following statements considering the shape of long run marginal costs (LRMC). (A) As output increases, LRAC initially falls (MC < AC). (B) For the first unit of output, both LRMC and LRAC are the same. (C) After a certain point, LRAC rises (MC > AC). (D) LRMC curve is therefore a 'U'-shaped curve. Choose the correct answer from the options given below: 1. (A), (B), (C), (D) 2. (B), (A), (C), (D) 3. (B), (A), (D), (C) 4. (C), (B), (D), (A)

Match List-I with List-II | List-I | List-II | |---|---| | (A) Control Price | (I) Set below the equilibrium price | | (B) Floor Price | (II) Fixed by the government for the labourers | | (C) Minimum Wage Legislation | (III) Set above the equilibrium price | | (D) Market Equilibrium | (IV) when demand and supply curve intersect. | Choose the correct answer from the options given below:

The relationship between inputs and outputs of a firm is given by ___________

Arrange the following concept emerges in context of consumer equilibrium. (A) Transfer his expenditure from Good Y to Good X. (B) Sacrifice more of Good Y to gain Good X. (C) Till, Marginal Rate of Substitution (MRSxy) = Market Rate of Exchnage. (D) Suppose, Marginal Rate of Substitution (MRSxy) > Market Rate of Exchnage. Choose the correct answer from the options given below:

Price ceiling is one concept which provides safeguard to______

Arrange the following statements related to negative externalities in correct sequence (A) There is an oil refinery which refines crude petroleum and sells it in the market (B) Pollution harms well-being and also kills fish or other organisms (C) Production the refinery may also be polluting the nearby river (D) Such harmful effects that the refinery is inflicting on others, for which it will not bear any cost, are called externalities

The income of a consumer is spent by him on two goods X and Y. The marginal utility of the goods at the present level of consumption are equal to each other. However, the price of good X is double that of good Y. The consumer, in order to attain equilibrium, will

When the output is zero in the short run. Which of the following costs are undefined?

When will increase in supply bring down the price, leaving the quantity demanded unchanged?

When more and more workers are applied on the fixed land then the marginal productivity of additional worker will ............... to the total output.

Suppose that the unit tax imposed by the government is Rs 50. Then, if the firm produces and sells 100 units of the good, the total tax that the firm must pay to the government is ...................

Which of the following is a demerit of price ceiling? (A) Black Marketing. (B) Stability of income of producers. (C) Low quality product is offered to consumer. (D) Standing in long queues to get allocated quota of the commodity. Choose the correct answer from the options given below:

The rate at which consumer is willing to substitute one good for another is represented by ________.

Which of the following is true about the relationship between Total Revenue (TR) and Marginal Revenue (MR) in a perfectly competitive market? (A) Total Revenue will increase at a constant rate. (B) Marginal Revenue is more than Average Revenue. (C) Marginal Revenue remains constant throughout. (D) Marginal Revenue is equal to Average Revenue. Choose the correct answer from the options given b-elow:

The total sum consumer spends on cloth in 2022?