Micro PYQ — Page 17

From the following which production function exhibits increasing returns to scale?

If the marginal cost(MC) of a perfectly competitive firm is as given below and the price of the product is Rs 15, find the profit-maximizing output of the firm. | output | 1 | 2 | 3 | 4 | 5 | 6 | |---|---|---|---|---|---|---| | MC | 18 | 15 | 10 | 12 | 15 | 24 |

Calculate total cost of production for producing 100 vases ?

Match List-I with List-II | List-I | List-II | |---|---| | (A) Short run Marginal Cost (SMC) | (I) ΔTC/Δq | | (B) Long run Average Cost (LRAC) | (II) TVC/q | | (C) Average Variable Cost (AVC) | (III) TC/q | | (D) Average Fixed cost (AFC) | (IV) TFC/q | Choose the correct answer from the options given below:

What does the rectangle OVBq₀ depicts in the given figure? 

In the perfectly competitive market, if 10 packets of bread are sold at the price of Rs. 25 per packet, what will be the total revenue of a bread manufacturer? 1. Rs. 25 2. Rs. 250 3. Rs. 0.4 4. Rs. 2.5

Identify the incorrect statement regarding price flooring:

In the context of perfect competition, which one of the following is not correct?

According to the law of variable proportions. Which among the the following option is correct?

Firms can choose where to locate production and workers to choose where to work. There are various immigration laws which restrict the movement of labour between countries. This market is called...

In perfectly competitive market, the demand curve of a firm is?

To increase the output by a certain proportion, if inputs need to be increased by more than that proportion, that condition lies in which of the following?

Match List-I with List-II | List-I | List-II | |---|---| | (A) Total Cost | (I) Change in total cost when an additional unit of output is produced. | | (B) Marginal Cost | (II) Vertical summation of Average Fixed Cost (AFC) and Average Variable Cost (AVC) curves. | | (C) Fixed Cost | (III) Explicit Costs + Implicit Costs. | | (D) Short period Average Cost (AC) Curve | (IV) Does not change with increase or decrease in output. | Choose the correct answer from the options given below:

When labor changes from 3 to 4, the total product changes from 24 to 40, calculate the marginal product.

Which of the following indicates a situation of consumer's equilibrium for a rational consumer consuming two goods?

If the price of necessity good like clothes changes, what will be the effect on its demand?

In the production of clothes, cotton is defined as................ 1. capital 2. Input. 3. Final Output. 4. Intermediate output

What will be the shape of unitary elastic supply curve?

The set of all possible combinations of the two inputs that yield the same maximum possible level of output is known as...........

Two goods X and Y are such a combination that, when the price of good Y increases, the demand for good X increases, How are goods X and Y related?

At the market price of Rs 10, a firm supplies 200 units of a good. If the market price increases to Rs 30, and the price elasticity of the firm's supply is 2. Then at new price what quantity will be supplied by the firm?

 The firm's total variable cost at output q₁ is

Imposition of price floors usually lead to following

Match List-I with List-II | List-I | List-II | |---|---| | (A) Upper limit on price of goods & services | (I) Leads to excess supply. | | (B) Free entry and exit | (II) Equilibrium price = min AC of the firms. | | (C) Marginal revenue product of labor (MRP_L) | (III) Leads to excess demand. | | (D) Lower limit on price of goods & services | (IV) MR x MP_L. | Choose the correct answer from the options given below: 1. (A) - (I), (B) - (II), (C) - (III), (D) - (IV) 2. (A) - (III), (B) - (II), (C) - (IV), (D) - (I) 3. (A) - (IV), (B) - (III), (C) - (II), (D) - (I) 4. (A) - (IV), (B) - (III), (C) - (I), (D) - (II)