Related InterviewSolutions

• Identify the fixed factor in short run:A. labourB. raw materialC. landD. none of these
• When MP is more than APA. AP risesB. AP fallsC. AP remains constantD. none of these
• When TP curve is upward sloping and convex to X axis, MP curve is :A. downward slopingB. upward slopingC. touches X axisD. None of these
• Production function refers to functional relationship between inputs and ________.A. costB. outputC. revenueD. profit.
• Total product falls when MPA. falls positivelyB. risesC. is zeroD. is negative
• When TP increases at increasing rate, MPA. fallsB. risesC. remains constantD. all of these
• The time period in which production can be increased by increasing the quantity of variable factor onlyA. very short periodB. long periodC. short periodD. none of these
• So long as Average product is increasing:A. Marginal product is fallingB. Marginal product is risingC. Marginal product is greater than average productD. Marginal product is smaller than average product
• (a)What is the relation between average production and marginal production ? (b)What should be an ideal measure to determine wage rate of labour in a competitive economy
• Let the production function of a firm be `Q=5L^(1//2)K^(1//2)` . Find the maximum possible output that the firm can produce with 100 units of L and 100 units of K.