Related InterviewSolutions

• The word “Function” is derived from- (a) sociology (b) maths (c) physics (d) none of these
• Define Law of Diminishing Returns.
• What is the concept of Product?
• Identify the different phases of the Law of Variable Proportions from the following schedule. Give reasons for your answer.Variable Inputs (Units)Total Physical Product (Units)1429313415512
• Define Production Function.
• State the definition of production function and also state its characterstics.
• Is means of long-term production function, highlighted with a straight line in the formula?
• While expressing the production function in the form of formula, the symbols of which means of production in the-short term are highlighted with a line drawn above them?
• Why are the law of returns variable proportions and law of diminishing marginal production considered the same?
• State the difference between Returns to Scale and Returns to outlays.