What is the law of variable proportions ?

Important Questions on Production and Costs

MEDIUM

12th CBSE

IMPORTANT

Introductory Microeconomics>Chapter 3 - Production and Costs>Q 9

When does a production function satisfy constant returns to scale?

MEDIUM

12th CBSE

IMPORTANT

Introductory Microeconomics>Chapter 3 - Production and Costs>Q 10

When does a production function satisfy increasing returns to scale?

MEDIUM

12th CBSE

IMPORTANT

Introductory Microeconomics>Chapter 3 - Production and Costs>Q 11

When does a production function satisfy decreasing returns to scale?

HARD

12th CBSE

IMPORTANT

Introductory Microeconomics>Chapter 3 - Production and Costs>Q 12

Briefly explain the concept of the cost function.

HARD

12th CBSE

IMPORTANT

Introductory Microeconomics>Chapter 3 - Production and Costs>Q 13

What are the total fixed cost, total variable cost and total cost of a farm? How are they related?

HARD

12th CBSE

IMPORTANT

Introductory Microeconomics>Chapter 3 - Production and Costs>Q 14

What are the average fixed cost, average variable cost, and average cost of a firm? How are they related?

HARD

12th CBSE

IMPORTANT

Introductory Microeconomics>Chapter 3 - Production and Costs>Q 15

Can there be some fixed cost in the long run? If not, why?

HARD

12th CBSE

IMPORTANT

Introductory Microeconomics>Chapter 3 - Production and Costs>Q 16

What does the average fixed cost curve look like? Why does it look so?