Find out the maximum possible output for a firm with zero unit of L and 10 units of K when its production function is Q = 5L = 2K
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Let the production function of a firm be Q = 2L2 K2.
Find out the maximum possible output that the firm can produce with 5 units ofL and 2 units of K. What is the maximum possible output that the firm can produce with zero unit of L and 10 units of K?
Let the production function of a firm be .
Find out the maximum possible output that the firm can produce with 100 units of L and 100 units of K.
A firm's SMC schedule is shown in the following table. The total fixed cost of the firm is Rs 100/-. Find the TVC, TC, AVC and SAC schedules of the firm.
L
TPL
0
-
1
500
2
300
3
200
4
5
6
800
The following table gives the total cost schedule of a firm. It is also given that the average fixed cost at four units of output is Rs 5/-. Find the TVC, TFC, AVC, AFC, SAC and SMC schedules of the firm for the corresponding values of output.
50
65
75
95
130
185
The following table shows the total cost schedule of a firm. What is the total fixed cost schedule of this firm?
Calculate the TVC, AFC, AVC, SAC and SMC schedules of the firm.
10
30
45
55
70
90
120
The following table gives the marginal product schedule of labour. It is also given that total product of labour is zero at zero level of employment. Calculate the total and average product schedules of labour.
MPL
7
The following table gives the average product schedule of labour. Find the total product and marginal product schedules. It is given that the total product is zero at zero level of labour employment.
APL
4.25
3.5
The following table gives the total product schedule of labour. Find the corresponding average product and marginal product schedules of labour.
15
35
40
48
What do the long run marginal cost and the average cost curves look like?
Why is the short run marginal cost curve 'U'-shaped?
At which point does the SMC curve intersect SAC curve? Give reason in support of your answer.
Why does the SMC curve cut the AVC curve at the minimum point of the AVC curve?
What do the short run marginal cost, average variable cost and short run average cost curves look like?
What does the average fixed cost curve look like? Why does it look so?
Can there be some fixed cost in the long run? If not, why?
What are the average fixed cost, average variable cost and average cost of a firm? How are they related?
What are the total fixed cost, total variable cost and total cost of a firm? How are they related?
Briefly explain the concept of the cost function.
When does a production function satisfy decreasing returns to scale?
When does a production function satisfy constant returns to scale?
What is the law of variable proportions?
What is the law of diminishing marginal product?
Explain the concepts of the short run and the long run.
Explain the relationship between the marginal products and the total product of an input.
What is the marginal product of an input?
What is the average product of an input?
What is the total product of an input?
Explain the concept of a production function.