Discussion
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- Question
If the average total cost are Rs 54, total fixed cost is Rs 45000 and quantity produced is 2500 units, find the average variable costs (in Rs) of the firm?
Options- A. 24
- B. 18
- C. 36
- D. 60
- Correct Answer
- 36
- 1. Which of the following is not an assumption of perfect competition?
Options- A. There are many buyers and sellers
- B. Average total costs continually decrease.
- C. The good sold by all sellers in the market is assumed to be homogeneous.
- D. Buyers and sellers in the market are assumed to have perfect information. Discuss
- 2. If quantity of good X demanded increases from 2300 to 2700 when price of good Y increases from Rs. 45 to Rs. 55, find Arc Cross elasticity of demand?
Options- A. 4
- B. 1.25
- C. 0.25
- D. 0.8 Discuss
- 3. An increase of 1% per annum in the rate of growth of the money supply will increase inflation in the long run by _______.
Options- A. Zero percent
- B. One percent
- C. 0.5 percent
- D. More than one percent Discuss
- 4. 7 workers work in a printing press. Each gets paid Rs 450 per day. The 8th worker demands Rs 500 per day. If this worker is hired then all other workers must be paid Rs 500. The marginal resource (labour) cost of the 8th worker is _______.
Options- A. Rs 50
- B. Rs 850
- C. Rs 400
- D. Rs 100 Discuss
- 5. If a perfectly competitive firm can increase its profits by increasing its output, then that firm's product's _____.
Options- A. price exceeds its marginal costs
- B. price exceeds its average total costs
- C. average variable costs exceed its average total costs
- D. fixed costs are zero Discuss
- 6. The law of demand states that
Options- A. if the price of a good increases, the demand for that good decreases.
- B. if the price of a good increases, the the demand for that good increases.
- C. if the price of a good increases, the quantity demanded of that good decreases.
- D. if the price of a good increases, the quantity demanded of that good increases. Discuss
- 7. If the average total cost are Rs 54, average variable cost is Rs 36 and quantity produced is 2500 units, find the total fixed costs (in Rs) of the firm?
Options- A. 30000
- B. 15000
- C. 45000
- D. 60000 Discuss
- 8. Unemployment that arises when there is a general downturn in business activity is known as
Options- A. Structural unemployment
- B. Frictional unemployment
- C. Cyclical unemployment
- D. Disguised unemployment Discuss
- 9. The collection of all possible combinations of the goods and services that can be produced from a given amount of resources and a given stock of technological knowledge is called the ____________ of the economy.
Options- A. Resource Probability Set
- B. Production Probability Set
- C. Resource Possibility Set
- D. Production Possibility Set Discuss
- 10. The _________ of a firm is a relationship between inputs used and output produced by the firm.
Options- A. Marginal product
- B. Production function
- C. Total product
- D. Average product Discuss
Indian Economy problems
Search Results
Correct Answer: Average total costs continually decrease.
Correct Answer: 0.8
Correct Answer: One percent
Correct Answer: Rs 850
Correct Answer: price exceeds its marginal costs
Correct Answer: if the price of a good increases, the quantity demanded of that good decreases.
Correct Answer: 45000
Correct Answer: Cyclical unemployment
Correct Answer: Production Possibility Set
Correct Answer: Production function
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