Advertisements
Advertisements
Question
Modern economists have propounded the law of
Options
Increasing returns
decreasing returns
Constant returns
variable proportions
Solution
Increasing returns
APPEARS IN
RELATED QUESTIONS
State the behaviour of marginal product in the law of variable proportions. Explain the causes of this behaviour
State the different phases of change in the total product according to the Law of Variable Proportions. Use diagram
Answer the following question.
Explain the law of variable proportions with the help of a diagram.
Formula for calculating AP is
The short-run production is studied through
Product obtained from additional factors of production is termed as
Define Marginal Product of a factor.
Bring out the Relationship among Total, Average and Marginal Products.
Which one of the following is NOT a ceteris paribus assumption of the Law of Supply?
When the Marginal Product turns negative, Total Product will ______.
Why is the AVC curve U-shaped?
At the point of inflexion, ______ is maximum.
With the help of a diagram, explain the relationship between Average Product and Total Product under the Law of Variable Proportions.
Study the data given below and identify the laws followed in the production of A and B depicted in the Table I and Table II. Justify your answer with a reason for each.
Table I | Table II | ||||
Machines | Labour | Output of A (units) | Machines | Labour | Output of B (units) |
5 | 10 | 1000 | 5 | 10 | 400 |
5 | 11 | 1150 | 10 | 20 | 800 |
5 | 12 | 1310 | 15 | 30 | 1200 |
What are Marginal product?
With the help of a suitable diagram, discuss the relationship between Average product and Marginal Product.