Relationship between TP, MP and AP
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Q. Complete the following table:
Output (Units) | TVC (Rs.) | AVC (Rs.) | MC (Rs.) |
1 | 20 | - | - |
- | - | 16 | 12 |
3 | 54 | - | - |
- | - | 20 | 26 |
Q. Calculate weighted mean by weighting each price by the quantity consumed:
Food items | Quantity Consumed | Price in Rupees (per Kg) |
Flour | 500 kg | 1.25 |
Ghee | 200 kg | 20.00 |
Sugar | 30 kg | 4.50 |
Potato | 15 kg | 0.50 |
Oil | 40 kg | 5.50 |
Q. Answer the following questions in detail−
In the following data the daily wages is given (in rupees) of 25 workers in a sugar factory. Calculate the mean wages
In the following data the daily wages is given (in rupees) of 25 workers in a sugar factory. Calculate the mean wages
Wages in rupees | 50 | 60 | 70 | 80 | 90 |
No. of workers | 4 | 6 | 3 | 7 | 5 |
Q. Answer the following questions in detail−
Wage distribution of 100 workers is given below. Calculate range.
Wage distribution of 100 workers is given below. Calculate range.
Daily Wages | 10-20 | 20-30 | 30-40 | 40-50 |
No. of Workers | 20 | 30 | 35 | 15 |
Q. Give reasons or explain the following statement.
Marginalism principle is used as a tool of analysis in Micro Economics.
Marginalism principle is used as a tool of analysis in Micro Economics.
Q. In the short run, diminishing marginal returns is implied by __________.
- rising AVC
- falling MC
- rising MC
- constant TC
Q. When there is a production process the marginal product of labour equals which of the following?
- Change in total ouput due to the additional labour input.
- Total output minus the total labour inputs
- Total output multiplied by total labour input
- Additional output produced by labour inputs
Q. In the short run, when total product to increases at a diminishing rate, it is known as _____________.
- stage of negative returns
- stage of diminishing returns
- stage of increasing returns
- stage of constant returns