Managerial Economics - Study Mode
[#171] In general, most of the production functions measure
Correct Answer
(D) The relations between change in physical inputs and physical output
[#172] "The increasing returns to scale occurs because larger scale provides greater specialisation to various factors" according to
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(C) Chamberlain
[#173] When the AP L is positive but declining, the MP L could be
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(D) Any of the above
[#174] Match the following: List-I (Theory) List-II (Relation) a. Say's Law of market 1. Employment b. Keynes's Psychological Law 2. Consumption c. Paradox of thrift 3. Saving d. Marshall 4. Population
Correct Answer
(A) a-1, b-2, c-3, d-4
[#175] Given the total cost (TC) as 20,000 + 6Q, the firm sells its output for a fixed price of Rs. 18.5. The break-even quantity (Q) would be
Correct Answer
(A) 1600