A competitive firm sells as much as of its product as it chooses at a market price of Rs. 100 per unit. Its fixed cost is Rs. 300 and its variable costs (in rupees) for different levels of production are shown in the following table. Use Table 2 to answer question.

To maximize profit, the firm should produce

A competitive firm sells as much as of its product as it chooses at a market price of Rs. 100 per unit. Its fixed cost is Rs. 300 and its variable costs (in rupees) for different levels of production are shown in the following table. Use Table 2 to answer question.

In the table marginal cost per unit that corresponds to 40 units of production is

A competitive firm sells as much as of its product as it chooses at a market price of Rs. 100 per unit. Its fixed cost is Rs. 300 and its variable costs (in rupees) for different levels of production are shown in the following table. Use Table 2 to answer question.

When production is 40 units, the average total cost is

Read the para below and answer question.

It was the World Trade Organisation (WTO) which gave a real push to the process of globalization. The World Trade Organisation came into existence on 1st January 1995. It is a powerful body which aims at making the whole world a big village where there is a free flow of goods and services and there is no barrier to trade. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations.

Which of the following is false about WTO?

Read the para below and answer question.

It was the World Trade Organisation (WTO) which gave a real push to the process of globalization. The World Trade Organisation came into existence on 1st January 1995. It is a powerful body which aims at making the whole world a big village where there is a free flow of goods and services and there is no barrier to trade. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations.

What is globalization?

Figure 1 gives the production possibilities frontier of an economy that produces two types of goods, guns and bread. Read the figure and answer question.

Which of the following illustrates a decrease in unemployment using the PPF?

Figure 1 gives the production possibilities frontier of an economy that produces two types of goods, guns and bread. Read the figure and answer question.

Which of the following clearly represents a movement toward greater productive efficiency?

Figure 1 gives the production possibilities frontier of an economy that produces two types of goods, guns and bread. Read the figure and answer question.

Which point on the PPF shows a productively efficient level of output?

When __________, we know that the firms must be producing at the minimum point of the average cost curve and so there will be productive efficiency.

If increasing air fares increases revenues and decreasing them decreases revenues, then the demand for air travel has a price elasticity of: