Use table to answer question
What is the marginal product if the third hour of labour is employed?
Use table to answer question
What is the total output when 2 hrs of labour are employed
Suppose the total cost of producing commodity X is Rs. 1,25000. Out of this cost implicit cost is Rs. 35000 and normal profit is Rs. 25000. What will be explicit cost of commodity X?
Read the following data and answer Question
X, Y and Z are three commodities where X and Y are complementary goods whereas X and Z are substitutes. A shop keeper sells commodity X at Rs. 20 per piece. At this price he is able to sell 100 pieces of X per month. After some time, he decreases the price of X to Rs. 10 per piece. Following the price decrease.
He is able to sell 150 pieces of X per month.
The demand for Y increases from 25 units to 50 units.
The demand for commodity Z decreases from 75 units to 50 units.
We can say that commodity X in economic sense is a / an
Read the following data and answer Question
X, Y and Z are three commodities where X and Y are complementary goods whereas X and Z are substitutes. A shop keeper sells commodity X at Rs. 20 per piece. At this price he is able to sell 100 pieces of X per month. After some time, he decreases the price of X to Rs. 10 per piece. Following the price decrease.
He is able to sell 150 pieces of X per month.
The demand for Y increases from 25 units to 50 units.
The demand for commodity Z decreases from 75 units to 50 units.
Suppose income of the consumers increases by 50% and the demand for commodity X increases by 20% what will be the income elasticity of demand for commodity X?
Read the following data and answer Question
X, Y and Z are three commodities where X and Y are complementary goods whereas X and Z are substitutes. A shop keeper sells commodity X at Rs. 20 per piece. At this price he is able to sell 100 pieces of X per month. After some time, he decreases the price of X to Rs. 10 per piece. Following the price decrease.
He is able to sell 150 pieces of X per month.
The demand for Y increases from 25 units to 50 units.
The demand for commodity Z decreases from 75 units to 50 units.
What can be said about the price elasticity of demand for commodity X?
Read the following data and answer Question
X, Y and Z are three commodities where X and Y are complementary goods whereas X and Z are substitutes. A shop keeper sells commodity X at Rs. 20 per piece. At this price he is able to sell 100 pieces of X per month. After some time, he decreases the price of X to Rs. 10 per piece. Following the price decrease.
He is able to sell 150 pieces of X per month.
The demand for Y increases from 25 units to 50 units.
The demand for commodity Z decreases from 75 units to 50 units.
The cross elasticity of commodity Z when the price of X decreases from Rs. 20 per piece to Rs. 10 per piece will be equal to:
Read the following data and answer Question
X, Y and Z are three commodities where X and Y are complementary goods whereas X and Z are substitutes. A shop keeper sells commodity X at Rs. 20 per piece. At this price he is able to sell 100 pieces of X per month. After some time, he decreases the price of X to Rs. 10 per piece. Following the price decrease.
He is able to sell 150 pieces of X per month.
The demand for Y increases from 25 units to 50 units.
The demand for commodity Z decreases from 75 units to 50 units.
The cross elasticity of demand for commodity Y when the price of X decreases from Rs. 20 per piece to Rs. 10 per piece will be equal to:
Read the following data and answer Question
X, Y and Z are three commodities where X and Y are complementary goods whereas X and Z are substitutes. A shop keeper sells commodity X at Rs. 20 per piece. At this price he is able to sell 100 pieces of X per month. After some time, he decreases the price of X to Rs. 10 per piece. Following the price decrease.
He is able to sell 150 pieces of X per month.
The demand for Y increases from 25 units to 50 units.
The demand for commodity Z decreases from 75 units to 50 units.
The price elasticity of demand when price of X decreases from Rs. 20 per piece to Rs. 10 per piece will be equal to: (use arc Elasticity Method)
A competitive firm sells his product at market price of Rs. 51 per unit. The fixed cost is Rs.300 and variable cost for different level of production are shown in the following table 2. Use table No.2 to answer questions
If the market price drops from Rs. 51 to Rs. 47, the firm should