Use Table No.3 to Answer Question.

What is the marginal output of the third unit of labour?

Use Table No.3 to Answer Question.

What is the total output when 2 units of labour are employed?

If the total cost of manufacturing commodity ‘X’ is Rs. 1,50,000. Out of this implicit cost is Rs. 55,000 and normal profit is Rs. 25,000, what will be explicit cost:

Read the following data and answer Question.

XYZ are three commodities where X and Y are complements whereas X and Z are substitutes.

A shopkeeper sells commodity X at Rs. 40 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. 20. 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 150 to 75 units

We can say that commodity X in economics is a/an

Read the following data and answer Question.

XYZ are three commodities where X and Y are complements whereas X and Z are substitutes.

A shopkeeper sells commodity X at Rs. 40 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. 20. 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 150 to 75 units

Suppose income of the residents of locality increase by 50% and the quantity of X commodity increases by 20%. What is income elasticity of demand for commodity X?

Read the following data and answer Question.

XYZ are three commodities where X and Y are complements whereas X and Z are substitutes.

A shopkeeper sells commodity X at Rs. 40 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. 20. 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 150 to 75 units

What can be said about price elasticity of demand for X?

Read the following data and answer Question.

XYZ are three commodities where X and Y are complements whereas X and Z are substitutes.

A shopkeeper sells commodity X at Rs. 40 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. 20. 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 150 to 75 units

The cross-elasticity of Z when the price of X decreases from 40 to 20 is equal to:

Read the following data and answer Question.

XYZ are three commodities where X and Y are complements whereas X and Z are substitutes.

A shopkeeper sells commodity X at Rs. 40 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. 20. 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 150 to 75 units

The cross elasticity of monthly demand for Y when the price of X decrease from Rs. 40 to Rs.20 is equal to:

Read the following data and answer Question.

XYZ are three commodities where X and Y are complements whereas X and Z are substitutes.

A shopkeeper sells commodity X at Rs. 40 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. 20. 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 150 to 75 units

The price elasticity of demand when the price of X decreases from Rs. 40 per piece to Rs. 20 per piece will be equal to:

A competitive firm sells as much as of its product 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 1 to answer question.

If the market price drops from Rs. 100 to Rs. 74, the firm short run response should be: __________