Cost Concepts
Economics ⇒ Consumer and Producer Behaviour
Cost Concepts starts at 11 and continues till grade 12.
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See sample questions for grade 11
A company produces 50 units at a total cost of Rs. 2500. If the total fixed cost is Rs. 500, what is the total variable cost?
A firm has the following costs: Total fixed cost = Rs. 1000, Total variable cost = Rs. 4000, Output = 200 units. Calculate the average fixed cost.
A firm produces 100 units at a total cost of Rs. 5000. What is the average cost per unit?
A firm’s total cost for producing 5 units is Rs. 1200 and for 6 units is Rs. 1350. What is the marginal cost of the 6th unit?
Define the term 'cost' in economics.
Explain the concept of explicit cost with an example.
Explain the concept of opportunity cost with an example.
Explain the concept of social cost with an example.
Explain the difference between short-run and long-run cost curves.
Explain the relationship between average variable cost and average total cost.
If the average variable cost is Rs. 20 and average fixed cost is Rs. 10, what is the average total cost?
If total cost of producing 10 units is Rs. 2000 and total cost of producing 11 units is Rs. 2150, what is the marginal cost of the 11th unit?
If total fixed cost is Rs. 500 and total variable cost is Rs. 1500, what is the total cost?
State whether the following is a fixed or variable cost: Salary of permanent staff.
What is meant by marginal cost?
What is meant by sunk cost?
What is the difference between fixed cost and variable cost?
