Production Function
Economics ⇒ Consumer and Producer Behaviour
Production Function starts at 11 and continues till grade 12.
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See sample questions for grade 11
Explain the concept of diminishing returns to scale.
Explain the concept of isoquants in the context of production function.
Explain the concept of technological change in the context of production function.
Explain the difference between fixed and variable factors of production with examples.
Explain the difference between short run and long run production functions.
Explain the three stages of the law of variable proportions.
If a firm increases labour from 4 to 5 units and total product increases from 80 to 90 units, what is the marginal product of the 5th unit of labour?
If a firm increases the number of workers from 5 to 6 and output increases from 100 units to 120 units, what is the marginal product of the 6th worker?
If a production function exhibits constant returns to scale, what happens to output if all inputs are tripled?
If a production function is given as Q = f(L, K), what do L and K stand for?
If the total product increases at an increasing rate, what happens to the marginal product?
If the total product is 200 units and 10 units of labour are used, what is the average product of labour?
What is a production function in economics?
What is meant by increasing returns to scale?
What is meant by marginal product?
What is the difference between returns to a factor and returns to scale?
What is the relationship between marginal product and average product when average product is at its maximum?
What is the significance of the law of variable proportions for producers?
