Production Function
Economics ⇒ Consumer and Producer Behaviour
Production Function starts at 11 and continues till grade 12.
QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Production Function.
How you perform is determined by your score and the time you take.
When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.
See sample questions for grade 12
Define total product.
Explain the concept of diminishing marginal returns.
Explain the concept of marginal product with an example.
Explain the concept of technological change in the context of production function.
Explain the difference between fixed and variable inputs with examples.
Explain the difference between marginal product and average product.
Explain the difference between short run and long run in the context of production function.
Given a production function Q = 5L + 10, where L is labour, what is the total product when L = 4?
Given a production function Q = L0.5K0.5, if L = 16 and K = 9, what is the output Q?
Given the following data: Labour (L): 1, 2, 3, 4; Total Product (TP): 10, 25, 45, 60. What is the marginal product when the 3rd unit of labour is employed?
Given the following data: Labour (L): 1, 2, 3; Total Product (TP): 5, 15, 20. Calculate the average product when 2 units of labour are used.
If a production function is given by Q = 2L + 3K, where Q is output, L is labour and K is capital, what is the marginal product of labour?
If the average product of labour is 8 units and 5 units of labour are used, what is the total product?
What is a production function?
What is meant by returns to scale?
What is meant by the term 'isoquant'?
What is the relationship between marginal product and total product when marginal product is positive?
What is the shape of the total product curve in the law of variable proportions?
What is the significance of the point where marginal product equals zero?
