Law of Variable Proportions
Economics ⇒ Consumer and Producer Behaviour
Law of Variable Proportions starts at 11 and continues till grade 12.
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See sample questions for grade 11
Define marginal product.
Describe the behaviour of total product in all three stages of the Law of Variable Proportions.
Explain the difference between total product, average product, and marginal product.
Explain why a rational producer will not operate in Stage III of the Law of Variable Proportions.
A factory has a fixed number of machines. As more workers are hired, output first increases rapidly, then slowly, and finally falls. Which stage is the factory in when output starts to fall? (1) Stage I (2) Stage II (3) Stage III (4) None of these
A firm employs 1, 2, 3, 4, and 5 workers and gets total products of 10, 25, 45, 60, and 70 units respectively. Calculate the marginal product of the 4th worker.
A firm’s total product increases from 100 to 130 units when an additional worker is employed. What is the marginal product of this worker?
If the average product of labour is 20 units and the marginal product is 15 units, what will happen to average product if one more worker is employed?
A factory has a fixed number of machines. As more workers are hired, output first increases rapidly, then slowly, and finally falls. Which stage is the factory in when output starts to fall? (1) Stage I (2) Stage II (3) Stage III (4) None of these
In which stage does the total product reach its maximum? (1) Stage I (2) Stage II (3) Stage III (4) At the boundary of Stage II and III
Which of the following best explains the reason for diminishing returns in the Law of Variable Proportions? (1) Overutilization of fixed factor (2) Underutilization of variable factor (3) Increase in technology (4) Increase in fixed factor
Which of the following is a fixed factor in the short run? (1) Raw materials (2) Labour (3) Land (4) Power
Fill in the blank: Marginal product becomes negative in ______ stage of the Law of Variable Proportions.
Fill in the blank: The Law of Variable Proportions is also known as the Law of ______ Returns.
Fill in the blank: The Law of Variable Proportions is based on the ______ run production function.
Fill in the blank: The Law of Variable Proportions is not applicable when all factors are ______.
True or False: In Stage I of the Law of Variable Proportions, both average and marginal products are rising.
True or False: The Law of Variable Proportions assumes that technology remains unchanged during the production process.
True or False: The Law of Variable Proportions can be applied in the long run.
True or False: The Law of Variable Proportions is a universal law applicable to all types of production.
