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 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.
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 firm doubles all its inputs and output more than doubles, what type of returns to scale is it experiencing? (1) Increasing returns to scale, (2) Constant returns to scale, (3) Decreasing returns to scale, (4) Negative returns to scale
If a firm increases all inputs by 20% and output increases by less than 20%, what type of returns to scale is it experiencing? (1) Increasing, (2) Constant, (3) Decreasing, (4) Negative
If a firm increases all inputs by 50% and output increases by exactly 50%, what type of returns to scale is this? (1) Increasing, (2) Constant, (3) Decreasing, (4) Negative
If the marginal product of labour is negative, what happens to total product? (1) Total product increases, (2) Total product decreases, (3) Total product remains constant, (4) Total product is zero
Fill in the blank: The average product is calculated by dividing total product by the ________ of the variable input used.
Fill in the blank: The law of variable proportions is also known as the law of ________ returns.
Fill in the blank: The marginal product of an input is the ________ in total output resulting from a one-unit increase in that input, holding all other inputs constant.
Fill in the blank: The slope of the total product curve at any point is equal to the ________ product at that point.
State whether the following is true or false: In the long run, all factors of production are variable.
State whether the following is true or false: Isoquants are always downward sloping to the right.
State whether the following is true or false: The law of diminishing returns is a short run phenomenon.
State whether the following is true or false: The law of variable proportions applies only in the long run.
