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Explain the concept of a production func...

Explain the concept of a production function.

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The relationship between physical input and physical output of a firm is generally referred to as production function.
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FULL MARKS-PRODUCTION-NCERT TEXTBOOK QUESTIONS SOLVED
  1. Let the production function of a firm be Q=2L^(2) K^(2). Find out the...

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  2. Find out the maximum possible output for a firm with zero unit of L an...

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  3. Explain the concept of a production function.

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  4. In which run some factors of production are fixed and others are varia...

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  5. What change will take place in marginal product when total product inc...

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  6. In which phase of Law of Variable Proportions a rational firm aims to ...

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  7. What is meant by diminishing returns to a factor?

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  8. What is the general shape of the AP and MP curves?

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  9. How does fall in marginal production affect total output?

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  10. Why MP curve cuts AP curve at its maximum point?

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  11. Can AP rise when MP starts declining?

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  12. What is the shape of AP and MP?

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  13. Give meaning of "Return to a Factor".

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  14. The marginal product of a variable input is best described as:

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  15. Diminishing marginal returns implies:

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  16. The short run, as economists use the phrase, is characterized by:

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  17. The marginal, average, and total product curves encountered by the fir...

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  18. To economists, the main difference between short run and long run is t...

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  19. Which one of the following statements is the best definition of produc...

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  20. Diminishing returns occur:

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