An Iso-cost line represents
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Management · all questionsManagerial Economics
Managerial Economics
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Statement I Costs which do not take the form of cash outlays, nor do they appear in the accounting system are known as opportunity cost.
Statement II Costs in the form of depreciation allowances and unpaid interest on the owner's own funds are known as sunk cost.
Statement II Costs in the form of depreciation allowances and unpaid interest on the owner's own funds are known as sunk cost.
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If two goods are perfect substitutes for each other, it necessarily follows that
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Under perfect competition, a firm will be in equilibrium when its AC is
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From the following two statements of Assertion (A) and Reasoning (R), indicate the correct option.
Assertion (A) The quantity of a product demanded invariably changes inversely to changes in its price.
Reason (R) The price effect is the net result of the positive substitution effect and negative income effect.
Assertion (A) The quantity of a product demanded invariably changes inversely to changes in its price.
Reason (R) The price effect is the net result of the positive substitution effect and negative income effect.
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When the average product is at its maximum, the equality can be reached between
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Under perfect market and in case of decreasing marginal cost the firm's quilibrium with respect to level of production
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Which of the following is most closely connected with Paul A. Samuelson?
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Match the following:
| List-I (Cost) | List-II (Formula) |
| a. Average fixed cost | 1. |
| b. Average variable cost | 2. |
| c. Average total cost | 3. |
| d. Marginal cost | 4. |
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Match the items given in List-I with those given in the List-II and suggest the correct option.
| List-I | List-II |
| a. Marginal productivity/Average productivity | 1. Isoquant curve |
| b. Substitutability of inputs | 2. Isocost line |
| c. Constant negative slope | 3. Production Function |
| d. Convex to origin | 4. Elasticity of production |
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If there were no changes in the quantity of goods demanded even when their prices fall, we understand that
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The AR curve and industry demand curve are same in case of
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Under monopoly and imperfect competition, MC is
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The term optimum allocation on consumer's expenditure on various goods and services is used in
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The expansion path of production theory is analogous in consumption theory to the
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Marginal revenue will be positive if elasticity of demand is
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The short run equilibrium condition gives following data:
Equilibrium output = 30
P1 (= AR1 ) = 140
LAC = 72.08
Super normal profit will be
Equilibrium output = 30
P1 (= AR1 ) = 140
LAC = 72.08
Super normal profit will be
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In case the price (P), quantity (Q), and changes (?) are represented by respective symbols given in the brackets, the price elasticity ofdemand (Ed) is measured by
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Consumer's surplus is the highest in the case of
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Indicate the correct option matching the items in List-I with those in List-II as follows.
| List-I | List-II |
| a. Competitive partity in advertising | 1. Variations in advertising |
| b. Promotional elasticity of product | 2. Advertising scheduling |
| c. Optimal promotion mix | 3. Advertising expenditure |
| d. Pulsing advertising | 4. Marginal equivalence of advertising media outlay |
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