WebApr 7, 2024 · The correct answer is Reduction in the unit cost of production. Key Points Economies of scale refer to the cost advantage experienced by a firm when it increases its level of output.; The advantage arises due to the inverse relationship between the per-unit fixed cost and the quantity produced.; The greater the quantity of output produced, the … WebMar 22, 2024 · 6. The marginal product of a variable input is best described as: A. Total product divided by the number of units of variable input. B. The additional output resulting from a one unit increase in the variable input. C. The additional output resulting from a one unit increase in both the variable and fixed inputs. D.
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WebDec 17, 2024 · Production and Costs Class 12 MCQs Questions with Answers Question 1. In production function, production is a function of: (a) Price (b) Factors of Production (c) Total Expenditure (d) None of these … WebECONOMICS MODULE - 3 Cost and Revenue Producing Goods and Services 76 Notes We can express the above example in the form of a table as follows: Units of output Total cost Average cost Marginal cost (shirts) (Rs.) (Rs.) (Rs.) 10 1110 111 - 11 1199 109 89 8.5 REVENUE Revenue is another very important concept in economics. In fact the study … chipmunks bite
Cost Benefit Analysis Quizzes Study.com
WebThe Nature of Economics. Chapter 02. Scarcity, Governments, and Economists. Chapter 03. Supply and Demand. Chapter 04. Elasticity of Demand and Supply. Chapter 05. … WebTotal Cost = $7 + $7 = $14. Net Benefit = $32 – $14 = $18. It is important to recognize that our act of marginal analysis has maximized this benefit. Consider what would happen if we purchased 3 drinks. Total Benefit = … WebRefer to the above scenario, Rabia's expected expense for his car is: Select correct option: $20,000. www.virtualians.pk 22 f www.virtualians.pk $19,000. $18,000. $17,500. A decreasing-cost industry has a downward-sloping: … grants for ultrasound machines