The engineering production function and engineering costs curves are concerned with the:
Production cost
Collection cost
Raw material costs
Distribution costs
Correct Answer :
A. Production cost
Engineering Cost Curves ? The engineering cost curve are derived with the help of engineering production function . The production function specified the techniques of production, the embodiment of labor and capital etc. It means that each production method is divided into sub activities corresponding to the various physical and technical phases of production for the particular commodity. Engineering production method/function are characterized by a limited number of methods of production. The production iso-quants are kinked reflecting that the factor substitutability is limited. It means that the factor of production can be substituted is only possible at kinked of isoquants.}
Related Questions
A demand schedule is shown as:
A function of price alone
A result of change in tastes
A result of increase in the size of the family
None of the above
Perfect competition implies:
Differentiated goods
Homogeneous goods
Advertised goods
Distress sale of goods
Under the perfect competition, the transportation cost:
Is considered to be negligible and thus ignored
Is considered to be vital for the calculation of total cost
Is charged along with the price of the commodity
None of the above
When with a change in price the total outlay (expenditures) on a commodity remains constant, it is a case of:
Perfect elasticity (infinitely elastic)
Perfect inelasticity (zero elasticity)
Unit elasticity
Zero elasticity (infinitely inelastic)
Income effect operates through an increase
In nominal income
In money income
In wages
In real income because of the fall of price of a commodity
Which of the following is the work of A.C.Pigou?
Economics of Welfare
Commerce and Trade
Industrial Economics
None of the above
Economics define technology as:
Societys knowledge of production
Applied science
Knowledge of science and mathematics
None of the above
If X and Y are close substitutes, a rise in the price of X will lead to:
Increase in demand for Y
Decrease in demand for Y
Decrease in demand for both X and Y
No change in demand for Y
When the level of optimal factor combination is over and more labor is employed with the fixed plant, the efficiency of labor:
Increases
Decreases
Remains constant
Becomes zero
Who is the author of Trade Cycle ?
R.Nurkse
R.C.Mathews
W.A.Lewis
K.N.Raj
On a straight line demand curve, elasticity of demand at the midpoint is:
Equal to zero
Equal to one
Equal to infinity
More than one
In case of monopoly:
MR
MR>AR
MR=AR
AR=0
The alternative of profit maximization theory is:
Cost maximization
Product maximization
Revenue maximization
None of the above
Under competitive conditions, the industry will be in equilibrium:
When each firm is in equilibrium equating MC with MR
When all the firms are earning only normal profits
When firms outside have no tendency to enter the industry and those within, have no tendency to leave the industry
All of the above
The amount of income left over for a consumer in equilibrium is :
Consumer surplus
Zero
Two rupees
Excess demand
In the case of an inferior commodity, the income-elasticity of demand is:
Positive
Unitary
Negative
Infinity
The production possibility curve (PPC) is concerned with:
Resources of the economy
Interests of the economy
Limitations of the economy
Qualities of the economy
Iso-product curve (isoquant) shows:
A given quantity of output that can be produced by various combinations of two inputs
Varying quantities of output that can be produced by the same combination of two factors
Combination of two factors that can give the least cost of production
Combination of two goods that cost the same amount to the producer
Robbins definition of economics was criticised by:
Alfred Marshal
Adam Smith
J.B.Clark
Hicks, Longe and Durbin
If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity of demand is:
Perfect elastic (infinitely elastic)
Relatively elastic (greater than one elasticity)
Unit elastic
Relatively inelastic (less than one elasticity)
Cross-elasticity of demand or cross-price elasticity between two independent goods will be:
Negative
Positive
Infinite
Zero
Substitution effect means a consumer
Shifts away from the commodity the price of which has fallen
Shifts in favour of a commodity the price of which has risen
Shifts away from a commodity the price of which has risen, in favour of a commodity the price of which has fallen
None of the above
The Modern and Neo-Keynsian Theory of Interestwas presented by:
Gunner Myrdal
A.C.Pigou
J.M.Keynes
J.R.Hicks
The slope of budget line shows the price ratios of:
Many goods
Few goods
Two goods
Three goods
In the case where two commodities are good substitutes then cross elasticity will be:
Positive
Unitary
Negative
Infinite
The water diamond paradox was firstly resolved with the help of:
Labor theory of value
Individual theory of value
Producer theory of value
Consumer theory of value
In perfect cartel, the:
Perfect competition price is charged
Monopoly price is charged
Monopoly price is not charged
None of the above
Elasticity (E) expressed by the term, 8 >E>1, is:
Perfectly elastic (infinitely elastic)
Relatively elastic (greater than one elasticity)
Unitary elastic
Relatively inelasticity (less than one elasticity)
Under monopolistic competition, in long-run there is:
Ban on exit
Ban on entry
Free entry
Free entry and exit
The isoquant approach is based upon:
One output
One input
Two outputs
Two inputs