The Lambda or Langrange Multiplier is a:
Analyst
Catalyst
Pessimist
Optimist
Correct Answer :
B. Catalyst
Related Questions
To get more revenue, a Finance Minister impose tax on that commodity which has:
Inelastic demand
Elastic demand
Unit elasticity
Zero elasticity
In the immediate run:
Supply curves are inelastic
Supply curves are perfectly elastic
Demand curves are elastic
Supply curves are elastic
Increasing return to scales can be explained in terms of:
Optimal factor proportions
Fixed scale of plant
External and internal economies
Labor productivity
Because of selling costs, the demand curve of a firm shifts:
Downward
Upward
Horizontal
Straight line
If a commodity sold under monopoly is got free of cost, then MC will be:
Zero
Identical with the MR
A horizontal straight line
Infinite
Who finalized the model of imperfect competition?
Ricardo
Marshal
Chamberlin
Mrs. Robinson
The imaginary differentiation is attributed to difference in:
Style
Salesmanship
Locality
All of these
Under conditions of perfect competition, price in the long-run is equal to:
Minimum of average variable cost
Minimum of marginal cost
Minimum of average fixed cost
Minimum of average cost
While buying two goods X and Y with unequal prices, to maximize total utility from his income, a consumer should get:
Equal MU from both commodities X and Y
More MU from commodity X than from commodity Y
More MU from commodity Y than from commodity X
Equal marginal utility from the last rupee spent on commodity X and commodity Y
Which is the correct statement?
The U shape of long-run cost curve is less pronounced than the short-run cost curves
The U shape of the short-run cost curves is less pronounced than the long-run cost curves
The U shape of the long-run cost curve is more pronounced than the short-run cost curves
The long-run cost curves are never U shaped
If the demand curve is inelastic then:
It may be nearly vertical
Quantity demanded is very sensitive to income
Demand is hardly affected by income
Close substitutes for the good are abundant
The cost of production is faced by a:
Producer
Consumer
Seller
Firm
Suppose income increases by 10% and demand for commodity increases by 5% then the income elasticity of demand is:
Negative
Positive
Zero
Infinity
Microeconomics is also known as:
Price theory
Demand theory
Supply theory
Income theory
An individual consumers demand is not determined by:
Price of the commodity
Price of the substitutes
His household income
Size of countrys population
Who wrote Mathematical Analysis for Economists?
J.P.Lewis
R.G.D.Allen
Paul A.Samuelson
E.D.Domar
According to translog production function, elasticity of substitution is:
Greater than one
Less than one
Zero
Equal to one
The slope of budget line shows the price ratios of:
Many goods
Few goods
Two goods
Three goods
Nash Equilibrium is stable:
They involve dominant strategies
They involves constant-sum games
Once the strategies are chosen, no player has an incentive to deviate unilaterally from them
None of the above
If the factors have to be employed in a fixed ratio, then the elasticity of substitution under Leontief technology is:
One
Zero
Two
Five
If the production increases under decreasing returns to scale, the cost will:
Increase at decreasing rate
Increase at constant rate
Decrease at increasing rate
Increase at increasing rate
Price elasticity of demand is best defines as:
Change in the tastes of consumers at different prices
The rate of response of demand to a change in supply
The change in costs when output is increased by one unit
The responsiveness of demand to a change in price
Increasing returns imply:
Constant average cost
Diminishing cost per unit of output
Optimum use of capital and factor
External economies
The production function can convey to a firm:
The cost of producing any given output
The various combinations of input that could be employed in production of any given quantity of output
The various combinations of input that should be used in producing any given quantity of output in an efficient manner
The maximum profit level of output
The shape of the TC curve is:
U
V
P
S(inverted)
When a consumer is in equilibrium then slope of indifference curve is:
Equal to the slope of budget line
Greater than the slope of budget line
Smaller than the slope of budget line
Parallel to the slope of budget line
A monopolist will fix the equilibrium output of his product where the elasticity of his average revenue curve is:
Less than one
Equal to one
Greater than one
Less than one
The horizontal demand curve for a commodity shows that its demand is:
Highly elastic
Perfectly inelastic
Perfectly elastic
Zero elastic
The difference between laws of return and laws of return to scale is:
In case of laws of return, one factor of production is constant and other is variable while in laws of return to scale both factors of production are variable
In case of laws of return to scale, one factor of production is constant and other is variable while in laws of return, both factors of production are variable
Both a and b
None of the above
When total product increases at a decreasing rate:
MP = AP
MP < AP
MP > AP =0
MP > AP