Production and Costs
Madhya Pradesh Board · Class 12 · Economics
Flashcards for Production and Costs — Madhya Pradesh Board Class 12 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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Explore the full setWhat is a production function?
Answer
A production function is a relationship between inputs used and output produced by the firm. It shows the maximum quantity of output that can be produced for various quantities of inputs used. For exa…
What is the difference between short run and long run in production?
Answer
Short run: At least one factor (usually capital) cannot be varied and remains fixed. The firm can only vary the variable factor (usually labor) to change output. Long run: All factors of production ca…
Define Total Product (TP) and give its formula.
Answer
Total Product (TP) is the total output produced by using different quantities of a variable input while keeping all other inputs constant. It shows the relationship between the variable input and tota…
What is Average Product (AP) and how is it calculated?
Answer
Average Product (AP) is the output per unit of variable input. Formula: AP_L = TP/L, where TP is total product and L is the amount of labor used. It measures the productivity of each unit of the varia…
Define Marginal Product (MP) and state its formula.
Answer
Marginal Product (MP) is the change in total output when one additional unit of variable input is employed, keeping all other inputs constant. Formula: MP_L = ΔTP/ΔL = (TP at L units) - (TP at L-1 uni…
State the Law of Variable Proportions (Law of Diminishing Marginal Product).
Answer
The Law of Variable Proportions states that the marginal product of a variable input initially rises with its employment level, but after reaching a certain level of employment, it starts falling. Thi…
What is an isoquant?
Answer
An isoquant is the set of all possible combinations of two inputs (labor and capital) that yield the same maximum level of output. Each isoquant represents a particular level of output. Isoquants are …
What are the three types of Returns to Scale? Define each.
Answer
1. Constant Returns to Scale (CRS): Proportional increase in all inputs leads to same proportional increase in output. 2. Increasing Returns to Scale (IRS): Proportional increase in inputs leads to la…
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