Exam 1: Economics and Production Functions

Cross price elasticity may not always be

A line for linear equation should begin from

Sum of explicit cost and implicit cost gives:

For a unitary elastic supply curve, p s is

The highest power to which the derivative of highest order is raised in differential equation is called.

If marginal revenue is Rs. 25/- and elasticity of demand w. r. t price is 2, then the average revenue is

The relationship between demand and price is

Second stage in return to scale is called

Total variable cost plus total fixed cost gives

MRTS is the slope of

For a function y=f(x), x1>x2 , f(x)1> f(x2) says that the function is

Functional relationship between input and output is called

The points at which a curve is neither increasing not decreasing is called

Law of variable proportion explainsfor

Cost is a function of

An example of fixed inputs of production is

Slope of Total product Curve is called

A given percentage change in price results in an equal percentage change in sales, indicates:

The relationship between supply and price is

The ratio of total cost to the quantity produced is called