problem 1: Describe three factors which affect the Supply of the Ice-Creams in the market.
problem 2: By using a hypothetical illustration, describe how the Market Supply Curve is determined from Individual Supply Curve of the three firms?
a) Describe the effect of the technical growth on the supply of a good using diagram.
b) By using diagram describe the impact of drought on the Market Supply of wheat.
problem 4: Describe the conditions of Producer’s Equilibrium with MC and MR approach using schedule and diagram.
problem 5: State whether the given statements are true or false. Describe the reasons:
a) Diminishing returns to a factor are applicable only if the average Product begins falling.
b) AC and AVC Curves don’t intersect each other.
c) Supply remains constant in the Market Period.
problem 6: Marginal Product becomes negative. describe why?
problem 7: Total Fixed Cost curve is parallel to OX- axis as TFC is always positive even at the zero level of output.
problem 8: Fixed factors are such factor inputs whose quantity doesn’t change as level of output changes. Illustrate.
problem 9: The very short period when supply can’t be modified with the change in the price is referred to as the Market Period.
problem 10: Fall in the price causes a downward movement all along the supply curve. describe in detail.