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Q1. Describe the objectives of the business firm?

Q2. What do you mean by consumer surplus?

Q3. The production function of a firm manufacturing lock is: Q = 50 √L; where Q is the output and L is the labor input. Determine the average product and marginal product of Labor in the firm.

Q4. Differentiate between the short run and long run production.

Q5. Define the term price ceiling. When is price ceiling not effective?

Q6. What do you mean by Return to Scale?

Q7. What do you mean by opportunity cost? 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M912757

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