CUET Economics 2025 13 May Shift 1 PYQs

Find the correct statements from the following in respect to production:

A. Average Product of Labour ($AP_L$)= Total Product of Labour / Labor.

B. Marginal Product of Labour ($MP_L$)= Change in total Product of Labour / Change in Labour.

C. Addition input gives constant return in increasing return to scale concept.

D. Law of variable proportions say that the marginal product of a factor input initially rises with its employment level, then after certain level it start falling.

Choose the correct answer from the options given below:

Select the correct statements in respect to the relationship between short-run cost curves.

A. Marginal cost (SMC), average variable cost(AVC) and short run average cost curves(SMC) are 'U' shaped.

B. SMC curve cuts the AVC curve from below at the minimum point of AVC.

C. AVC curve cuts the SMC curve from below at the minimum point of SMC.

D. SMC curve cuts the SAC curve from below at the minimum point of SAC.

Choose the correct answer from the options given below:

Identify the incorrect statement about the relation between Marginal Product(MP) and Average Product (AP).