Which of the following cost curve represents the rate of change in the total cost of production in the production function? Option 1: Total Fixed Cost Option 2: Total Variable Cost Option 3: Marginal Cost Option 4: Average Cost

Answer: Marginal Cost. Solution: Marginal cost is the rate of change of total cost with respect to output, MC = ( TC)/( Q). Fixed cost, variable cost and average cost curves show cost levels or per-unit costs, not the rate of change of total cost.

Micro

Production & Costs

Easy

Which of the following cost curve represents the rate of change in the total cost of production in the production function?

Total Fixed Cost

Total Variable Cost

Marginal Cost

Average Cost

✅ Correct Option: 3

Marginal cost is the rate of change of total cost with respect to output, $MC = \frac{\Delta TC}{\Delta Q}$ . Fixed cost, variable cost and average cost curves show cost levels or per-unit costs, not the rate of change of total cost.

2025: 3 June Shift 2

Match List-I with List-II

List-I	List-II
(A) Payments by a firm for inputs.	(I) Cost of production
(B) Output sold by a firm in the market.	(II) Revenue
(C) Inputs are transformed into output.	(III) Production
(D) Objective of a firm to maximize.	(IV) Profit

Choose the correct answer from the options given below:

2025: 15 May Shift 1

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

2026: 21 May Shift 2

The set of all possible combinations of the two inputs that yield the same maximum possible level of output is called?

2026: 15 May Shift 1

An isoquant ________

A. Represents the same level of output and input.

B. Yield the same maximum possible level of output from the set of all possible combinations of two inputs.

C. Yield different level of output from the set of all possible combinations of two inputs.

D. Is an alternative way of presenting the production function.

Choose the correct answer from the options given below:

2025: 28 May Shift 2

At the market price of Rs 10, a firm supplies 200 units of a good. If the market price increases to Rs 30, and the price elasticity of the firm's supply is 2. Then at new price what quantity will be supplied by the firm?

2025: 3 June Shift 2

Match List-I with List-II

List-I	List-II
(A) Total revenue	(I) Minimum of LRAC curve.
(B) Supply	(II) A firm earns only normal profit.
(C) Shut down point	(III) Market price multiplied by the firm's output.
(D) Break-even point	(IV) Quantity sold at a given price.

Choose the correct answer from the options given below:

Which of the following cost curve represents the rate of change in the total cost of production in the production function?

Solution

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