What happens to the total cost (TC) of production if the quantity of output in the production is reduced to 0 (zero)?

Where, TC=Total cost, FC=Fixed Cost, VC=Variable Cost.

When we have proportionately more output than input this economic concept is known as .........

The change in total cost per unit of change in output is known as by which name

According to the law of variable proportions. Which among the the following option is correct?

Suppose that the unit tax imposed by the government is Rs 50. Then, if the firm produces and sells 100 units of the good, the total tax that the firm must pay to the government is ...................

Which of the following statements are correctly explaining the relationship between the marginal revenue (MR) and price elasticity of demand?

(A). Price elasticity is less than 1 when MR is negative.

(B). Price elasticity is more than 1 when MR is negative.

(C). Price elasticity is more than 1 when MR is positive.

(D). Price elasticity is less than 1 when MR is positive.

Choose the correct answer from the options given below:

1. (A) and (D) only
2. (A) and (B) only
3. (B) and (D) only
4. (A) and (C) only

Which of the following statements reflect average fixed cost?

A. Its curve is 'U' shaped and at zero level of output, it is undefined.

B. When output is very close to zero, it is arbitrarily large, and as output moves towards infinity, it moves towards zero.

C. In the short run, it cannot be changed.

D. A rectangular hyperbola shaped curve whose value decreases with increase in output.

Choose the correct answer from the options given below: