Micro

Production & Costs

Easy

What are the values of marginal product and average product, when changes in labour from 3 to 4 with leads to changes in total product from 40 to 50?

10 and 12.5

10 and 13.33

−10 and 12.5

−10 and 13.33

✅ Correct Option: 1

Marginal product $= \frac{\Delta TP}{\Delta L} = \frac{50-40}{4-3} = 10$ . Average product at $L = 4$ is $\frac{TP}{L} = \frac{50}{4} = 12.5$ . Hence MP $= 10$ and AP $= 12.5$ .

2025: 30 May Shift 1

What is the total variable cost for producing 200 vases?

2026: 12 May Shift 1

Marginal Product of labour is inverse'U'-shaped because of :

2025: 16 May Shift 1

If the marginal cost(MC) of a perfectly competitive firm is as given below and the price of the product is Rs 15, find the profit-maximizing output of the firm.

output	1	2	3	4	5	6
MC	18	15	10	12	15	24

2025: 30 May Shift 2

The shape of the long-run average cost curve and long-run marginal cost curve.

2026: 20 May Shift 1

Given,

TC at 4 level of output is Rs.49

TC at 5 level of output is Rs.53

TC at zero level of output is Rs.20

Find the value of AVC (in Rs.) at 5 level of output?

2025: 22 May Shift 1

When labor changes from 3 to 4, the total product changes from 24 to 40, calculate the marginal product.

What are the values of marginal product and average product, when changes in labour from 3 to 4 with leads to changes in total product from 40 to 50?

Solution

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