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Question Bank For Production Function and Cost Function

This document contains a question bank for economics units 3 and 4. It includes 30 questions that cover a range of topics including production functions, returns to scale, costs curves, market structures, pricing strategies, price determination, and market equilibrium. Specifically, it asks about Cobb-Douglas functions, isoquants, diminishing returns, accounting vs economic costs, perfect competition, monopoly, oligopoly, kinked demand curves, and price discrimination.

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nisajames
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919 views

Question Bank For Production Function and Cost Function

This document contains a question bank for economics units 3 and 4. It includes 30 questions that cover a range of topics including production functions, returns to scale, costs curves, market structures, pricing strategies, price determination, and market equilibrium. Specifically, it asks about Cobb-Douglas functions, isoquants, diminishing returns, accounting vs economic costs, perfect competition, monopoly, oligopoly, kinked demand curves, and price discrimination.

Uploaded by

nisajames
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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QUESTION BANK FOR UNIT 3 & 4

1. What is Production function?

2. What are the managerial uses of a production function?

3. What is Cobb-Douglas function?

4. Elaborate Returns to scale.

5. What are economies of scale and diseconomies of scale?

6. What are Isoquants? What are the characteristics of Isoquants?

7. Explain Law of variable proportion/ Diminishing marginal returns.

8. Explain Cost-Output relationship in the short run and long run, with
reference to TFC, TVC and TCC. (TFC is Total fixed cost, TVC is Total
variable cost, TCC is Total cost curve)

9. Explain Cost-Output relationship in the short run and long run, with
reference to AFC, AVC and ATC. ( AFC is Average fixed cost, AVC is
Average variable cost, ATC is Average total cost)

10.Brief on Marginal cost.

11.What is the significance of Envelope curve/ planning curve? ( Refer Long


run Average cost curve)

12.What are Isocost lines?

13.What is an Isoquant map?

14.Explain various cost concepts.

15.Distinguish Accounting cost and Economic cost.

16.Explain different pricing strategies/ pricing methods in practise.

17.What are the determinants of price?

18.Explain various market structures.

19.Explain pricing under Perfect competition.

20.Explain pricing under Monopoly.

21.Explain pricing under Monopolistic competition.

22.Explain pricing under Oligopoly.

23.What is a kinked demand curve?


24.What is price discrimination?
25.What are the conditions necessary for price discrimination to work?
26.What is market equilibrium?
27.What is equilibrium price?

28.What is firm’s equilibrium?

29.How do excess demand and supply occur in the market?

30.What is Price skimming and Price penetration?

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