Related InterviewSolutions

• Let the production function of a firm be : `Q=2L^(2)K^(2)`. Find out the maximum possible output that the firm can produce with 5 units of L and 2 units of K. What is the maximum possible output that the firm can produce with zero unit of L and 10 units of K ?
• Let the production function of a firm be : `Q=5L^(½)K^(½)`. Find out the maximum possible output that the firm can produce with 100 units of L and 100 units of L and 100 units of K.
• Find out the maximum possible output for a firm with zero unit of L and 10 units of K when its production function is : `Q=5L+2K`.
• 4 units of a factor of production produce 100 units of output, and 5 units produce 120 units of output, Calculate MP of that factor.
• Giving reasons, state whether the following statements are true or false : (i) When there are diminishing returns to a factor, total product always decreases. (ii) Total product will increase only when marginal product increases.
• According to Law of Variable Proportions, there are _______ phases.A. 1B. 3C. 2D. 4
• When average product increases, the marginal product is :A. Less than average productB. Equal to the average productC. More tha average productD. None of these
• Which phase of Law of Viriable Proportions has been ruled out on the grounds of technical inefficiency :A. Increasing returns to a factorB. Diminishing returns to a factorC. Negative returns to a factorD. None of these
• In describing a given production technology, the short run is best described as lasting :A. Up to six months from nowB. Upto five years from nowC. As long as all inputs are fixedD. As long as at least one input is fixed