The marginal, average, and total product curves encountered by the firm producing in the short run exhibit all of the following relationships except:

To economists, the main difference between short run and long run is that:

Diminishing returns occur:

Marginal product, mathematically, is the slope of the

Diminishing marginal returns for the first four units of a variable input is exhibited by the total product sequence:

What is the total product of an input?

What is the average product of an input?

What is the law of variable proportions?

How does fall in marginal production affect total output?

Define the law of variable proportions.

The following table gives the average product schedule of labour. Find the total product and marginal product schedules. It is given that the total product is zero at zero level of labour employment.

Let the production function of a firm be Q = 2L²K² . Find out the maximum possible output that the firm can produce with 5 units of Land 2 units of K. What is the maximum possible output that the firm can produce with zero unit of Land 10 units of K?

Find out the maximum possible output for a firm with zero unit of Land 10 units of K when its production function is Q = SL + 2K

Explain the relationship between Total Product, Average Product and Marginal Product.

Complete the following table.

State the behaviour of marginal product in the law of variable proportions. Explain the causes of this behaviour.

State the different phases of changes in Total Product and Marginal Product in the Law of Variable Proportions. Also show the same in a single diagram

Giving reasons, explain the law of variable proportion.

What are the different phases in the Law of Variable Proportions in terms of marginal product? Give reason behind each phase. Use diagram.