#### Cost and Revenue Analysis - Important Question Paper

11th Standard

Reg.No. :
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Economics

Time : 01:00:00 Hrs
Total Marks : 50

Part A

10 x 1 = 10
1. Explicit cost plus implicit cost denote _____ cost.

(a)

social

(b)

economic

(c)

money

(d)

fixed

2. Explicit costs are termed as

(a)

out of pocket expenses

(b)

real cost

(c)

social cost

(d)

sunk cost

3. The costs of self-owned resources are termed as ____ cost.

(a)

real

(b)

explicit

(c)

money

(d)

impilicit

4. The cost that remains constant at all levels of output is _____ cost.

(a)

fixed

(b)

variable

(c)

real

(d)

social

5. Identify the formula of estimating average variable cost.

(a)

TC/Q

(b)

TVC/Q

(c)

TFC/Q

(d)

TAC/Q

6. Find total cost where TFC = 200 and TVC = 150

(a)

300

(b)

350

(c)

200

(d)

150

7. Find total fixed cost where TC = 500 and TVC= 100.

(a)

100

(b)

200

(c)

300

(d)

400

8. Planning curve is also called as ____.

(a)

Envelop curve

(b)

Long run average cost curve

(c)

Group of short run average cost curve

(d)

All the above

9. When AR remains constant MR is also ____.

(a)

constant

(b)

greater

(c)

lesser

(d)

none of these

10. A shop keeper sold 20 bags with the price of Rs. 100 each. The total revenue of the seller is Rs.

(a)

200

(b)

20

(c)

2000

(d)

1500

11. Part B

6 x 2 = 12
12. What do you mean by fixed cost?

13. Define Revenue.

14. Explicit Cost - Define.

15. What is meant by sunk cost?

16. Give example for TFC.

17. Define - Total cost.

18. Part C

6 x 3 = 18
19. Define opportunity cost and provide an example.

20. State the relationship between AC and MC.

21. Explain the concept of 'cost minimization!

22. Define Private cost and Social cost.

23. Explain briefly Marginal cost with a suitable diagram.

24. State the significant recent development in cost theory.

25. Part D

2 x 5 = 10
26. If the total cost = 100 + Q3, find out AVC, AC, TFC,AFC and TVC when Q = 10.

27. Explain the meaning of Fixed and Variable factors and costs.