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Published on: 28/08/2019
Cost
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Questions + Answers key
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1.
Give two examples of variable costs.
2.
Give two examples of fixed cost
3.
Give the meaning of cost.
4.
Can there be some fixed cost in the long run? If not, why?
5.
Briefly explain the concept of the cost function.
6.
Marginal cost is defined as:
The change in total cost due to a one unit change in output.
Total cost divided by output.
The change in output due to a one unit change in an input.
Total product divided by the quantity of input.
7.
Which one of the following statements is an example of an "implicit cost"?
Interest that could have been earned on retained earnings used by the firm to finance expansion.
The payment of rent by the firm for the building in which it is housed.
The interest payment made by the firm for funds borrowed from a bank.
The payment of wages by the firm.
8.
Which one of the following statements is an example of "explicit cost"?
The wages a proprietor could have made by working as an employee of a large firm.
The income that could have been earned in alternative uses by the resources owned by the firm.
The payment of wages by the firm.
The normal profit earned by a firm.
9.
Which one of the following cost curves is never 'U' shaped?
Average cost curve.
Marginal cost curve.
Average variable cost curve.
Average fixed cost curve.
10.
Which cost increases continuously with the increase in production?
Average cost
Marginal cost
Fixed cost.
Variable cost.
11.
With the increase in level of output, average fixed cost goes on falling till it reaches zero.
12.
Total Cost rises only when marginal cost rises.
13.
The difference between total cost and total variable cost falls with the increase in output.
14.
Average variable cost can fall even when marginal cost is rising.
15.
When marginal cost rises, average cost will also rise.
1.
( )
(l) Raw materials.
(II) Labour engaged on production
2.
( )
(l) Rent of the building.
(II) Salary of permanent employees
3.
( )
Cost of producing a good, in economics, is the sum total of explicit cost, implicit cost and certain minimum profit (normal profit).
4.
( )
No, there are no fixed costs in the long run as all the factors become variable. Fixed cost exists only in short run.
5.
( )
Cost function shows functional relationship between output and cost of production. It gives the least cost combination of inputs corresponding to different levels of output. Cost function is given as:
C = f(X), ceteris paribus, where,
C = Cost and
X = Output
6.
(a)
The change in total cost due to a one unit change in output.
7.
(a)
Interest that could have been earned on retained earnings used by the firm to finance expansion.
8.
(c)
The payment of wages by the firm.
9.
(d)
Average fixed cost curve.
10.
(d)
Variable cost.
11.
(b)
12.
(b)
13.
(b)
14.
(a)
15.
(b)
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