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11th Standard English Medium Economics Subject Cost and Revenue Analysis Book Back 3 Mark Questions with Solution Part - I

Published on: 09/06/2021

QB365 provides detailed and simple solution for every book back questions in class 11 Economics subject.It will helps to get more idea about question pattern in every book back questions with solution.

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Std: 11th Standard - Economics

chapter: - Book back Questions

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Questions:

Generic 3

5 x 3 = 15

State the relationship between AC and MC.

Define opportunity cost and provide an example.

Distinguish between explicit cost and implicit cost.

State the differences between money cost and real cost.

Distinguish between fixed cost and variable cost.

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Answers Key:

Generic 3

5 x 3 = 15

When AC is falling, MC remains below AC.
When AC becomes constant MC becomes equal to it.
When AC starts increasing MC is above the AC
MC always cuts AC at its minimum point from below.

(i) It refers to the cost of next best alternative use.
(ii) It is the value of the next best alternative foregone
(iii) It is also called alternative cost or transfer cost.
(vi) (eg) A farmer can cultivate paddy or sugarcane in his land.
(v) If he cultivates paddy the opportunity cost of paddy output is the amount of sugarcane output given up.

S.No	Explicit cost	Implicit cost
1	Payment made to others for buying factors of production.	Payment made for the use of firm's own resource.
2	Actual expenditure of the firm in buying or hiring the inputs.	Cost of firm's self owned, self employed resources.
3	(eg) wages, rent, advertisement, depreciation.	Costs are not recorded as no cash payment takes place.
4	Also called accounting cost, out of pocket cost money cost.	Value of the own services are imputed and considered for preparing profit loss accounts. Also called imputed cost.

S.No	Money cost	Real cost
1	Cost is expressed in money. It includes the expenditures such as cost of raw materials, payment of rent, interest on capital, expenses on fuel and power, expenses on transportation and other types of production related costs.	Cost is expressed in the form of efforts, pain and sacrifices incurred by the factor owners for their services in production
2	Also called prime cost, nominal cost, accounting cost, explicit cost, out-of-pocket cost.	Adam Smith regarded pain and sacrifices as real cost.

S.No	Fixed cost	Variable cost
1	It does not change with the level of output	It changes with the level of output.
2	Short period concept	Short period and long period concept.
3	Related to fixed factors	Related to variable factors.
4	Firm continues production even when there is loss of fixed cost.	Firm produces only when variable cost is met.
5	(eg) watchman's wage, building rent.	(eg) wage of workers, power charges.
6	Also called supplementary cost or overhead cost	Also called prime cost, special cost or direct cost.