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11th Standard English Medium Economics Subject Production Analysis Creative 3 Mark Questions with Solution Part - I updated Creative Questions

Published on: 13/05/2022

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Std: 11th Standard - Economics

chapter: - Creative Questions

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Questions:

Generic 3

5 x 3 = 15

Bring out the differences between short run and long run production function.

What are the assumptions of law of supply?

Explain Iso quant map with the help of diagram.

What are the assumptions of Law of variable proportion.

Distinguish between Total Product (TP) and Average Product (AP).

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Answers Key:

Generic 3

5 x 3 = 15

Basis for comparison	Short - run production function	Long - run production function
Meaning	Short run production function alludes to the time period in which at least one factor of production is fixed	Long run production function connotes the time period in which all the factors of production are variable.
Law	Law of variable proportions	Law of returns to scale.
Scale of production	No change in scale of production.	change in scale of production
Factor - ratio	Changes	Does not change
Entry and exit	There are barriers to entry and the firms can shut down but cannot fully exit.	Firms are free to enter and exit

(i) No change in the prices of Factors of Production.
(ii) No change in the price of capital goods.
(iii) Natural resources remain the same.
(iv) Prices of substitutes are constant.
(v) No change in technology.
(vi) Climatic remains unchanged.
(vii) Political situations are unchanged.
(viii) No change in tax policy.

(i) An Iso quant map has different iso quant curves representing the different combinations of two factors yielding different levels of output.
(ii) An Iso quant is a family of iso quant
(iii) More than one iso quant is called Iso quant map.

(iv) Higher the Iso quant denotes higher level of output and lower the Iso quant denotes lower level of output.

(i) Only one factor is variable others are held constant.
(ii) All units of factor are homogeneous.
(iii) The product is measured in physical units.
(iv) No change in the state of technology.
(v) No change in the price.

Total Product:
(i) It refers to the total amount of commodity produced by combination of all inputs in a given period of time.
(ii) It can be calculated in two ways
TP = AP x N (or) AP = TP / N
Average Product:
(i) It refers to the output per unit of the input (or)
\(AP=\frac { TP }{ Q } (or)N\)
(ii) It is the result of the total product divided by the total output.