Question:
The short-run production function of a firm is $Q = 200 + 0.2L^2 -0.0004L^3$. If wage rate equals Rs. 140 and the number of labours (L) is 100, then the Marginal Cost and the Average Variable Cost, respectively, are
The short-run production function of a firm is $Q = 200 + 0.2L^2 -0.0004L^3$. If wage rate equals Rs. 140 and the number of labours (L) is 100, then the Marginal Cost and the Average Variable Cost, respectively, are
Updated On: Oct 1, 2024
- 5 and 7.78
- 6 and 7.78
- 5 and 6.68
- 6 and 6.68
Hide Solution
Verified By Collegedunia
The Correct Option is A
Solution and Explanation
The correct option is (A): 5 and 7.78
Was this answer helpful?
0
0
Top Questions on Consumer theory
- Let an inverse demand function for a commodity be $π = e^{\frac{-x}{2}$, where π₯ is the quantity and π is the price. Then, at π = 0.5, the consumer surplus is equal to _______ (rounded off to two decimal places).
- IIT JAM EN - 2024
- Microeconomics
- Consumer theory
- Suppose that the utility function \(π’: R^π_+βR_+\) represents a complete, transitive and continuous preference relation over all bundles of π goods. Then select the choices below in which the function also represents the same preference relation.
- IIT JAM EN - 2023
- Microeconomics
- Consumer theory
- In a two period model, a consumer is maximizing the present discounted utility
ππ‘ = ln(ππ‘) +\(\frac{ 1}{ 1 + }\) ln(ππ‘+1)
with respect to ππ‘ and ππ‘+1 and subject to the following budget constraint
\(π_π‘ +\frac{ π_π‘+1}{ 1 + π} β€ π¦_π‘ +\frac{ π¦_π‘+1 }{1 + π }\)
where ππ and π¦π are the consumption and income in period π (π = π‘,π‘ + 1) respectively, π β [0, β) is the time discount rate and π β [0, β) is the rate of interest. Suppose, consumer is in the interior equilibrium and π = 0.05 and π = 0.08. In equilibrium, the ratio \(\frac{π_π‘+1}{ π_π‘}\) is equal to _____ (round off to 2 decimal places).- IIT JAM EN - 2023
- Microeconomics
- Consumer theory
- A consumer has utility function π’(π₯1, π₯2 ) = max {0.5 π₯1 , 0.5 π₯2} + min{π₯1 , π₯2}.
She has some positive income π¦, and faces positive prices π1, π2 for goods 1 and 2 respectively. Suppose π2 = 1. There exists a lowest price πΜ Μ 1 such that if π1 > πΜ Μ 1 then the unique utility maximizing choice is to buy ONLY good 2. Then πΜ Μ 1 is _________ (in integer).- IIT JAM EN - 2023
- Microeconomics
- Consumer theory
- Monthly per capita consumption expenditure (MPCE) of 10 households in a region is given below.
Households H1 H2 H3 H4 H5 H6 H7 H8 H9 H10 MPCE(in Rs.) 2800 3000 1200 3500 1400 2500 4000 1000 900 1300
Assuming the poverty cutoff (Z) of MPCE to be Rs. 2000, the squared poverty gap ratio is _______(round off to 3 decimal places)- IIT JAM EN - 2022
- Microeconomics
- Consumer theory
View More Questions
Questions Asked in IIT JAM EN exam
- Consider a Keynesian Cross Model with following features,
Consumption Function: C = C0 + b(Y-T)
Tax Function: T = T0 + tY
Income Identity: Y = C + I0 + G0
Where, C = Consumption; Y = Real Income; T = Tax; I = Investment;
G = Government Expenditure; b = Parameter; t = Tax Rate
(The subscript 0 (zero) indicates that the concerned variable is autonomous)
If b = 0.7 and t = 0.2, value of the Keynesian multiplier is ________ (round off to 2 decimal places).- IIT JAM EN - 2024
- Business cycles and economic models
- Using the following table,
Year Population of the Economy GDP of the Economy (in crore) 2010 20,000 25,000 2020 25,000 40,000
the average growth rate (compounded annually) of per capita GDP in an economy during the period 2010-2020 is ________ (in percent, round off to 2 decimal places).- IIT JAM EN - 2024
- Growth models
- GDPF = Gross Domestic Product at Factor Cost; GDPM = Gross Domestic Product at Market Price; NNPF= Net National Product at Factor Cost; C = Consumption; I = Investment; G = Government Expenditure; X = Export; M = Import; T = Tax; S = Saving; D = Depreciation; NIA = Net Income from Abroad
Which of the following expressions is/are CORRECT?- IIT JAM EN - 2024
- National Income Accounting
- Let a random variable X has mean $\mu_x$ and non-zero variance $ \sigma ^2 _x$, and another X random variable Y has mean $\mu_y$ and non zero variance $\sigma ^2 _y$. If the correlation Y coefficient between X and Y is $\rho$, then which of the following is/are CORRECT?
- IIT JAM EN - 2024
- Probability
- Consider two independent random variables: $X βΌ N(5, 4)$ and $Y~N(3, 2)$. If $(2X + 3Y)~N(\mu, \sigma ^2)$, then the values of mean ($\mu$) and variance ($\sigma ^2$) are
- IIT JAM EN - 2024
- Probability
View More Questions