61. An Iso-cost line represents
62. Statement I Costs which do not take the form of cash outlays, nor do they appear in the accounting system are known as opportunity cost.
Statement II Costs in the form of depreciation allowances and unpaid interest on the owner's own funds are known as sunk cost.
Statement II Costs in the form of depreciation allowances and unpaid interest on the owner's own funds are known as sunk cost.
63. If two goods are perfect substitutes for each other, it necessarily follows that
64. Under perfect competition, a firm will be in equilibrium when its AC is
65. From the following two statements of Assertion (A) and Reasoning (R), indicate the correct option.
Assertion (A) The quantity of a product demanded invariably changes inversely to changes in its price.
Reason (R) The price effect is the net result of the positive substitution effect and negative income effect.
Assertion (A) The quantity of a product demanded invariably changes inversely to changes in its price.
Reason (R) The price effect is the net result of the positive substitution effect and negative income effect.
66. When the average product is at its maximum, the equality can be reached between
67. Under perfect market and in case of decreasing marginal cost the firm's quilibrium with respect to level of production
68. Which of the following is most closely connected with Paul A. Samuelson?
69. Match the following:
List-I (Cost)
List-II (Formula)
a. Average fixed cost
1. $$\frac{{{\text{Total Fixed Cost}}}}{{{\text{Quantity}}}}$$
b. Average variable cost
2. $$\frac{{{\text{Total Variable Cost}}}}{{{\text{Quantity}}}}$$
c. Average total cost
3. $$\frac{{{\text{Total Cost}}}}{{{\text{Quantity}}}}$$
d. Marginal cost
4. $${\text{Total production}} + {\text{One addition production}}$$
| List-I (Cost) | List-II (Formula) |
| a. Average fixed cost | 1. $$\frac{{{\text{Total Fixed Cost}}}}{{{\text{Quantity}}}}$$ |
| b. Average variable cost | 2. $$\frac{{{\text{Total Variable Cost}}}}{{{\text{Quantity}}}}$$ |
| c. Average total cost | 3. $$\frac{{{\text{Total Cost}}}}{{{\text{Quantity}}}}$$ |
| d. Marginal cost | 4. $${\text{Total production}} + {\text{One addition production}}$$ |
70. Match the items given in List-I with those given in the List-II and suggest the correct option.
List-I
List-II
a. Marginal productivity/Average productivity
1. Isoquant curve
b. Substitutability of inputs
2. Isocost line
c. Constant negative slope
3. Production Function
d. Convex to origin
4. Elasticity of production
| List-I | List-II |
| a. Marginal productivity/Average productivity | 1. Isoquant curve |
| b. Substitutability of inputs | 2. Isocost line |
| c. Constant negative slope | 3. Production Function |
| d. Convex to origin | 4. Elasticity of production |
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