KIIT University 2008 micro-economics - university paper

Quiz question-01

1. Distinguish ranging from return to a factor and return to scale?

2. What is isoquant? Is it possible to have isoquants with MRTS=0?

3. Distinguish ranging from opportunity cost, implicit cost and explicit cost?

4. Distinguish ranging from normal profit, accounting profit and super normal
profit?

5. Distinguish ranging from economies of scale and economies of scope?

6. Long-run Cost Curves for Natural Monopoly?

7. Distinguish ranging from Marginal Cost, Incremental Cost and Sunk cost?

8. Relationship ranging from point of inflection and diminishing marginal returns?

9. likeness in Producer's equilibrium and Consumer equilibrium?

10. Relationship ranging from profit maximization, cost minimization and output
maximization?

11. Relationship ranging from profit returns to scale and total cost function?

12. Conditions for optimal employment of 2 inputs and its reaction
change in input price?

Earning:   Approval pending.