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11th Economics Monthly Test - 1 ( Cost and Revenue Analysis )

MABS Institution

11th Economics Monthly Test - 1 ( Cost and Revenue Analysis )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

Functions, with more than one independent variable are called_________________.

Double function
Triple function
Multivariate functions
Multiple functions

Revenue received from the sale of additional unit is termed as _____ revenue.

profit
average
marginal
total

Explicit costs are termed as

out of pocket expenses
real cost
social cost
sunk cost

Find out profit, when TR = 55, TC = 30

20
35
25
80

A system of linear homogeneous equations has atleast .................

one solution
two solutions
three solutions
four solutions

_____= Variable Costs + Costs of Administration.

Fixed Cost
Money Cost
Opportunity Cost
Prime Cost

___________________________ functions alone are differentiable.

Algebracic
Continuous
Identity
Dis Continuous

The evaluation of ICT has__________________________ phases.

4
5
3
2

Profit = ____.

Total Revenue - Total Cost
Total Revenue + Total Cost
Total Revenue x Total Cost
Total Revenue / Total Cost

Production cost expressed in money terms is called _____.

Real Cost
Money Cost
Sunk Cost
Opportunity Cost

Part - B

Generic 2 - Answer All Question

Define Revenue.

What is Economic cost?

What is 'Marginal cost'?

What is meant by sunk cost?

Define 'Elasticity of Demand".
If 62 = 34 + 4x what is x?

If A =\(\left[ \begin{matrix} 2 & 8 & 5 \\ 1 & 1 & 1 \\ 1 & 2 & -1 \end{matrix} \right] \)then find \(\left| A \right| \)

How to open a word document in MS Word?

What is the slope of the function \(y={ 5 }x^{ 4 }\) when x=10?

State the 'Basic rule of Integration'.

Part - C

Generic 3 - Answer All Question

Given TR=40Q\(-{ 3Q }^{ 2 }\) , find marginal revenue when Q=5

What is meant by integration?

Given the total cost function,TC=20+\(5{ Q }^{ 2 }+{ 3Q }^{ 3 }\) derive the marginal cost function.

What is meant by the cost function and average cost function from marginal cost function?

Explain Microsoft office Excel?
\(If\quad Y={ 3x }^{ 4 }-{ 4x }^{ 2 }+5x\quad then\quad find\quad \frac { dy }{ dx } \)

Define opportunity cost and provide an example.

What is Elasticity of Demand?

Discuss the application of Differential calculus?

Solve the equation x + 2y + 5z = 23; 3x + y + 4z = 26; 6x + y + 7z = 47 by determinant method.

Part - D

Generic 5 - Answer All Question

Find the solution of the equation system.
7x₁ - x₂ -x₃ = 0
10x₁ - 2x₂ +x₃ = 8
6x₁ + 3x₂ - 2x₃ = 7

Solve by Cramer's rule the equations
\(2{ x }_{ 1 }+2{ x }_{ 2 }-{ x }_{ 3 }-1=0;\\ { x }_{ 1 }+{ x }_{ 2 }-{ x }_{ 3 }=0\\ 3{ x }_{ 1 }+2{ x }_{ 2 }-3{ x }_{ 3 }=1\)

Totai cost of the goods produced by a firm is TC(Q) = 192 + 48Q + 4Q². Find 'the (i) Marginal cost, (ii) Average cost, (iii) Fixed cost, (iv) Average variable cost and (v) Average fixed cost.

Mr.Anbu purchased 2 pens, 3 pencils and 1 note book. Mr.Barakath purchased 4 pens, 3 pencils and 2 notebooks. Mr.Charles purchased 2 pens, 5 pencils and 3 notebooks. They spent Rs.32, Rs.52 and Rs.60 respectively. Find the price of a pen, a pencil and a notebook.

What are the uses of the integration in Economics?
Explain the steps involved in making presentation using the software 'Microsoft Powerpoint'.

Mr. Sivanesan purchased 5 apples, 6' mangoes and 10 bananas. Mr Subbu purchased 6 apples, 8 mangoes and 15 bananas. Mr. Rajan purchased 2 apples, 2 mangoes and 8 bananas. They spent Rs.100, Rs.130 and Rs.46 respectively. Find the price of an apple, a mango and a banana.

A producer has the total cost function TC(Q)=\(2Q^{ 3 }+{ 8Q }^{ 2 }+12Q+20\) where costs are given in rupees. Find the marginal cost (MC) and the average variable cost (AVC), when Q=4.

Explain the Integral Calculus?

What are the standard forms of differentiation?

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