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11th Economics Weekly Test - 3 ( Cost and Revenue Analysis )

MABS Institution

11th Economics Weekly Test - 3 ( Cost and Revenue Analysis )-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

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

20
35
25
80

Find total fixed cost where TC = 500 and TVC= 100.

100
200
300
400

AC=

AFC-AVC
AFC+AVC
AFC xAVC
AFC/AVC

Functions, with more than one independent variable are called_________________.

Double function
Triple function
Multivariate functions
Multiple functions

lCT stands for ______

Information and communication Technology
Indian council for Technology
International communication Technology
Information course for Technique

If 60 units of some product cost Rs.1,400 and 40 units cost Rs.1,200 to manufacture then variable cost per unit is .............

Rs.100
Rs.2,600
Rs.10
Rs.5

The marginal revenue is Rs.40 and the average revenue is Rs.60. The elasticity of demand with respect to price is .....................

1
0
2
3

_____ is the summation of explicit and implicit costs.

Sunk Cost
Prime Cost
Economic Cost
Variable Cost

MC curve is a ____ shaped curve.

V
L
A
U

The cost per unit of output is denoted by _______ cost.

average
marginal
variable
total

The functional relationship between cost and output is expressed as _____.

Production function
Consumption function
Cost function
Distribution function

Identify the formula of estimating average cost.

AVC/Q
TC/Q
TVC/Q
AFC/Q

Fixed cost is also called as _____.

Supplementary Cost
Overhead Cost
Both 'a' and 'b
None of these

When price remains constant, AR will be _____ MR.

equal to
greater than
less than
not related to

The methods which are helpful for achieving the objectives of the economic analysis are_________________.

Psychological methods
Biological methods
Mathematical methods
Physiological methods

Find out AFC, when AC = 100, AVC = 80.

15
180
20
80

The equation AX = B can be solved by Cramer's rule only when .............

| A | = 0
| A | ≠ 0
A = B
A ≠ B

Profit = ____.

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

To construct the Linear supply function the least number of points needed are_______________.

two
three
four
five

Explicit costs are termed as

out of pocket expenses
real cost
social cost
sunk cost

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

one solution
two solutions
three solutions
four solutions

If AB = BA = | A | If then the matrix B is .................

inverse of A
the transpose of A
the adjoint of A
2A

Planning curve is also called as ____.

Envelop curve
Long run average cost curve
Group of short run average cost curve
All the above

Long run average cost curve is also called as _____ curve.

demand
planning
production
sales

The rank of zero matrix is ..............

0
1
-1
∞

Under perfect competition. The demand curve is

Upward sloping
Horizontal
Downward sloping
Vertical

Production cost expressed in money terms is called _____.

Real Cost
Money Cost
Sunk Cost
Opportunity Cost

The rank of an n x n matrix each of whose element is 2 is .................

1
2
n
n²

A cost function may be written as ____.

C=f(Q)
Y=S
C=f(Y)
TC/Q

The gradient of the straight line y = -5x + 12 is

5
12
-5
-12

Variable cost per unit Rs.40, fixed cost Rs.900 and unit selling price Rs.70 then the profit equation is .......................

P = 30x - 900
P = 15x - 70
P = 40x - 900
P = 70x + 3,600

The value of the determinant for the matrix \(A=\begin{bmatrix} 3 & 4 \\ 10 & -2 \end{bmatrix}\)is_______________________________

46
-34
34
-46

When MR is zero, the total revenue becomes ___.

minimum
maximum
normal
equal

The costs of self-owned resources are termed as ____ cost.

real
explicit
money
implicit

The rank of a non-singular matrix of order n x n is ...................

n
n²
0
1

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