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A ceramic pottery unit hires 8 craftsmen by paying each of them Rs 900 per day. The 9th craftsman demands Rs 950 per day. If this craftsman is hiredthen all other craftsmen must be paid Rs 950. The marginal resource (labour) cost of the 9th craftsman is _________.

A ceramic pottery unit hires 8 craftsmen by paying each of them Rs 900 per day. The 9th craftsman demands Rs 950 per day. If this craftsman is hiredthen all other craftsmen must be paid Rs 950. The marginal resource (labour) cost of the 9th craftsman is _________. Correct Answer Rs 1350

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A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If thiscraftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is
When labour is plotted on X-axis and capital is plotted on Y-axis and an iso-quant is prepared, then which of the following statements is/are false ? (a) Marginal rate of technical substitution of labour for capital is equal to the slope of the iso-quant. (b) Marginal rate of technical substitution of labour for capital is equal to change in the units of capital divided by the change in the units of labour. (c) Marginal rate of technical substitution of labour for capital is the ratio of marginal productivity of capital to marginal productivity of labour.
When labour is plotted on X-axis and capital is plotted on Y-axis and an isoquant is prepared, then which of the following statement(s) is/arefalse?
1. Marginal rate of technical substitution of labour for capital is equal to the slope of the iso-quant.
2. Marginal rate of technical substitution of labour for capital is equal to change in the units of capital divided by the change in the units of labour.
3. Marginal rate of technical substitution of labour for capital is the ratio of marginal productivity of capital to marginal productivity of labour.
A beedi making workshop can hire 5 women by paying them Rs. 300 per day. The 6th woman demands Rs. 350 per day. If this woman is hired then allother women must be paid Rs. 350. The marginal resource (labour) cost of the 6th woman is
7 workers work in a printing press. Each gets paid Rs 450 per day. The 8th worker demands Rs 500 per day. If this worker is hired then all other workersmust be paid Rs 500. The marginal resource (labour) cost of the 8th worker is _______.
"It is now expected that the variable production cost per unit and the selling price per unit will each increase by 10%, and fixed production cost will rise by 25%. What will be the new break even point?
Selling price - Rs 6 per unit
Variable production cost - Rs 1.20 per unit
Variable selling cost - Rs 0.40 per unit
Fixed production cost - Rs 4 per unit
Fixed selling cost - Rs 0.80 per unit
Budgeted production and sales for the year are 10,000 units."
In perfect competition, when a firm is in short periods, for equilibrium, the following condition does apply
1. Marginal cost must equal marginal revenue.
2. Average cost must equal average revenue.
3. Marginal revenue must equal average revenue.
4. Marginal cost must equal average cost.
With reference to the Indus valley pottery, consider the following statements: 1. The Indus Valley pottery consisted chiefly of very fine wheel-made wares, very few being hand-made. 2. Plain pottery was less common than painted ware. 3. Polychrome pottery was rare and mainly comprised of small vases decorated with geometric patterns in red, black, and green, rarely white and yellow. 4. Graceful curves were an exception, while straight and angular shapes were the rule.  Which of the statements given above is/are correct?
Which of the following statements are true/false?
1. Demands for goods is directly proportional to the labour market.
2. Marginal productivity is the addition made to the total production by subtracting one worker from the existing labour force.
3. Demand for labour is dependent on the elasticity of demand for product produced by the labour.
4. At higher wages, the demand for labour will be higher.
If for a particular combination of labour and capital, the marginal productivity of capital is 4 units of output and the marginal rate of technical substitution is 2 units of capital per unit of labour, then the marginal productivity of labour will be