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Statement I The least-cost or optimal input combination of labour capital requires that the marginal revenue productivity ratio of the two inputs should be equal to their price ration.
Statement II In a hypothetical production function of the following from Q = L3 + 15L2 + 10
Where Q = Quantity of the product and L = No. of variable input (labour) the marginal physical productivity of labour is L2 + 15L + 10

Statement I The least-cost or optimal input combination of labour capital requires that the marginal revenue productivity ratio of the two inputs should be equal to their price ration.
Statement II In a hypothetical production function of the following from Q = L3 + 15L2 + 10
Where Q = Quantity of the product and L = No. of variable input (labour) the marginal physical productivity of labour is L2 + 15L + 10 Correct Answer Statement I is false, while Statement II is true

Related Questions

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.
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.
The short-run production function for a firm is as follows
Q = -L3 + 15L2 + 10L
Where Q denotes total output in physical units and L denotes units of labour which are homogeneous, but are not perfectly divisible and change in labour does not tend to become zero.
Statement I In this production function, the marginal product of 5th unit of labour is 85.
Statement II Similarly, in this production function, the average product of the 5th unit of labour is 60.
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
Marginal cost is equal to marginal revenue, average cost is equal to average revenue, average revenue is equal to marginal revenue and average cost is equal to marginal cost. This is the condition of
1. long period equilibrium for a firm under monopoly
2. short period equilibrium for a firm under oligopoly
3. long period equilibrium
4. long period equilibrium for a firm under perfect competitions
Select the correct answer
The marginal cost is equal is to marginal revenue, the average cost is equal to average revenue, average revenue is equal to marginal revenue, and the average cost is equal to marginal cost. This is the condition of
1. Long-period equilibrium for a firm under monopoly.
2. Short-period equilibrium for a firm under oligopoly.
3. Long-period equilibrium
4. Long-period equilibrium for a firm under perfect competition.
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.
Two stores A and B bought the same product from the company at the same price. Store A marked the price of the product 50% above its cost price and offered two successive discounts of 15% and 10% on the marked price of the product, while store B marked the price of the product 60% above its cost price and offered two successive discounts of 15% and 12% on the marked price of the product. If a customer buys the product from store B, he has to pay Rs. 986 more than that at store A. At what price the two stores bought the product from the company?
Given below are two quantities named A and B. Based on the given information, you have to determine the relation between the two quantities. You should use the given data and knowledge of Mathematics to choose between the possible answers. There are two jars which contain different liquids in different quantities Quantity I∶ Quantity of water in Jar 1, if Jar 1 contains mixture of 230 litres which contain juice, water, coke and pepsi. Ratio of quantity of water to juice is 2 : 1 and juice to coke is also 2 ∶ 1 while the ratio of quantity of coke to pepsi is 3 ∶ 2 Quantity II∶ Quantity of water in Jar 2, if Jar 2 contains 10 litres of mixture more than jar 1 and contains juice, coke and water. Water, juice and coke is poured into the jar 8 times in the ratio 3 ∶ 2 ∶ 1. Every time the quantity of a liquid is same.
Two quantities I and II are given in the following questions. You have to find the values of both I and II by using your knowledge of mathematics and choose the most suitable relation between quantity I and II from the given options. Quantity I: Two persons A and B started a business with their certain initial capital. If A and B invested their capital in the business for 12 years and 8 years respectively and the ratio of their profit from the business is 21 : 16, then what is the initial capital invested by A if B invested Rs. 16000. (Consider only numerical value) Quantity II: Ratio of male to female who have a Visa card is 8 : 5 while the ratio of male to female who have a Master card is 4 : 7. The ratio of males who have a Visa card to those who have a Master card is 2 : 1. If the total number of males who have both cards is 15000 then find the total number of females who have both cards?