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Indicate the correct answer from the following types of the long run average cost curves on which the minimum average cost of production in long run can be determined.
1. Long run average cost curve under normal production function
2. Long run average cost curve under linearly homogeneous production function
3. Planning curve
4. Envelope curve

Indicate the correct answer from the following types of the long run average cost curves on which the minimum average cost of production in long run can be determined.
1. Long run average cost curve under normal production function
2. Long run average cost curve under linearly homogeneous production function
3. Planning curve
4. Envelope curve Correct Answer 1, 3 and 4

Related Questions

Indifference curves relating to supply of labour have a number of properties some of which are mentioned below
1. Indifference curves are downward slopping
2. Indifference curves are upward slopping
3. Higher indifference curves indicate lower levels of utility
4. Higher indifference curves indicate higher levels of utility
5. Indifference curves do not intersect
6. Indifference curves intersect
7. Indifference curves are concave to the origin
8. Indifference curves are convex to the origin
Which among the following properties are not true?
The minimum Long Run Average Cost (LAC) can be determined on a
I. LAC curve for a normal production function
II. LAC curve for a linear production function
III. Planning curve
IV. Envelope curve
From an alloy, two specimens are machined and tested separately under tension and compression. The engineering stress-strain curves as well as the true stress-true strain curves for tension and compression are plotted in the same diagram. Identify the correct statements:
P. The engineering stress-strain curves in tension and compression are identical.
Q. The true stress-true strain curve in compression is lower than the true stresstrue strain curve in tension due to Bauschinger effect.
R. The true stress-true strain curve in tension is above the corresponding engineering stress-strain, curve.
S. The true stress-true strain curve in tension and compression are identical.
Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.
Consider the following statements: a. Indian planning is indicative of economic planning. b. Indian planning is physical planning. c. Indian planning is social planning. Which of the statements given above are correct?
The point on which the average cost is minimum in a firm short-run average cost curve will also be the minimum cost point on the firm's long run average cost curve. This is true
There are two normal curves with the same mean value. The standard deviation of curve 1 is more than curve 2, what can we comment on the two normal curves?
Which of the following statements are true/false?
1. A minimum rate of wages for the time spent by employees for the production of output is minimum time rate.
2. Minimum piece rate is the rate based on the quantity of the output employees have produced.
3. The guaranteed time rate is a minimum rate of remuneration to apply in the case of employees employed on piece work for the purpose of securing to such employees a minimum rate of wages on a time work basis.
4. A minimum rate of remuneration to apply in the case of employees employed on piece work for the purpose of securing to such employees a minimum rate of wages on a time work basis is overtime rate.
Which of the following statements are true/false?
1. In case an employee whose minimum rate of wages is fixed under this Act, works overtime, the employer need not pay the money for the extra hours devoted by the employee.
2. If an employee whose minimum rate of wages has been fixed under this Act, works for a less number of hours than the requisite number of hours on a given day, he shall be entitled to receive wages in respect ofwork done by him on that day as ifhe had worked for a full normal working day.
3. In case an employee is involved in two or more classes of work, he shall be paid on the basis of pieces involved.
4. If an employee is employed on piece work for which minimum time rate and not a minimum piece rate has been fixed under this Act, the employer shall pay to such employee wages at not less than the minimum time rate.
What is true for Planning in India? 1. In August 1937, the Congress Working Committee at its meeting in Wardha adopted a resolution of national reconstruction and social planning. 2. Subhash Chandra Bose, in his presidential speech at Haripura declared that the national state on the advice of the planning commission would adopt a comprehensive scheme. 3. Modi Government renamed ‘Planning Commission’ as 'Niti Aayog’ 4. Subhash Chandra Bose announced the formation of a National Planning Committee with Jawaharlal Nehru as Chairman in 1938.