Class 11 Economics Important Chapter 5 Production Function

Class 11 Economics Important Chapter 5 Production Function Solutions English Medium As Per AHSEC New Syllabus to each chapter is provided in the list so that you can easily browse through different chapters ASSEB Class 11 Economics Important Solutions and select need one. AHSEC Class 11 Economics Additional Notes English Medium Download PDF. HS 1st Year Economics Important Solutions in English.

Class 11 Economics Important Chapter 5 Production Function

Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. Assam AHSEC Board Class 11 Economics Additional Question Answer are part of All Subject Solutions. Here we have given HS 1st Year Economics Important Notes in English for All Chapters, You can practice these here.

Production Function

Chapter: 5

PART – A : MICROECONOMICS

IMPORTANT QUESTION AND ANSWER

Short Type Question and Answer:

1. What is meant by a production function?

Ans: It shows the maximum possible output that can be produced from given inputs with existing technology.

2. Why do economists assume efficient production while writing a production function?

Ans: Because without efficiency, input values cannot reliably predict output levels.

3. Give one example each of a fixed factor and a variable factor.

Ans: Fixed factor Factory building; Variable factor  Labour.

4. In the short run, why can’t all factors of production be changed?

Ans: Because some factors, like machinery or buildings, require more time to adjust.

5. How is the long run different from the short run in production?

Ans: In the long run, all factors can be varied, unlike in the short run.

6. What does the law of variable proportions study?

Ans: It studies output changes when only one input is varied and others are fixed.

7. What is the main cause of diminishing returns to a factor?

Ans: Overuse of the variable factor relative to the fixed factor.

8. Why will a profit-maximizing firm avoid operating in stage III of production?

Ans: Because additional inputs reduce total output, lowering profits.

9. What is a marginal product?

Ans: The extra output produced by using one more unit of a variable input.

10. How are isoquants similar to indifference curves?

Ans: Both represent combinations that give the same level, isoquants for output, indifference curves for satisfaction.

11. What does MRTS measure?

Ans: The rate at which one input can replace another without changing output.

12. What is meant by increasing returns to scale?

Ans: Output rises by a greater proportion than the increase in all inputs.

13. Under constant returns to scale, how does output change?

Ans: It changes in the same proportion as all inputs.

14. What is the key difference between returns to a factor and returns to scale?

Ans: Returns to a factor vary one input keeping others fixed; returns to scale vary all inputs together.

15. Why can AP never be negative while MP can be?

Ans: AP is an average of outputs and remains positive as long as total output is positive, whereas MP can be negative if extra input reduces output.