Q1. Define the term Production function. Also state its significance?
Q2. Describe how can inputs be modified to output?
Q3. Describe the properties of a production function?
Q4. Define the following term:
a) Average Product
b) Marginal product.
Q5. Describe the Idea of Total Product Curve.
Q6. Illustrate the meaning of the point of inflexion?
Q7. Illustrate the law of variable proportions?
Q8. If the law of variable proportions is true, then how can food are given to a population which is continuously increasing?
Q9. Describe the idea of an IQ.
Q10. Describe the concept of the MRTS.
Q11. Explain why do we consider that the IQ doesn’t touch either axis?