BEFA

UNIT –III
PRODUCTION, COST, MARKET STUCTURE&PRICING
IMPORTANT SHORT & LONG QUESTIONS
I SHORT QUESTIONS
1.Define Production Function.
2.Returns to factors,Returns to scale.
3.Break Even point.
4.Fixed costs & Variable costs.
5.Angle of incidence.
6.Isoquants.
7.Kinked demand curve.
8.Historical costs,Incremental costs.
9.Demand based pricing.
10.Least cost combination of inputs.
II. ESSAY QUESTIONS.
1.Explain Law of Variable Proportions with its assumptions.
2.Explain Returns to Scale / Long run production function.
3.Production function with two variables.
4.Define cost.Discuss different types of costs.
5.Explain cost - output relationship in short- run & long-run with suitable
diagrams.
6.Features and causes for Monopoly .
7.Differences between perfect Competition and Monopoly.
8.Explain Price and Output determination in Perfect Competition and
MonopolisticCompetition.
9.Define Pricing.What are the different methods of pricing. Explain.
10.Explain product life cycle based pricing.
11.Define and Explain Break- Even Analysis with its assumptions.