Question

6. Explain two causes of increasing returns to a factor.
(ISC 2017) (See Sub-sec. 7.5.5)
7. Explain two causes of decreasing returns to a factor.
(See Sub-sec, 7.5.5)
Long Answer Questions (6 marks each)
1. Explain the relation between the average product and the marginal product with the help of
diagram.
(ISC 2011) (See Sub-sec. 7.4.2, Fig. 1
2. Explain the relation between marginal product and total product with the help of a diagram.
(ISC 2012, 2016) (See Sub-sec. 7.4.3, Fig. 1
3. State and explain the law of diminishing returns with the help of an illustration.
(See Sec. 7.5 and Table 7.
4. Explain the law of variable proportions with the help of a diagram.
(ISC 2005, 2015) (See Sec. 7
5. Explain the law of variable proportions with the help of total product and marginal prod
curves.
(See Sec. 7
6. Using suitable diagrams explain the three stages of production when one factor inpu
variable.
(See Sub-sec. 7.5.4 and Fig.
7. Explain the law of variable proportions. Also explain the reasons behind the law,
(See Sec 751 and 7​

Answer 1

Explanation:

The present law can be explained in two forms i.e: ... The marginal production of the second unit will be 6 (10-4) ... increase as a result of the increase in the factors of production