Plus 2 Level - Economics Coaching Classes & Tuition Centers in Bhopal

PRODUCTION POSSIBILITY CURVE/ PRODUCTION POSSIBILITY FRONTIER REFERS  THE COMBINATION OF TWO PRODUCTS BY COMBINING THEMSELVES INCREASE OF ON ITEM WILL REDUCE THE ANOTHER ITEM .AS IT ORIGINATES FROM THE BEGINNING /STARTS FROM O IT IS CALLED CONCAVE TO THE ORIGIN.  

THE FOLLOWING ARE  NOT THE ECONOMIC GOAL OF THE FIRM.

1) PRODUCTION OF QUALITY GOODS AND SERVICES AT A CHEAPER/MODERATE PRICE.

2)ADHERING TO THE SOCIAL RESPONSIBILITY OF BUSINESS/CORPORATE SOCIAL RESPONSIBILITY.

3) CREATION OF MASS EMPLOYMENT.

4) HELPING THE GOVT. CENTRAL/STATES IN MAINTAINING THE WELFARE OF THE PEOPLE WITH REGARD TO HEALTH /EDUCATION ETC.

Production Possibility Curve (PPC) is concave in shape it is due to the increase in the marginal rate of transformation(MRT). It shows that  when more and more units of a commodity are sacrificed in order to add an additional unit of another commodity.

Agriculture

Copying refers to make a new copy of an item while retaining the old copy but moving refers to move the original item to another location without creating a new copy

ADAM SMITH

rawmaterial-labour- capital- enterpruner make aproduct

Answer:

A point c in the domain of a function f(x) is said to be critical if ,the value of its first derivative at that point f’(c)=0.

Further (a)  If f’(x) changes sign from positive to negative as x increase through c, then c is said to be                              a point of local maximum.

(b)  If f’(x) changes sign from negative  to positive as x increase through c,then c is said to be a point of local minimum.

(c) If f’(x) does not change sign ,as x increases through c, then c is said to be a point of inflection..

In the present case f(x)= x^3. Therefore   f’(x) =  3 x^2 . By putting f”(x) =3 x^2 = 0 ,we get the

critical point c= 0. It can be seen that f’(x) does not change sign and remains positive as  x

increases through 0{ because f’(x) positive for both negative and positive values of x}.

Hence x= 0 , is a point of inflexion. Moreover x=10 is not a point of inflexion as f'’(10) is not equal to zero ,when x =10.    

Public distribution system of the government

With increase in prices of petrol, the demand curve for cars will shift towards the left ( change in demand) as petrol and cars are complementary goods.