Economics Past Questions and Answers

When market supply increases , the equilibrium price _______________

The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?

The output of an extra unit of an input is referred to as ______________

The law of diminishing returns is applicable to the ________________

<b>A firm incurred the following costs in production. Use the information in the table to answer the question below.</b><br/><table class='tbn'><tbody><tr><td> Output(bags of rice </td><td> 0 </td><td> 10 </td><td> 20 </td><td> 30 </td><td> 40 </td><td> 50 </td><td> 60 </td></tr><tr><td> Total Cost ($) </td><td> 100 </td><td> 200 </td><td> 300 </td><td> 380 </td><td> 440 </td><td> 520 </td><td> 600 </td></tr></tbody></table><br/><br/><br/> <br/>The fixed cost of production is ____________