Discuss the practical application of price elasticity

1. What is production function and its uses? Explain the two types of production functions.

Production function and its uses

Two types of production functions

2. Consumers’ interview method is a survey method used for estimating the demand for new products. This method is very important with regard to collect the relevant information directly from the consumers with regard to their future purchase plans. Opinion surveys and direct interview method are the two important techniques among all. Describe these two methods in detail.

3 A cost-schedule is a statement of variations in costs resulting from variations in the levels of Output and it shows the response of costs to changes in output. If we represent the relationship between changes in the level of output and costs of production, we get different types of cost curves in the short run. Define the kinds of cost concepts like TFC, TVC, TC, AFC, AVC, AC and MC and its corresponding curves with suitable diagrams for each.

4. Inflation is a global Phenomenon which is associated with high price causes decline in the value for money. It exists when the amount of money in the country is in excess of the physical volume of goods and services. Explain the reasons for this monetary phenomenon.

5

Discuss the practical application of Price elasticity and Income elasticity of demand.

Practical application of price elasticity

Practical application of Income elasticity

6.

Define revenue. Explain the types of revenue and the relationship between TR, AR and MR with an example of a hypothetical revenue schedule.

Definition of revenue

Types of revenue

Relationship between TR, MR and AR

Hypothetical revenue schedule

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