Question: In linear programming, _____are expressed as inequalities, rather than equalities. A. the technical constraints B. objective functions C. dual D. primal Answer» a. the technical constraints Note: The above multiple-choice question is for all general and Competitive Exams in…
Question: A ____ is a point at which a function is at a relative maximum or minimum: A. plateau B. relative extremum C. inflection D. critical value Answer» b. relative extremum Note: The above multiple-choice question is for all general…
Question: For a utility function u = xy + 3x + 4y, marginal utility of good x is: A. xy + 3x + 4y B. y + 3 C. x + 4 D. y + 3x Answer» b. y +…
Question: The slope of ___curve will be positive if and only if the marginal cost curve lies above theAC curve. A. AC B. MC C. ATC D. MP Answer» a. AC Note: The above multiple-choice question is for all general…
Question: _____ measures the change in TP due to a one unit change in the quantity of labour used: A. MPC B. MPS C. MPI D. MPPL Answer» d. MPPL Note: The above multiple-choice question is for all general and…
Question: In a monopoly, marginal revenue is: A. equal to AR B. less than AR C. more than AR D. initially less than AR then more than AR Answer» b. less than AR Note: The above multiple-choice question is for…
Question: If the demand facing a monopolist is P = 100 − 10Q and marginal cost is constant at 20, thenthe profit maximizing price and quantity for this monopolist are: A. P = 60 and Q = 4 B. P…
Question: The value of Lagrange multiplier λ gives the approximate change in the objective functioncaused by a small change in the: A. constant of the constraint B. objective function C. variables in the constraint D. any of these Answer» a.…
Question: A profit-maximizing monopoly firm with a demand curve P = 50 − Q is a perfect pricediscriminator. If it has marginal costs of Rs. 10/unit and fixed costs of Rs. 30, it will produce_____ units of output and will…
Question: The Price elasticity of demand for a product is 1.5 and its MR = 8, find its price: A. 12 B. 24 C. 53 D. 16 Answer» b. 24 Note: The above multiple-choice question is for all general and…