MCQ
Mathematically consumer’s surplus is
- A$T U-T U_{n-1}$
- B$TR -( P \times Q )$
- ✓$T U-(P \times Q)$
- D$T C-(Q \times P)$
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| a) | $(\alpha+\beta)=1$ | 1) | Diminishing returns |
| b) | $(\alpha+\beta)<1$ | 2) | Cobb-Douglas |
| c) | $(\alpha+\beta)>1$ | 3) | Constant returns |
| d) | $Q =A L ^\alpha K ^\beta$ | 4) | Increasing returns |
| A) | Social cost | 1) | Retrospective cost |
| B) | Sunk cost | 2) | External cost |
| C) | Fixed cost | 3) | Alternative cost |
| D) | Opportunity cost | 4) | Overhead cost |
| a) | $MRS \times Y$ | 1) | TU-(P xx Q) |
| b) | $e_p$ | 2) | $\frac{\Delta Y }{\Delta X }$ |
| c) | Consumer's surplus | 3) | $\frac{ MU _{ A }}{ P _{ A }}=\frac{ MU _{ O }}{ P _{ O }}$ |
| d) | K | 4) | $\frac{\Delta Q }{\Delta P } \times \frac{ P }{ Q }$ |