Question
Prepare a total product schedule for increasing production when only one input is increased. Indicate the phases of the law of variable proportions.
| Units of Land (Fixed input) | Units of Labour (Variable input) | TP | MP* | Phases |
| 1 | 1 | 3 | 3 | (Phase I) TP rises an increasing |
| 1 | 2 | 7 | 4 | |
| 1 | 3 | 12 | 5 | |
| 1 | 4 | 16 | 4 | (Phase II) TP rises a diminshing rate |
| 1 | 5 | 19 | 3 | |
| 1 | 6 | 21 | 2 | |
| 1 | 7 | 22 | 1 | |
| 1 | 8 | 22 | 0 | |
| 1 | 9 | 21 | -1 | (Phase III) TP falls |
| 1 | 10 | 20 | -1 |
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.
| Output (units) | Price (₹) | Total Cost (₹) |
| 1 | 24 | 26 |
| 2 | 24 | 50 |
| 3 | 24 | 72 |
| 4 | 24 | 92 |
| 5 | 24 | 115 |
| 6 | 24 | 139 |
| 7 | 24 | 165 |
| ₹ in crores | ||
| (i) | Profit | 1,000 |
| (ii) | Mixed income of self-employed | 15,000 |
| (iii) | Dividends | 200 |
| (iv) | Interest | 400 |
| (v) | Compensation of employees | 7,000 |
| (vi) | Net factor income to abroad | 100 |
| (vii) | Consumption of fixed capital | 400 |
| (viii) | Net exports | (-) 200 |
| (ix) | Net indirect taxes | 800 |
| (x) | Net current transfers to rest of the world | 40 |
| (xi) | Rent | 500 |
OR
Explain the outcome of the following features of a perfectly competitive market: