Theory of consumer behaviour — Economics STD 11 Commerce — Question

What are the different phases in the Law of Variable Proportions in terms of Total Product? Give reasons behind each phase. Use diagram.
OR
State the different phases in the behaviour of total product in the law of variable proportions. Also, show the same in a diagram.

OR
Explain the law of variable proportions with the help of total product curve. Use diagram.

With the same amount of resources, a farmer can feed the following combinations of goats and cows:

Option	Goats	Cows
I	188	64
II	170	70

With the given options, what is the opportunity cost of the farmer feeding one cow?

Explain the implications of 'perfect knowledge about market' under perfect competition.

If it is given that the total variable cost for producing 15 units of output is ₹ 3,000 and for 16 units is ₹ 3,500. Find the value of Marginal Cost

Suppose that the demand curve for the XYZ company slopes downward and to the right. Would you conclude that the firm is a price taker or a price maker? Give reasons.

Explain how the supply of a commodity is affected by the change in the prices of other products.

Explain the relationship between Total Product, Average Product.

Give the meaning of normal goods and inferior goods. Give examples in each case.
OR
Explain the difference between an inferior good and a normal good.

Explain the conditions of consumer's equilibrium under utility analysis.

'Normal goods and inferior goods are relative terms'. Explain.