What do you understand by consumer's equilibrium? Show consumer's… - Vidyadip

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What do you understand by consumer's equilibrium? Show consumer's equilibrium with the help of indifference curve analysis.

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Read the following hypothetical information carefully and answer the questions 1-6 on the basis of the same:

Units of Labour	Average Product	Total Product	Marginal Product
1	4	4	4
2	5	__	6
3	5	15	5
4	__	16	1
5	3	15	__

1. At 2nd unit of labour employed, total product will be ____________. (Fill up the blank with correct alternative)
(a) 7
(b) 9
(c) 10
(d) 12

2. At 4th unit of labour employed, average product will be ____________ . (Fill up the blank with correct alternative)
(a) 1
(b) 4
(c) 12
(d) 64

3. Which of the following is incorrect? (Choose the correct alternative)
(a) When marginal product decreases, total product also decreases
(b) Generally AP curve is U-shaped curve
(c) Total product can be zero or negative
(d) All of these

4. Identify the correct formula to calculate Average Product. (Choose the correct alternative)
(a) $AP =\Sigma MP$
(b) $AP = TP _{ n }-T P_{ n -1}$
(c) $AP =\frac{ TP }{ L }$
(d) $AP =\frac{\Delta TP }{\Delta L }$

5. Read the following statements carefully and choose the correct alternative among those given below:
Statement 1 : When MP decreases, TP increases at a decreasing rate.
Statement 2 : When MP = 0, there is no addition to TP.
Alternatives:
(a) Both the statements are true
(b) Both the statements are false
(c) Statement 1 is true and Statement 2 is false
(d) Statement 2 is true and Statement 1 is false

6. At 5th unit of labour employed, marginal product will be ____________.
(Fill up the blank with correct alternative)
(a) 1
(b) -1
(c) 8
(d) 12

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