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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
- UGC NET
- Economics
21. an increase in a firm's fixed cost will (1) change marginal cost but not total cost 2 changc both marginal and total costs and ) change variable cost but no
21. An increase in a firm's fixed cost will (1) change marginal cost but not total cost 2 changc both marginal and total costs and ) change variable cost but not marginal cost (4) change total cost but not marginal cost 22. The 'expansion path' is the locus of points of producer's equilibrium resulting when the (1) price of labour input changes (2) price of capital input changes (3) money outlay of the entrepreneur is varied (4) entrepreneur snits onto a higher isoquant
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Nidhi taparia Best Answer
22. There doesn't seem to be one correct answer to this. Because expansion path can be drawn if the entrepreneur moves to a different isoquant or varies his outlay. The outlay also changes when price of inputs change. Hence according to me there is no one correct answer to this question.