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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
- UGC NET
- Economics
The opportunity cost of a factor of production is (1) what it is earning in its present use (2) what it can earn in next best alternative use (3) what
Q.26 The opportunity cost of a factor of production is (1) what it is earning in its present use (2) what it can earn in next best alternative use (3) what it can earn in the long period (4) what has to be paid to retain it in its present use. Q.27 Which of the following is correct regarding long-run cost curve? (A) It is least cost of producing each level of output (B) LAC curve is envelope of SAC curves (C) LAC is U-shaped Choose the right answer (1) (A) and (B) only 27. (2) (B) and (C) only (4) (A), (B) and (C) A(3) (A) and (C) only PLEASE HELP ME IN THESE QUESTIONS
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Souradeep roychowdhury![best-answer]()
Q 26. Correct option is 4. If suppose one labor is being used to wash the cars in a factory and he is paid Rs 100 per day. Here labor is the factor of production. Now for the factory owner, this Rs 100 is the opportunity cost for the labor employed, because the factory could have used this money in purchasing something else. Q 27. Correct option is 4. All the statements mentioned in the question is true for LAC curve. Since in long run, all the producers try to minimize their costs, so LAC is the locus of all the portions of the SAC curve where the costs for the producers get reduced. And while taking the locus of the portions of the SAC curves where costs are decreasing, the LAC curve becomes U shaped in nature.