What is involuntary unemployment?
Involuntary unemployment refers to a situation when a person who is able and is willing to work does not get work at the going wage rate.
From the following information about a firm, find the firms equilibrium output in terms of marginal cost and marginal revenue. Give reasons. Also find profit at this output.
|
Output (units) |
Total Revenue (Rs.) |
Total Cost (Rs.) |
|
1 |
7 |
8 |
|
2 |
14 |
15 |
|
3 |
21 |
21 |
|
4 |
28 |
28 |
|
5 |
35 |
36 |
Market of a commodity is in equilibrium. Demand for the commodity 'increases'. Explain the chain of effects of this change till the market again reaches equilibrium. Use diagram.
Explain the conditions of consumer's equilibrium with the help of the indifference curve analysis.
State the behaviour of marginal product in the law of variable proportions. Explain the causes of this behaviour.
A consumer consumes only two goods. Explain consumer's equilibrium with the help of utility analysis.
