Practice The Law of Diminishing Marginal Product and the Law of Variable Proportions - 3.4 | 3. Production and Costs | CBSE 12 Introductory Microeconomics
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3.4 - The Law of Diminishing Marginal Product and the Law of Variable Proportions

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

Define the Law of Diminishing Marginal Product.

💡 Hint: Think about adding workers to a farm with a fixed amount of land.

Question 2

Easy

What is Marginal Product?

💡 Hint: Consider how one more worker impacts total production in a bakery.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What does the Law of Diminishing Marginal Product state?

  • Output will always increase
  • Adding inputs will eventually yield lower additional output
  • Output will remain constant regardless of inputs

💡 Hint: Consider how output behaves as inputs are piled on.

Question 2

True or False: The Law of Variable Proportions only applies when capital is variable.

  • True
  • False

💡 Hint: Think about inputs in terms of labor and capital; can both be variable?

Solve and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

Consider a hypothetical farm that produces potatoes. The farmer has fixed land. If he starts with one worker and overtime increases to six, can you describe how the marginal product might change?

💡 Hint: Think about the carrying capacity of the farm and how labor interacts with land.

Question 2

Sketch the total product curve based on different input levels for labor while ensuring the diminishing returns effect is illustrated. Describe in words the implications.

💡 Hint: Visualizing this will help clarify points where inputs are balanced correctly.

Challenge and get performance evaluation