This unit covers the cost function and concepts of cost; short-run and long-run cost curves and their relationships, including the shapes of the average cost curves; economies of scale and scope; and revenue functions, revenue curves under perfect and imperfect competition, and the relationship between price elasticity and revenue.
Cost and Revenue Curves
Cost and Revenue Curves
Learn Cost and Revenue Curves in Microeconomics for Business with comprehensive educational content from Padandas.
Nov 7, 2026
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Questions from Cost and Revenue Curves
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1.
Asked in 2077 (2 marks)
Differentiate between economic cost and accounting cost.
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2.
Asked in 2077 (10 marks)
Complete the following table, Graph AR and MR and explain the relation between AR and MR curve.
Quantity Q Price (P) TR AR MR 0 22 1 20 2 18 3 16 4 14 5 12 6 10 7 8 -
3.
Asked in 2078 (2 marks)
Let, \( C_A = \text{Rs. } 400000, C_B = \text{Rs. } 200000, C_{A+B} = \text{Rs. } 500000 \). Determine degree of economies of scope.
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4.
Asked in 2078 (2 marks)
Prepare a list of examples of explicit costs.
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5.
Asked in 2078 (2 marks)
State the relationship between price elasticity of demand and marginal revenue.
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6.
Asked in 2078 (10 marks)
Consider the following cost schedule:
Q: 0 1 2 3 4 5 6 7 8 9 TVC: 0 20 36 48 64 100 160 248 360 520 a. Compute TC, AFC, AVC, AC and MC at TFC = Rs. 200.
b. Graph AC and MC and describe their relationship.
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