Economics

✅ The correct answer is D.
The answer is Total cost for producing 5 units = 300 x 5 = 1500.

Total cost for producing 6 units = 320 x 6 = 1920
Therefore, Marginal cost for producing the 6th unit = 1920-1500 = 420.

This is a mathematical part that is used for the calculation of economics. At the same time, this also talks about production, and average rate of per unit. Wlso, the marginal cost involved for the total production is also taken into account.

✅ The correct answer is C.
The Purchasing Power Parity Theory’ came into prominence in 1916 through the writings of Gustav Cassel.

✅ The correct answer is B.
Economies of scale are of two kinds Internal and external. Internal economies of scale are firm-specific or caused internally while external economies of scale occur based on larger changes outside the firm. Both result in declining marginal costs of production, yet the net effect is the same.

✅ The correct answer is D.
Supply curve, Supply schedule and Supply equation describes the law of supply.

✅ The correct answer is C.
The Principles of Political Economy and Taxation (19 April 1817) is a book by David Ricardo on economics. Ricardo claims in the preface that Turgot, Stuart, Adam Smith, Jean-Baptiste Say, Sismondi, and others had not written enough “satisfactory information” on the topics of rent, profit, and wages.

✅ The correct answer is A.
If the short run cost function can be written as TC=250 + 10Q. Average fixed cost equals 250/Q.

✅ The correct answer is A.
TVC curve starts from origin. TVC starts from origin which shows TVC is zero when output is zero. TC curve is derived by adding the TFC and TVC curve.

✅ The correct answer is A.
The Critique of Political Economy, the first fruits of Karl Marx’s long painstaking research at the British Museum, appeared in 1859.

✅ The correct answer is D.
Profits are lower in the long run than in the short run, it can be negative and are less in perfect competition than in monopoly.

✅ The correct answer is C.
The price elasticity of demand measures the responsiveness of the quantity demanded to changes in the price. Demand is inelastic if it does not respond much to price changes, and elastic if demand changes a lot when the price changes. Necessities tend to have inelastic demand.