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Class 12 Production and Costs worksheet

CBSE Social Science. Total, average and marginal product, the law of variable proportions, returns to scale, and short-run costs (TFC, TVC, AFC, AVC, AC, MC). Every sheet has 20 questions in three sections and an answer key, and the numbers change every time.

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Sample questions

Real questions from this chapter, as the app sets them. Tap Answer to see the answer and working.

Section A · multiple choice

1.
The relation between inputs used and the maximum output possible is the:
1. demand function
2. budget line
3. cost function
4. production function
Answer
(d) production function
2.
What is meant by “total product”?
1. output with a varying input and others fixed
2. input combinations giving the same output
3. extra cost of one more unit of output
4. extra output from one more unit of an input
Answer
(a) output with a varying input and others fixed
3.
Which of these is a fixed cost in the short run?
1. packing material
2. transport of finished goods
3. rent of the factory building
4. raw materials
Answer
(c) rent of the factory building

Section B · short answer

4.
Distinguish between the short run and the long run in production.
Answer
In the short run some inputs are fixed; in the long run all inputs can be varied.
5.
Fixed or variable cost? (a) transport of finished goods (b) packing material
Answer
(a) variable (b) variable

Section C · long answer

6.
Explain the shapes of the TP, AP and MP curves.
Answer
TP rises first at an increasing rate and then at a decreasing rate; MP and AP are inverse U-shaped, and MP cuts AP at the maximum of AP.

Fresh sheets for your child

In the app, every Production and Costs sheet is new: the app remembers the questions your child has already had and leaves them out. Print the sheet as a PDF, or use notebook mode and write the answers in a notebook.

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