Match List-I with List-II
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List-I |
List-II |
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(A) Relationship between the variable input and output. |
(I) Average Product |
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(B) Output per unit of variable input. |
(II) Marginal Product |
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(C) Change in output per unit of change in the input |
(III) Law of variable proportions |
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(D) The marginal product of a factor input initially rises with its employment level |
(IV) Total Product |
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → (A)-(IV), (B)-(I), (C)-(II), (D)-(III)
|
List-I |
List-II |
|
(A) Relationship between the variable input and output. |
(IV) Total Product |
|
(B) Output per unit of variable input. |
(I) Average Product |
|
(C) Change in output per unit of change in the input |
(II) Marginal Product |
|
(D) The marginal product of a factor input initially rises with its employment level |
(III) Law of variable proportions |
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(A) Relationship between the variable input and output → (IV) Total Product. Total Product (TP) shows the overall output produced by varying the input while keeping other inputs constant.
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(B) Output per unit of variable input → (I) Average Product. Average Product (AP) = Total Product / Units of Variable Input.
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(C) Change in output per unit of change in the input → (II) Marginal Product. Marginal Product (MP) = Change in Total Product / Change in Variable Input.
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(D) The marginal product of a factor input initially rises with its employment level → (III) Law of Variable Proportions. This law explains that initially MP increases, then decreases, and eventually becomes negative as more units of a variable input are employed.