Match List-I with List-II List-

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Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Production and Costs

Question:

Match List-I with List-II

List-I	List-II
(A) Relationship between the variable input and output.	(I) Average Product
(B) Output per unit of variable input.	(II) Marginal Product
(C) Change in output per unit of change in the input	(III) Law of variable proportions
(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:

Options:

(A)-(IV), (B)-(I), (C)-(II), (D)-(III)

(A)-(I), (B)-(III), (C)-(II), (D)-(IV)

(A)-(I), (B)-(II), (C)-(IV), (D)-(III)

(A)-(III), (B)-(IV), (C)-(I), (D)-(II)

Correct Answer:

(A)-(IV), (B)-(I), (C)-(II), (D)-(III)

Explanation:

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

(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.
(B) Output per unit of variable input → (I) Average Product. Average Product (AP) = Total Product / Units of Variable Input.
(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.
(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.