1

What is production function and its uses? Explain the two types of production
functions.
Production function and its uses 3
Two types of production functions 7 10

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2
Consumers' interview method is a survey method used for estimating the demand
for new
products. This method is very important with regard to collect the relevant
information
directly from the consumers with regard to their future purchase plans. Opinion
surveys
and direct interview method are the two important techniques among all. Describe
these
two methods in detail.
Explanation of consumers interview method 1
Opinion survey method 4
Direct interview method and any two types of it 5 10
3
A cost-schedule is a statement of variations in costs resulting from variations in the
levels of
Output and it shows the response of costs to changes in output. If we represent the
relationship between changes in the level of output and costs of production, we get
different
types of cost curves in the short run. Define the kinds of cost concepts like TFC,
TVC, TC,
AFC, AVC, AC and MC and its corresponding curves with suitable diagrams for each.
kinds of cost concepts like TFC, TVC, TC, AFC,
AVC, AC and MC and its corresponding curves
7
suitable diagrams 3 10
4
Inflation is a global Phenomenon which is associated with high price causes decline
in the
value for money. It exists when the amount of money in the country is in excess of
the
physical volume of goods and services. Explain the reasons for this monetary
phenomenon.

Define Inflation 2
Causes for Inflation 8 10
5
Discuss the practical application of Price elasticity and Income elasticity
of demand.
Practical application of price elasticity 5
Practical application of Income elasticity 5 10
6.
Define revenue. Explain the types of revenue and the relationship between TR, AR
and MR
with an example of a hypothetical revenue schedule.
Definition of revenue 1
Types of revenue 3
Relationship between TR, MR and AR 4
Hypothetical revenue schedule 2 10