Unemployment is reduced due to the measures taken by the government. State its economic value in the context of production possibilities frontier.

Define budget set.

3.

What is meant by revenue in micro-economics?

Give meaning of 'returns to a factor.'

What is perfect oligopoly?

Explain the central problem 'for whom to produce.'

A consumer buys 18 units of a good at a price of Rs. 9 per unit. The price elasticity of demand for the good is (−) 1. How many units the consumer will buy at a price of Rs. 10 per unit? Calculate.

State the relation between marginal revenue and average revenue.

State the relation between total cost and marginal cost.

What is the behaviour of average fixed cost as output is increased? Why is it so?