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...Sheth nktt college of commerce and jtt arts thane department economics mcqs for fybcom semester i subject paper microeconomcs ii prepared by dr dhanashree sawant note the questions given here are likely there may be few changes in them module production analysis short run function shows functional relation between a period cost revenue b materials matters c inputs output d functions equations all factors or become variable no input is fixed long law proportions diminishing marginal returns also called as increasing proportionate depends on assumption heterogeneity factor homogeneity changing technology varied types goods phase laws to scale tp rises at an rate mp ap rising decreasing constant returning because starts but p dept eco g e this falling negative iso quant measures technical substitution labour capital two utility money efficiency always sloping downward upward concave positive quants intersect each other can do not opposite parallel tangent oval shaped so slope its extreme ...