1)if the final goods attract an excise duty of Rs.8,000 & Rs.1,050 has already been paid on inputs then the firm will pay the 7,000 towards excise duty ,it is paying tax according to
CENVAT
VAT
MODVAT
None of these
2) The marginal , average , & total product curves encountered by the firm producing in the short run exhibits all of the following relationships except
When total product is rising , average & marginal product may be either rising or falling
When marginal product is negative , total product & average product are falling
When average product is at maximum, marginal product equals average product , & total product is rising
When marginal product is at maximum, average product equals marginal product , & total product is rising
3) Assume that when price is Rs.20,quantity demanded is 15 units , & when price is Rs. 18 , quantity demanded is 16 units .Based on this information ,what is the marginal revenue resulting from an increase in output from 15 units to 16 units
Rs.12
Rs.18
Rs.16
Rs.28
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