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Chapter 16

The Theory of Factor Pricing

1. In case of perfect competition in factor market, the value of marginal product relative to marginal revenue product is

āĻ•াā§°āĻ• āĻŦāϜাā§°āϤ āύিāĻ–ুঁāϤ āĻĒ্ā§°āϤিāϝোāĻ—িāϤাā§° āĻ•্āώেāϤ্ā§°āϤ, āĻĒ্ā§°াāύ্āϤিāĻ• ā§°াāϜāĻš āϏাāĻŽāĻ—্ā§°ীā§° āϤুāϞāύাāϤ āĻĒ্ā§°াāύ্āϤিāĻ• āϏাāĻŽāĻ—্ā§°ীā§° āĻŽূāϞ্āϝ āĻšৈāĻ›ে

(a) Greater

āĻŦৃāĻšāϤ্āϤ⧰

(b) Equal

āϏāĻŽাāύ

(c) Smaller

āϏ⧰ু

Answer: (b) Equal (āϏāĻŽাāύ)।

2. When there is imperfect competition in the factor market

āϝেāϤিāϝ়া āĻ•াā§°āĻ• āĻŦāϜাā§°āϤ āĻ…āϏিāĻĻ্āϧ āĻĒ্ā§°āϤিāϝোāĻ—িāϤা āĻšāϝ়

(a) VMP=MRP

āĻ­িāĻāĻŽāĻĒি=āĻāĻŽāφ⧰āĻĒি

(b) VMP<MRP

āĻ­িāĻāĻŽāĻĒি<āĻāĻŽāφ⧰āĻĒি

(c) VMP>MRP

āĻ­িāĻāĻŽāĻĒি>āĻāĻŽāφ⧰āĻĒি

Answer: (c) VMP>MRP (āĻ­িāĻāĻŽāĻĒি>āĻāĻŽāφ⧰āĻĒি)।

3. According to the marginal productivity theory, the price of a factor and its MRP tend to

āĻĒ্ā§°াāύ্āϤিāĻ• āĻ‰ā§ŽāĻĒাāĻĻāύāĻļীāϞāϤা āϤāϤ্āϤ্āĻŦ āĻ…āύুāϏ⧰ি, āĻāϟা āĻ•াā§°āϕ⧰ āĻŽূāϞ্āϝ āφ⧰ু āχāϝ়াā§° āĻāĻŽ.āφ⧰.āĻĒি.-ā§° āĻĒ্ā§°ā§ąāĻŖāϤা āĻĨাāĻ•ে

(a) Equality

āϏāĻŽāϤা

(b) Inequality

āĻŦৈāώāĻŽ্āϝ

(c) Neither of the two

āĻĻুāϝ়োāϟাā§° āĻ•োāύোāϟোā§ąেāχ āύāĻšāϝ়

Answer: (a) Equality (āϏāĻŽāϤা)।

4. According to modern theory, price of a factor is determined by

āφāϧুāύিāĻ• āϤāϤ্āϤ্āĻŦ āĻ…āύুāϏ⧰ি, āĻāϟা āĻ•াā§°āϕ⧰ āĻŽূāϞ্āϝ āύিā§°্āϧাā§°āĻŖ āϕ⧰া āĻšāϝ়

(a) Demand for it 

āχāϝ়াā§° āĻŦাāĻŦে āϚাāĻšিāĻĻা 

(b) Supply of it

āχāϝ়াā§° āϝোāĻ—াāύ

(c) Both demand and supply 

āϚাāĻšিāĻĻা āφ⧰ু āϝোāĻ—াāύ āĻĻুāϝ়োāϟা

Answer:  (c) Both demand and supply (āϚাāĻšিāĻĻা āφ⧰ু āϝোāĻ—াāύ āĻĻুāϝ়োāϟা)।

5. Input demand curve with more than one variable factor, in contrast with the curve with single variable input is

āĻāϟাāϤāĻ•ৈ āĻ…āϧিāĻ• āĻĒā§°িā§ąā§°্āϤāύāĻļীāϞ āĻ•াā§°āϕ⧰ āϏৈāϤে āχāύāĻĒুāϟ āϚাāĻšিāĻĻা āĻŦāĻ•্ā§°, āĻāĻ•āĻ• āĻĒā§°িā§ąā§°্āϤāύāĻļীāϞ āχāύāĻĒুāϟ⧰ āϏৈāϤে āĻŦāĻ•্ā§°ā§° āĻŦিāĻĒā§°ীāϤে

(a) More elastic

āĻ…āϧিāĻ• āχāϞাāώ্āϟিāĻ•

(b) Less elastic

āĻ•āĻŽ āχāϞাāώ্āϟিāĻ•

(c) Neither of the two

āĻĻুāϝ়োāϟাā§° āĻ•োāύোāϟোā§ąেāχ āύāĻšāϝ়

Answer: (b) Less elastic (āĻ•āĻŽ āχāϞাāώ্āϟিāĻ•)।

Very Short Answer Type Questions

1. Define personal distribution.

āĻŦ্āϝāĻ•্āϤিāĻ—āϤ āĻŦিāϤ⧰āĻŖ āύিā§°্āϧাā§°āĻŖ āϕ⧰া।

Answer:

2. What is functional distribution?

āĻ•াā§°্āϝāϕ⧰ী āĻŦিāϤ⧰āĻŖ āĻ•ি?

Answer:

3. Give the meaning of the concept of productivity.

āĻ‰ā§ŽāĻĒাāĻĻāύāĻļীāϞāϤাā§° āϧাā§°āĻŖাāϟোā§° āĻ…ā§°্āĻĨ āĻĻিāϝ়া।

Answer:

4. What is MRP?

āĻāĻŽ.āφ⧰.āĻĒি. āĻ•ি?

Answer:

5. Give the meaning of the VMP.

āĻ­ি.āĻāĻŽ.āĻĒি.-ā§° āĻ…ā§°্āĻĨ āĻĻিāϝ়া।

Answer:

6. What is the essence of neo-classical marginal productivity theory?

āĻ¨ā§ą-āϧ্ā§°ুāĻĒāĻĻী āĻĒ্ā§°াāύ্āϤিāĻ• āĻ‰ā§ŽāĻĒাāĻĻāύāĻļীāϞāϤা āϤāϤ্āϤ্āĻŦā§° āϏাā§°াংāĻļ āĻ•ি?

Answer:

7. Explain in brief the modern theory of distribution.

āĻŦিāϤ⧰āĻŖā§° āφāϧুāύিāĻ• āϤāϤ্āϤ্āĻŦāϟো āϚāĻŽুāĻ•ৈ āĻŦā§°্āĻŖāύা āϕ⧰া।

Answer:

Short Answer Type Questions

1. What is meant by App and ARP.

āĻāĻĒ āφ⧰ু āĻāφ⧰āĻĒিā§° āĻ…ā§°্āĻĨ āĻ•ি।

Answer:

2. Define the concept of VMP and MRP>

āĻ­িāĻāĻŽāĻĒি āφ⧰ু āĻāĻŽāφ⧰āĻĒিā§° āϧাā§°āĻŖাāύিā§°্āϧাā§°āĻŖ āϕ⧰āĻ•>

Answer:

3. What are the conclusions given by the marginal theory of distribution ?

āĻŦিāϤ⧰āĻŖā§° āĻĒ্ā§°াāύ্āϤিāĻ• āϤāϤ্āϤ্āĻŦā§° āĻĻ্āĻŦাā§°া āĻ•ি āϏিāĻĻ্āϧাāύ্āϤ āĻĻিāϝ়া āĻšৈāĻ›ে?

Answer:

4. What are the assumptions of the modern theory of distribution?

āĻŦিāϤ⧰āĻŖā§° āφāϧুāύিāĻ• āϤāϤ্āϤ্āĻŦā§° āϧাā§°āĻŖাāĻŦোā§° āĻ•ি?

Answer:

Long Answer Type Questions

1. Make a distribution between functional and personal distribution.

āĻ•াā§°্āϝāϕ⧰ী āφ⧰ু āĻŦ্āϝāĻ•্āϤিāĻ—āϤ āĻŦিāϤ⧰āĻŖā§° āĻŽাāϜāϤ āĻŦিāϤ⧰āĻŖ āϕ⧰িāĻŦ।

Answer:

2. Give the different concept related to productivity.

āĻ‰ā§ŽāĻĒাāĻĻāύāĻļীāϞāϤাā§° āϏৈāϤে āϏāĻŽ্āĻĒā§°্āĻ•িāϤ āĻŦিāĻ­িāύ্āύ āϧাā§°āĻŖা āĻĻিāϝ়া।

Answer:

3. Explain the relationship between VMP and MRP in different market situations.

āĻŦিāĻ­িāύ্āύ āĻŦāϜাā§°āĻĒā§°িāϏ্āĻĨিāϤিāϤ āĻ­িāĻāĻŽāĻĒি āφ⧰ু āĻāĻŽāφ⧰āĻĒিā§° āĻŽাāϜ⧰ āϏāĻŽ্āĻĒā§°্āĻ• āĻŦ্āϝাāĻ–্āϝা āϕ⧰া।

Answer:

4. What are the assumptions and generalisations of neo-classical marginal productivity theory?

āĻ¨ā§ą-āϧ্ā§°ুāĻĒāĻĻী āĻĒ্ā§°াāύ্āϤিāĻ• āĻ‰ā§ŽāĻĒাāĻĻāύāĻļীāϞāϤা āϤāϤ্āϤ্āĻŦā§° āϧাā§°āĻŖা āφ⧰ু āϏাāϧাā§°āĻŖীāϕ⧰āĻŖ āĻ•ি?

Answer:

5. On what grounds is the marginal productivity theory criticized?

āĻĒ্ā§°াāύ্āϤিāĻ• āĻ‰ā§ŽāĻĒাāĻĻāύāĻļীāϞāϤা āϤāϤ্āϤ্āĻŦāĻ• āĻ•িāĻšā§° āĻ­িāϤ্āϤিāϤ āϏāĻŽাāϞোāϚāύা āϕ⧰া āĻšāϝ়?

Answer:

6. How are factors prices determined through the modern theory of distribution?

āĻŦিāϤ⧰āĻŖā§° āφāϧুāύিāĻ• āϤāϤ্āϤ্āĻŦā§° āϜ⧰িāϝ়āϤে āĻ•াā§°āϕ⧰ āĻŽূāϞ্āϝ āĻ•েāύেāĻĻā§°ে āύিā§°্āϧাā§°āĻŖ āϕ⧰া āĻšāϝ়?

Answer:

7. How can you derive demand curve for single variable factors (labour)?

āφāĻĒুāύি āĻāĻ•āĻ• āĻĒā§°িā§ąā§°্āϤāύāĻļীāϞ āĻ•াā§°āϕ⧰ (āĻļ্ā§°āĻŽ) āĻŦাāĻŦে āϚাāĻšিāĻĻা āĻŦāĻ•্ā§° āĻ•েāύেāĻĻā§°ে āφāĻšā§°āĻŖ āϕ⧰িāĻŦ āĻĒাā§°ে?

Answer:

8. What factors can bring shifts in the input demand curve?

āχāύāĻĒুāϟ āϚাāĻšিāĻĻা āĻŦāĻ•্ā§°āϤ āĻ•ি āĻ•াā§°āĻ•ে āĻĒā§°িā§ąā§°্āϤāύ āφāύিāĻŦ āĻĒাā§°ে?

Answer:

Very long Answer Type Questions

1. Explain the different concept related to productivity.

āĻ‰ā§ŽāĻĒাāĻĻāύāĻļীāϞāϤাā§° āϏৈāϤে āϏāĻŽ্āĻĒā§°্āĻ•িāϤ āĻŦিāĻ­িāύ্āύ āϧাā§°āĻŖাāϟো āĻŦā§°্āĻŖāύা āϕ⧰া।

Answer:

2. Give a clear exposition of the marginal productivity theory of distribution.

āĻŦিāϤ⧰āĻŖā§° āĻĒ্ā§°াāύ্āϤিāĻ• āĻ‰ā§ŽāĻĒাāĻĻāύāĻļীāϞāϤা āϤāϤ্āϤ্āĻŦā§° āϏ্āĻĒāώ্āϟ āĻŦ্āϝাāĻ–্āϝা āĻĻিāϝ়া।

Answer:

3. What are the objections raised against the neo-classical theory of distribution?

āĻŦিāϤ⧰āĻŖā§° āĻ¨ā§ą-āϧ্ā§°ুāĻĒāĻĻী āϤāϤ্āϤ্āĻŦā§° āĻŦিā§°ুāĻĻ্āϧে āĻ•ি āφāĻĒāϤ্āϤি āωāϤ্āĻĨাāĻĒāύ āϕ⧰া āĻšৈāĻ›ে?

Answer:

4. The factor prices are determined by the forces of both demand and supply. Discuss.

āĻ•াā§°āϕ⧰ āĻŽূāϞ্āϝāĻŦোā§° āϚাāĻšিāĻĻা āφ⧰ু āϝোāĻ—াāύ āĻĻুāϝ়োāϟা āĻļāĻ•্āϤিā§° āĻĻ্āĻŦাā§°া āύিā§°্āϧাā§°āĻŖ āϕ⧰া āĻšāϝ়। āφāϞোāϚāύা āϕ⧰া।

Answer:

5. Explain clearly the derivation of input demand curve of the factor labour.

āĻ•াā§°āĻ• āĻļ্ā§°āĻŽিāϕ⧰ āχāύāĻĒুāϟ āϚাāĻšিāĻĻা āĻŦāĻ•্ā§°ā§° āωāĻĻ্āĻ­ā§ą āϏ্āĻĒāώ্āϟāĻ­াā§ąে āĻŦā§°্āĻŖāύা āϕ⧰া।

Answer:


Questions Type-Bhabesh Bora.





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