NCERT Solutions for Class 12 Micro Economics Cost

NCERT Solutions for Class 12 Micro Economics Cost

NCERT Solutions for Class 12 Micro Economics Cost is designed and prepared by the best teachers across India. All the important topics are covered in the exercises and each answer comes with a detailed explanation to help students understand concepts better. These NCERT solutions play a crucial role in your preparation for all exams conducted by the CBSE, including the JEE.

NCERT TEXTBOOK QUESTIONS SOLVED

1. Give the meaning of cost.Or [CBSE 2007]
What is meant by cost in economics? [CBSE, Sample Paper 2010} Or
What does 'cost' mean in economics? [CBSE 2008]

Ans. Cost of producing a good, in economics, is the sum total of explicit cost, implicit cost and certain minimum profit (normal profit).

2. Give two examples of fixed cost.[ CBSE 2013]

Ans. (i) Rent of the building.
(ii) Salary of permanent employees.

3. Give two examples of variable costs.

Ans. (i) Raw materials.
(ii) Labour engaged on production.

4. Why is average total cost greater than average variable cost?

Ans. Because AC is sum total of AFC and AVC.

5. What is meant by total cost?

Ans. During production the expenditure incurred on various factors of production is known as total cost.

6. Why are TC and TVC curves parallel to each other?

Ans. TC and TVC curves are parallel to each other because the vertical gap between them represents TFC which remains constant at all levels of output.

7. How does the total fixed cost change when output changes? [CBSE 2003]

Ans. Total fixed cost does not change with the change in output.

8. Give the meaning of marginal cost. [CBSE, Sample Paper 2010]

Ans. The cost incurred on additional unit of output is known as Marginal cost.

9. How is MC related to TFC?

Ans. MC is independent (not related) of TFC and is affected by change in only TVC.

10. How is TVC derived from MC schedule?

Ans. TVC = SMC

11. What does the area under marginal cost curve show?

Ans. Area under marginal cost curve shows total variable cost.

12. Can AC be less than MC when AC is rising?

Ans. Yes, AC can be less than MC, when AC is rising, as long as MC is more than AC.

13. When AC curve slopes downwards, what will be the position of MC curve?

Ans. MC curve is below AC curve.

14. What happens to AC when MC is equal to AC?

Ans. AC is constant and at its minimum point.

15. Can AC and AVC curves touch each other?

Ans. No, because difference between AC and AVC is AFC and AFC can never be zero.

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