NCERT Solutions for Class 12 Micro Economics Producer Equilibrium

NCERT Solutions for Class 12 Micro Economics Producer Equilibrium 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. What is meant by profit?

Ans. Profit refers to the excess of revenue over cost.

2. What are the two methods for determination of producer’s equilibrium?

Ans. (i) TR-TC Approach
(ii) MR – MC Approach

3. Explain the producer's equilibrium. OrGive meaning of produce's equilibrium. [CBSE2004C, 05, 07C, 11, 11C;AI05, 08, 11]

Ans. A producer is said to be in equilibrium when he produces that level of output at which his profits are maximum. Producer’s equilibrium is also known as profit maximisation situation.

4. What is the general profit maximising condition for a producer (MR and MC approach)?

Ans. (i) MC = MR; and
(ii) MC curve cuts the MR curve from below (i.e., MC is rising).

5. If MC is more than MR at a particular level of output, how will the producer react to maximize the profits—:
(a) Decrease Production
(b) Increase Production
(c) Increase Revenue
(d) None of these

Ans. (a)

6. When MC is equal to MR, while maximizing profit, then
(a) MC must be rising
(b) MC must be falling
(c) MC must be constant
(d) None of these

Ans. (a)

7. What is the relation between price and marginal cost at equilibrium, when price falls with the rise in output.
(a) Price = Marginal Cost
(b) Price > Marginal Cost
(c) Price < Marginal cost
(d) None of these

Ans. (b)

8. What is the relation between price and marginal cost at equilibrium, when price remains constant with the rise in output.
(a) Price = Marginal Cost
(b) Price > Marginal Cost
(c) Price < Marginal cost
(d) None of these

Ans. (a)

9. What is the relation between Price and MC at equilibrium (when price falls with the rise in output)?

Ans. When more output can be sold only by reducing the prices, AR or Price > MR.
Equilibrium is achieved when MC = MR.
So, Price is more than MC at the equilibrium level.

10. "MC should be rising at the point of Producer's Equilibrium". Comment.

Ans. The given statement is correct.
If MC is falling at the point of equilibrium, it means that it is possible to add to profits by producing more, So, MC should be rising at the point of producer’s equilibrium.

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NCERT Solutions for Class 12 Micro Economics Producer Equilibrium