NCERT Solutions for Class 12 Micro Economics Production

NCERT Solutions for Class 12 Micro Economics Production

NCERT Solutions for Class 12 Micro Economics Production 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

Ans. The relationship between physical input and physical output of a firm is generally referred to as production function.

Ans. Short run.

Ans. Marginal product will decline but remains positive.

Ans. Diminishing returns to a factor (Phase 2).

Ans. Diminishing returns to a factor refer to a phase when total product increases at a decreasing rate and marginal product falls, but remains positive with the increase in variable factor.

Ans. AP and MP curves are inversely U-shaped.

Ans. Fall in marginal product affects the total output in the following two manners:
When marginal product falls, but remains positive, total product increases at a diminishing rate.
When marginal product falls and become zero, total product falls in its absolute terms.

Ans. It happens because when AP rises, MP is more than AP. When AP falls, MP is less than AP. So, it is only when AP is constant and at its maximum point that MP is equal to AP. Therefore, MP curve cuts AP curve at its maximum point.

Ans. Yes, AP can rise when MP starts declining. It can happen as long as falling MP is more than AP. However, when MP becomes equal to AP, further decline in MP will also reduce AP.

Ans. Inverse U-Shaped.

Ans. Return to a factor states that change in the physical output of a good when only the quantity of one input is increased, while that of other input is kept constant.

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