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

1. Give the meaning of production function. [CBSE 2007, AI 2011] Or Define production function. [CBSE Sample Paper 2008]

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

2. In which run some factors of production are fixed and others are variable?

Ans. Short run.

3. What change will take place in marginal product when total product increases at a diminishing rate? [CBSE Sample Paper 2010]

Ans. Marginal product will decline but remains positive.

4. In which phase of Law of Variable Proportions a rational firm aims to operate?

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

5. What is meant by diminishing returns to a factor?

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.

6. What is the general shape of the AP and MP curves?

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

7. How does fall in marginal production affect total output?

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.

8. Why MP curve cuts AP curve at its maximum point?

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.

9. Can AP rise when MP starts declining?

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.

10. What is the shape of AP and MP?

Ans. Inverse U-Shaped.

11. Give meaning of "Return to a Factor". [CBSE 2013Q]

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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