NCERT Solutions for Class 12 Micro Economics Chapter 3 Production and Costs are prepared through manner of a technique of problem experts and students can get proper of having admission to them to attain well. Go through the NCERT Solutions for Class 12 Micro Economics Chapter 2 Theory of Consumer behavior and understand all the minds thoroughly. Practice the NCERT Solutions for Class 12 Economics Chapter 3 Production and Costs on an everyday basis to understand the topics of the chapters underlying.
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NCERT Solutions for Class 12 Micro Economics Chapter 3
If you had enough exercising of the NCERT Solutions for Class 12 Micro Economics Chapter 3 Production and Costs clearing the board tests is the shape of a cakewalk. This observes beneficial aid possesses a few excessive facts and the Solutions collated through manner of approach of the issue remember specialists are not any different.
NCERT Solutions for Class 12 Micro Economics Chapter 3 Production and Costs
NCERT Solutions for Class 12 Micro Economics Chapter 3 Production and Costs. In the preceding chapter of NCERT Microeconomics Class 12, you should have found out approximately the behavior of consumers. In Chapter three Microeconomics Class 12, you’ll find out the behavior of a producer. The highlighted standards of the manufacturing function, the fast run, and the lengthy run, the regulation of diminishing marginal product and regulation of variable proportions, etc., were nicely included below this topic. These standards were defined in an easy and lucid language so one can assist college students to apprehend the chapter better.
NCERT Solutions for Class 12 Micro Economics Chapter 3 Production and Costs: Weightage
Class 12 Micro Economics Chapter 3 Production and Costs chapter has a Weightage of round sixteen marks that are mixed with bankruptcy 4. You will simply get at least one query from the bankruptcy to maintain repeating every 12 months withinside the Board Examinations and subsequently you’ll discover content material accessible even as making ready for his or her examination.
Topics Included in NCERT Solutions for Class 12th Micro Economics Chapter 3
3.1 Production Function (short questions)
3.2 The short and the long Run (Short Questions)
3.3 Total Average, Marginal Product (short and long questions)
3.4 The law of diminishing marginal product and law of variable proportions (long questions)
3.5 Shapes of Total, Average, Marginal Product Curved (important)
3.6 Returns to Scale (short questions)
3.7 Costs (short and long questions)
Access Other NCERT Solutions for Class 12 Micro Economics Download Free PDF
Chapter 1 – Introduction to Micro Economics
Chapter 2 – Theory of Consumer Behaviour
Chapter 4 – The Theory of the Firm under Perfect Competition
Chapter 5 – Market Equilibrium
Chapter 6 – Non-competitive Markets
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What is the law of variable proportions?
According to the regulation of variable proportions, if increasingly units of the variable aspect (labor) are blended with the equal amount of the constant aspect (capital), then to start with the full product will grow however progressively after a factor, the full product will begin diminishing.
What is the law of diminishing marginal product?
According to this regulation, if the units of the variable aspect continue growing retaining the extent of the constant aspect constant, then to start with the marginal product will upward push however sooner or later a factor may be reached and then the marginal made from the variable aspect will begin falling. After this factor, the marginal made from any extra variable aspect may be zero, and might also be negative.
What is meant by Total Fixed Cost?
This refers back to the prices incurred with the aid of using a company to accumulate the constant elements for manufacturing like fees of machinery, buildings, depreciation, etc. In the brief run, constant elements can not range and as a consequence, the constant fee stays equal via all output levels. These also are known as overhead prices.
What is meant by Total Variable Cost?
This refers back to the prices incurred with the aid of using a company on variable inputs for manufacturing. As we grow portions of variable inputs, as a consequence the variable fee additionally is going up. It is likewise known as ‘Prime fee’ or ‘Direct fee’ and consists of prices like − wages of labor, gasoline prices, etc.
What is meant by Total Cost?
The sum of general fixed cost and total variable cost is known as the total cost.
What is the formula for total cost?
Total Cost = Total Fixed Cost + Total Variable Cost