Class 12 Micro Economics - Chapter Production and Costs NCERT Solutions | The following table shows the total cost

What is the total product of input?

Let the production function of a firm be Q=5L1/2K1/2Q=5L1/2K1/2 Find out the maximum possible output that the firm can produce with 100 units of LL and 100 units of KK.

When does a production function satisfy decreasing returns to scale? 

What do the long-run marginal cost and the average cost curves look like? 

Why does the SMC curve cut the AVC curve at the minimum point of the AVC curve? 

What does the average fixed cost curve look like? Why does it look so? 

Explain the relationship between the marginal products and the total product of an input. 

Why is the short-run marginal cost curve 'U'-shaped? 

What is the law of variable proportions? 

What are the average fixed cost, average variable cost and average cost of a firm? How are they related? 

What would be the shape of the demand curve so that the total revenue curve is?

(a) A positively sloped straight line passing through the origin?

(b) A horizontal line?

Explain market equilibrium.

Discuss the central problems of an economy.

What are the characteristics of a perfectly competitive market?

What do you mean by the budget set of a consumer?

From the schedule provided below calculate the total revenue, demand curve and the price elasticity of demand:

When do we say that there is an excess demand for a commodity in the market?

What do you mean by the production possibilities of an economy?

How are the total revenue of a firm, market price, and the quantity sold by the firm related to each other?

What is budget line?

How is the wage rate determined in a perfectly competitive labor market?

What is the reason for the long run equilibrium of a firm in monopolistic competition to be associated with zero profit?

Using supply and demand curves show how an increase in the price of shoes affects the price of a pair of socks and the number of pairs of socks bought and sold.

If the price of a substitute Y of good X increases, what impact does it have on the equilibrium price and quantity of good X?

What conditions must hold if a profit-maximising firm produces positive output in a competitive market?

What do you mean by a normal good?

How are the equilibrium price and quantity affected when?

(a) Both demand and supply curves shift in the same direction?

(b) Demand and supply curves shift in opposite directions?

What is the value of the MR when the demand curve is elastic?

How is the optimal amount of labor determined in a perfectly competitive market?

What happens to the budget set if both the prices as well as the income double?