NCERT Solutions Class 12 Economics Production. NCERT book for Economics in class 12 is strongly recommened by teachers and the CBSE and NCERT boards. Please download the NCERT solutions for class 12 Economics free in PDF made by teachers of the best schools in India. These solutions are carefully compiled to give detailed understanding of the concepts and also steps of solutions. The NCERT solutions are free to download in pdf format. Please refer to the download link below to download the pdf file and also refer to other chapters and subjects to get the solutions to Economics NCERT book questions and exercises.
Question 1. Explain the concept of a production function. [CBSE 2004C, 07, 09C; AI 05, 08, 11]
Answer: The relationship between physical input and physical output of a firm is generally referred to as production function.
The general form of production function is, q = f (x1 : x2) where, q = output, x1 = 1 input like labour, x2 = another input like machinery
Question 2. What is the total product of an input?
Answer: Total product of an input refers to total volume of goods and services produced by a firm with the given inputs during a specified period of time.
Question 3. What is the average product of an input? [AI 2013,Q]
Answer: Average Product of am input is per unit product of variable factors. It is calculated by dividing the total Product by the units of variable factor. Average Product
Question 4. ‘What is the marginal product of an input? [AI 2005, 13C; 07; CBSE 2005, 06, 06C]
Answer: Marginal Product of an input is an addition to the total product when an additional unit of a variable factor is employed.
Question 5. Explain the relationship between the marginal products and the total product of an input. Or [AI 05, 07; CBSE 05, 06, 07] Explain the law of variable proportion with the help of total product and marginal product curves. [CBSE 2010, 2013] Or Explain the likely behaviour of Total Product and Marginal Product when for increasing production only one input is increased while all other inputs are kept constant. [CBSE Sample Paper 2010] [6 Marks] Or State the different phases of changes in Total Product and Marginal Product in the Law of Variable Proportions. Also show the same in a single diagram. [CBSE 2015]
Answer: According to the Law of Variable Proportion when only one input is increased while all other inputs are kept constant, Marginal Product and Total Product behave in the following manner:
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