NCERT Solutions class 12 Economics Production and Costs

NCERT Solutions class 12 Economics Production and Costs Class 12 Economics book solutions are available in PDF format for free download. These ncert book chapter wise questions and answers are very helpful for CBSE board exam. CBSE recommends NCERT books and most of the questions in CBSE exam are asked from NCERT text books. Class 12 Economics chapter wise NCERT solution for Economics part 1 and Economics part 2 for all the chapters can be downloaded from our website and myCBSEguide mobile app for free.

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Microeconomics

• Introduction
• Theory o Consumer Behavior
• Production and Costs
• Theory of Firm Under Perfect Competition
• Market Competition
• Non Competitive Markets

Macroeconomics

• Introduction
• National Income Accounting
• Money and Banking
• Income Determination
• Government Budget and Economy
• Open Economy Macroeconomics

CHAPTER Three Production and Costs

1. Production Function
2. The Short Run and the Long Run
3. Total Product, Average Product and Marginal Product
   • Total Product
   • Average Product
   • Marginal Product
4. The Law of Diminishing Marginal Product and the Law of Variable Proportions
5. Shapes of Total Product, Marginal Product and Average Product Curves
6. Returns to Scale
7. Costs
   • Short Run Costs
   • Long Run Costs

NCERT Solutions class 12 Economics Production and Costs

1. Explain the concept of a production function.

2. What is the total product of an input?

3. What is the average product of an input?

4. What is the marginal product of an input?

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

6. Explain the concepts of the short run and the long run.

7. What is the law of diminishing marginal product?

8. What is the law of variable proportions?

9. When does a production function satisfy constant returns to scale?

10. When does a production function satisfy increasing returns to scale?

11. When does a production function satisfy decreasing returns to scale?

12. Briefly explain the concept of the cost function.

13. What are the total fixed cost, total variable cost and total cost of a firm? How are they related?

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

15. Can there be some fixed cost in the long run? If not, why?

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

17. What do the short run marginal cost, average variable cost and short run average cost curves look like?

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

19. At which point does the SMC curve cut the SAC curve? Give reason in support of your answer.

20. Why is the short run marginal cost curve ‘U’-shaped?

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

22. The following table gives the total product schedule of labour. Find the corresponding average product and marginal product schedules of labour.

L
0	0
1	15
2	35
3	50
4	40
5	48

23. The following table gives the average product schedule of labour. Find the total product and marginal product schedules. It is given that the total product is zero at zero level of labour employment.

L
1	2
2	3
3	4
4	4.25
5	4
6	3.5

24. The following table gives the marginal product schedule of labour. It is also given that total product of labour is zero at zero level of employment. Calculate the total and average product schedules of labour.

L
1	3
2	5
3	7
4	5
5	3
6	1

25. The following table shows the total cost schedule of a firm. What is the total fixed cost schedule of this firm? Calculate the TVC, AFC, AVC, SAC and SMC schedules of the firm.

L	TC
0	10
1	30
2	45
3	55
4	70
5	90
6	120

26. The following table gives the total cost schedule of a firm. It is also given that the average fixed cost at 4 units of output is Rs 5. Find the TVC, TFC, AVC, AFC, SAC and SMC schedules of the firm for the corresponding values of output.

L	TC
1	50
2	65
3	75
4	95
5	130
6	185

27. A firm’s SMC schedule is shown in the following table. The total fixed cost of the firm is Rs 100. Find the TVC, TC, AVC and SAC schedules of the firm.

L	SMC
0	—–
0	–
1	500
2	300
3	200
4	300
5	500
6	800

28. Let the production function of a firm be Q =

Find out the maximum possible output that the firm can produce with 100 units of L and 100 units of K.

29. Let the production function of a firm be Q =

Find out the maximum possible output that the firm can produce with 5 units of L and 2 units of K. What is the maximum possible output that the firm can produce with zero unit of L and 10 units of K?

30. Find out the maximum possible output for a firm with zero unit of L and 10 units of K when its production function is Q = 5L + 2K.

NCERT Solutions for Class 12 Economics

NCERT Solutions class 12 Economics Production and Costs PDF (Download) Free from myCBSEguide app and myCBSEguide website. Ncert solution class 12 Economics includes text book solutions from both part 1 and part 2. NCERT Solutions for CBSE Class 12 Economics have total 12 chapters. 12 Economics NCERT Solutions in PDF for free Download on our website. Ncert Economics class 12 solutions PDF and Economics ncert class 12 PDF solutions with latest modifications and as per the latest CBSE syllabus are only available in myCBSEguide

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