{"id":5096,"date":"2016-05-19T11:49:00","date_gmt":"2016-05-19T06:19:00","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-eco-micro-04-theory-of-the-firm-under-perfect-competition\/"},"modified":"2018-10-22T15:20:05","modified_gmt":"2018-10-22T09:50:05","slug":"ncert-solutions-class-12-economics-theory-of-the-firm-under-perfect-competition","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-the-firm-under-perfect-competition\/","title":{"rendered":"NCERT Solutions class 12 Economics Theory of the Firm Under Perfect Competition"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-the-firm-under-perfect-competition\/#Microeconomics\" >Microeconomics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-the-firm-under-perfect-competition\/#Macroeconomics\" >Macroeconomics<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-the-firm-under-perfect-competition\/#CHAPTER_Four_Theory_of_Firm_Under_Perfect_Competition\" >CHAPTER Four\u00a0Theory of Firm Under Perfect Competition<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-the-firm-under-perfect-competition\/#NCERT_Solutions_class_12_Economics_Theory_of_the_Firm_Under_Perfect_Competition\" >NCERT Solutions class 12 Economics Theory of the Firm Under Perfect Competition<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-the-firm-under-perfect-competition\/#NCERT_Solutions_for_Class_12_Economics\" >NCERT Solutions for Class 12 Economics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-the-firm-under-perfect-competition\/#CBSE_App_for_Students\" >CBSE App for Students<\/a><\/li><\/ul><\/nav><\/div>\n<p>NCERT Solutions class 12 Economics Theory of the Firm Under Perfect Competition 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.<\/p>\n<p><strong>Download\u00a0<a href=\"https:\/\/mycbseguide.com\/downloads\/cbse-class-12-economics\/1327\/ncert-solutions\/5\/\">NCERT solutions for\u00a0Theory of the Firm Under Perfect Competition <\/a>\u00a0as PDF.<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/media-mycbseguide.s3.ap-south-1.amazonaws.com\/images\/blog\/12%20Economics%20Book%20pic.jpg\" alt=\"NCERT Solutions class 12 Economics Micro Introduction\" width=\"131\" height=\"171\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Microeconomics\"><\/span><strong>Microeconomics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Introduction<\/li>\n<li>Theory o Consumer Behavior<\/li>\n<li>Production and Costs<\/li>\n<li>Theory of Firm Under Perfect Competition<\/li>\n<li>Market Competition<\/li>\n<li>Non Competitive Markets<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Macroeconomics\"><\/span><strong>Macroeconomics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Introduction<\/li>\n<li>National Income Accounting<\/li>\n<li>Money and Banking<\/li>\n<li>Income Determination<\/li>\n<li>Government Budget and Economy<\/li>\n<li>Open Economy Macroeconomics<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"CHAPTER_Four_Theory_of_Firm_Under_Perfect_Competition\"><\/span><strong>CHAPTER Four\u00a0<\/strong><strong>Theory of Firm Under Perfect Competition<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Perfect competition: Defining Features<\/li>\n<li>Revenue<\/li>\n<li>Profit Maximisation\n<ol>\n<li>Condition 1<\/li>\n<li>Condition 2<\/li>\n<li>Condition 3<\/li>\n<li>The Profit Maximisation Problem: Graphical Representation<\/li>\n<\/ol>\n<\/li>\n<li>Supply Curve of a Firm\n<ol>\n<li>Short Run Supply Curve of a Firm<\/li>\n<li>Long Run Supply Curve of a Firm\n<ol>\n<li>The Shut Down Point<\/li>\n<\/ol>\n<\/li>\n<li>The Normal Profit and Break-even Point<\/li>\n<\/ol>\n<\/li>\n<li>Determinants of a Firm\u2019s Supply Curve\n<ol>\n<li>Technological Progress<\/li>\n<li>Input Prices<\/li>\n<li>Unit Tax<\/li>\n<\/ol>\n<\/li>\n<li>Market Supply Curve<\/li>\n<li>Price Elasticity of Supply\n<ol>\n<li>The Geometric Method<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"NCERT_Solutions_class_12_Economics_Theory_of_the_Firm_Under_Perfect_Competition\"><\/span>NCERT Solutions class 12 Economics Theory of the Firm Under Perfect Competition<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">1. What are the characteristics of a perfectly competitive market?<\/p>\n<p style=\"text-align: justify;\">2. How are the total revenue of a firm, market price, and the quantity sold by that firm related to each other?<\/p>\n<p style=\"text-align: justify;\">3. What is the price line?<\/p>\n<p style=\"text-align: justify;\">4. Why is the total revenue curve of a price-taking firm an upward-sloping straight line? Why does the curve pass through the origin?<\/p>\n<p style=\"text-align: justify;\">5. What is the relation between market price and average revenue of a price taking firm?<\/p>\n<p style=\"text-align: justify;\">6. What is the relation between market price and marginal revenue of a price-taking firm?<\/p>\n<p style=\"text-align: justify;\">7. What conditions must hold if a profit-maximizing firm produces positive output in a competitive market?<\/p>\n<p style=\"text-align: justify;\">8. Can there be a positive level of output that a profit-maximizing firm produces in a competitive market at which market price is not equal to marginal cost? Give an explanation.<\/p>\n<p style=\"text-align: justify;\">9. Will a profit-maximising firm in a competitive market ever produce a positive level of output in the range where the marginal cost is falling? Give an explanation.<\/p>\n<p style=\"text-align: justify;\">10. Will a profit-maximising firm in a competitive market produce a positive level of output in the short run if the market price is less than the minimum of AVC?<\/p>\n<p style=\"text-align: justify;\">11. Will a profit-maximising firm in a competitive market produce a positive level of output in the long run if the market price is less than the minimum of AC? Give an explanation.<\/p>\n<p style=\"text-align: justify;\">12. What is the supply curve of a firm in the short run?<\/p>\n<p style=\"text-align: justify;\">13. What is the supply curve of a firm in the long run?<\/p>\n<p style=\"text-align: justify;\">14. How does technological progress affect the supply curve of a firm?<\/p>\n<p style=\"text-align: justify;\">15. How does the imposition of a unit tax affect the supply curve of a firm?<\/p>\n<p style=\"text-align: justify;\">16. How does an increase in the price of an input affect the supply curve of a firm?<\/p>\n<p style=\"text-align: justify;\">17. How does an increase in the number of firms in a market affect the market supply curve?<\/p>\n<p style=\"text-align: justify;\">18. What does the price elasticity of supply mean? How do we measure it?<\/p>\n<p style=\"text-align: justify;\">19. Calculate the total revenue, marginal revenue and average revenue schedules in the following table. Market price of each unit of the good is\u00a0Rs\u00a010.<\/p>\n<table style=\"height: 495px;\" border=\"1\" width=\"756\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">Quantity Sold<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">TR<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">MR<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 26.7pt;\">\n<p style=\"text-align: justify;\">AR<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .5in;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<td style=\"height: 13.05pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<td style=\"height: 13.05pt; width: 26.7pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">1<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<td style=\"height: 12.4pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<td style=\"height: 12.4pt; width: 26.7pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">2<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<td style=\"height: 12.4pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<td style=\"height: 12.4pt; width: 26.7pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">3<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .5in;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<td style=\"height: 13.05pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<td style=\"height: 13.05pt; width: 26.7pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">4<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<td style=\"height: 12.4pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<td style=\"height: 12.4pt; width: 26.7pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">5<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .5in;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<td style=\"height: 13.05pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<td style=\"height: 13.05pt; width: 26.7pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">6<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<td style=\"height: 12.4pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<td style=\"height: 12.4pt; width: 26.7pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\">20. The following table shows the total revenue and total cost schedules of a competitive firm. Calculate the profit at each output level. Determine also the market price of the good.<\/p>\n<table style=\"height: 545px;\" border=\"1\" width=\"760\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">Quantity Sold<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">TR<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">TC<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 38.3pt;\">\n<p style=\"text-align: justify;\">Profit<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .5in;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">5<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 38.3pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">1<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">5<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">7<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 38.3pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">2<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">10<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">10<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 38.3pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">3<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .5in;\">\n<p style=\"text-align: justify;\">15<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">12<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 38.3pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">4<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">20<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">15<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 38.3pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">5<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .5in;\">\n<p style=\"text-align: justify;\">25<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">23<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 38.3pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">6<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">30<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">33<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 38.3pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">7<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">35<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 31.5pt;\">\n<p style=\"text-align: justify;\">40<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 38.3pt;\">\n<p style=\"text-align: justify;\">\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\">21. The following table shows the total cost schedule of a competitive firm. It is given that the price of the good is Rs\u00a010. Calculate the profit at each output level. Find the profit maximising the level of output.<\/p>\n<table style=\"height: 720px;\" border=\"1\" width=\"765\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">Quantity Sold<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">TC<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .5in;\">\n<p style=\"text-align: justify;\">5<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">1<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">15<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">2<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">22<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">3<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .5in;\">\n<p style=\"text-align: justify;\">27<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">4<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">31<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">5<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .5in;\">\n<p style=\"text-align: justify;\">38<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">6<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">49<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">7<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">63<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">8<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">81<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">9<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">101<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 80.75pt;\">\n<p style=\"text-align: justify;\">10<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .5in;\">\n<p style=\"text-align: justify;\">123<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\">\n22. Consider a market with two firms. The following table shows supply schedules of two firms: SS<sub>1<\/sub>\u00a0denotes the supply schedule of firm 1 and SS<sub>2<\/sub>\u00a0denotes the supply schedule of firm 2. Calculate the market supply schedule.<\/p>\n<table style=\"height: 453px;\" border=\"1\" width=\"759\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">Price<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"height: 24px; width: 25px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch04\/image075.png\" \/>(units)<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .9in;\">\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"height: 24px; width: 26px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch04\/image076.png\" \/>\u00a0(units)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .9in;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">1<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .9in;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">2<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .9in;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">3<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">1<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .9in;\">\n<p style=\"text-align: justify;\">1<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">4<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">2<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .9in;\">\n<p style=\"text-align: justify;\">2<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">5<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">3<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .9in;\">\n<p style=\"text-align: justify;\">3<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">6<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">4<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .9in;\">\n<p style=\"text-align: justify;\">4<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\">23. Consider a market with two firms. In the following table, columns labelled as <img decoding=\"async\" style=\"height: 24px; width: 25px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch04\/image075.png\" \/>and <img decoding=\"async\" style=\"height: 24px; width: 26px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch04\/image076.png\" \/>give the supply schedules of firm 1 and firm 2 respectively. Compute the market supply schedule.<\/p>\n<table style=\"height: 588px;\" border=\"1\" width=\"757\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">Price<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 49.5pt;\">\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"height: 24px; width: 25px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch04\/image075.png\" \/>(kg)<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .75in;\">\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"height: 24px; width: 26px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch04\/image076.png\" \/>\u00a0(kg)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 49.5pt;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .75in;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">1<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 49.5pt;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .75in;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">2<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 49.5pt;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .75in;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">3<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 49.5pt;\">\n<p style=\"text-align: justify;\">1<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .75in;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">4<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 49.5pt;\">\n<p style=\"text-align: justify;\">2<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .75in;\">\n<p style=\"text-align: justify;\">0.5<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">5<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 49.5pt;\">\n<p style=\"text-align: justify;\">3<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: .75in;\">\n<p style=\"text-align: justify;\">1<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">6<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 49.5pt;\">\n<p style=\"text-align: justify;\">4<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .75in;\">\n<p style=\"text-align: justify;\">1.5<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">7<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 49.5pt;\">\n<p style=\"text-align: justify;\">5<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .75in;\">\n<p style=\"text-align: justify;\">2<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">8<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 49.5pt;\">\n<p style=\"text-align: justify;\">6<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: .75in;\">\n<p style=\"text-align: justify;\">2.5<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\">24. There are three identical firms in a market. The following table shows the supply schedule of firm 1. Calculate the market supply schedule.<\/p>\n<table style=\"height: 552px;\" border=\"1\" width=\"762\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">Price<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"height: 24px; width: 25px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch04\/image075.png\" \/>(units)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">1<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">2<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">2<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">3<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">4<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">4<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">6<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 13.05pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">5<\/p>\n<\/td>\n<td style=\"height: 13.05pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">8<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">6<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">10<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">7<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">12<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"height: 12.4pt; width: 35.75pt;\">\n<p style=\"text-align: justify;\">8<\/p>\n<\/td>\n<td style=\"height: 12.4pt; width: 63.0pt;\">\n<p style=\"text-align: justify;\">14<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\">25. A firm earns a revenue of Rs 50 when the market price of a good is Rs 10. The market price increase to Rs 15 and the firm now earns a revenue of Rs 150. What is the price elasticity of the firm&#8217;s supply curve?<\/p>\n<p style=\"text-align: justify;\">26. The market price of a good changes from\u00a0Rs\u00a05 to\u00a0Rs\u00a020. As a result, the quantity supplied by a firm increase by 15 units. The price elasticity of the firm&#8217;s supply curve is 0.5. Find the initial and final output levels of the firm.<\/p>\n<p style=\"text-align: justify;\">27. At the market price of\u00a0Rs\u00a010, a firm supplies 4 units of output. The market price increases to\u00a0Rs\u00a030. The price elasticity of the firm&#8217;s supply is 1.25. What quantity will the firm supply at the new price?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"NCERT_Solutions_for_Class_12_Economics\"><\/span>NCERT Solutions for Class 12 Economics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>NCERT Solutions class 12 Economics Macro Introduction 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<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_App_for_Students\"><\/span>CBSE App for Students<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To download\u00a0NCERT Solutions for class 12 Physics, Chemistry, Biology, History, Political Science, Economics, Geography, Computer Science, Home Science, Accountancy, Business Studies and Home Science; do check myCBSEguide app or website. myCBSEguide provides sample papers with solution, test papers for chapter-wise practice, NCERT solutions, NCERT Exemplar solutions, quick revision notes for ready reference, CBSE guess papers and CBSE important question papers. Sample Paper all are made available through\u00a0<a href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.techchefs.MyCBSEGuide&amp;referrer=utm_source%3Dmycbse_bottom%26utm_medium%3Dtext%26utm_campaign%3Dmycbseads\"><strong>the best app for CBSE students<\/strong><\/a>\u00a0and myCBSEguide website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NCERT Solutions class 12 Economics Theory of the Firm Under Perfect Competition 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 &#8230; <a title=\"NCERT Solutions class 12 Economics Theory of the Firm Under Perfect Competition\" class=\"read-more\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-theory-of-the-firm-under-perfect-competition\/\" aria-label=\"More on NCERT Solutions class 12 Economics Theory of the Firm Under Perfect Competition\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":-1,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1437,281],"tags":[283,1342,323,216],"class_list":["post-5096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics-cbse-class-12","category-ncert-solutions","tag-cbse-study-material","tag-class-12","tag-economics","tag-ncert-solutions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCERT Solutions class 12 Economics Theory of the Firm Under Perfect Competition<\/title>\n<meta name=\"description\" content=\"NCERT Solutions class 12 Economics Theory of the Firm Under Perfect Competition in PDF format for free download. 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