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NCERT Solutions for Class 12 Micro Economics Cost
NCERT Solutions for Class 12 Micro Economics Cost NCERT TEXTBOOK QUESTIONS SOLVED Question 1. Briefly explain the concept of the cost function.[1 Mark] Answer: Cost function shows functional relationship between output and cost of production. It gives the least cost combination of inputs corresponding to different levels of output. Cost function is given as: C = […]
NCERT Solutions for Class 12 Micro Economics Production
NCERT TEXTBOOK QUESTIONS SOLVED Question 1. Explain the concept of a production function. [CBSE 2004C, 07, 09C; AI 05, 08, 11] [1 Mark] 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, […]
NCERT Solutions for Class 12 Micro Economics Elasticity of Demand
NCERT TEXTBOOK QUESTIONS SOLVED Question 1. Explain price elasticity of demand. Answer: The degree of responsiveness of quantity demanded to changes in price of commodity is known as price elasticity of demand. Question 2. Consider the demand for a good. At price Rs 4, the demand for the good is 25 units. Suppose price of the […]