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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 […]
NCERT Solutions for Class 12 Micro Economics Demand
NCERT TEXTBOOK QUESTIONS SOLVED Question 1. Suppose there are two consumers in the market for a good and their demand functions are as follows: D1(p)=20−P for any price than less 20, and D1(p)=0 at any price greater than or equal to 20. D2(p)=30−2P for any price less than 15 and D2(p)=0 at any price greater than or equal to 15. Find out the […]