NCERT Solutions for Class 12 Micro Economics Chapter-10 Perfect Competition NCERT TEXTBOOK QUESTIONS SOLVED Question 1. What are the Characteristics of a perfectly competitive market? [3 Marks] Answer: Large number of buyers and sellers Homogeneous product Free entry and exit of firms Perfect knowledge about the market Perfect mobility of factors of … [Read more...]
NCERT Solutions for Class 12 Micro Economics Production
NCERT Solutions for Class 12 Micro Economics Chapter-5 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 … [Read more...]
NCERT Solutions for Class 12 Micro Economics Supply
NCERT Solutions for Class 12 Micro Economics Chapter -7 Supply NCERT TEXTBOOK QUESTIONS SOLVED Question 1. Consider a market with two firms. The following table shows the supply schedules of two firms: the SS1 column gives supply schedule of firm 1 and SS2 column gives supply schedule of firm 2. Compute the market supply schedule. [3 Marks] Answer: Question 2. … [Read more...]
NCERT Solutions for Class 12 Micro Economics Elasticity of Demand
NCERT Solutions for Class 12 Micro Economics Chapter-4 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 … [Read more...]
NCERT Solutions for Class 12 Micro Economics Non-Competitive Market
NCERT Solutions for Class 12 Micro Economics Chapter-11 Non-Competitive Market NCERT TEXTBOOK QUESTIONS SOLVED Question 1. Explain why the demand curve facing a firm under monopolistic competition is negatively sloped? [3 Marks] Answer: The demand curve of a firm under monopolistic competition is negatively sloped because of product differentiation. The product of … [Read more...]