Theory of Producer's Behaviour and Supply Important Questions for Class 12 Economics Concept of Supply and Elasticity of Supply 1.Supply It refers to various quantities of a commodity that the producers wish to sell at different possible prices of the commodity at a particular point of time. 2.Quantity Supplied It refers to a specific quantity supplied at a particular … [Read more...]
Important Questions for Class 12 Economics Concept of Production Function
Production and Costs Important Questions for Class 12 Economics Concept of Production Function 1.Production Function It studies the functional relationship between physical inputs and physical outputs. It is expressed as Qx = F(L,K) Where, Qx = Quantity of output, F = Function, L = Labour, K = Capital 2.Different Periods in Production Market period It is the period … [Read more...]
Important Questions for Class 12 Economics Producers Equilibrium
Theory of Producer's Behaviour and Supply Important Questions for Class 12 Economics Producers Equilibrium 1.Producer A producer is someone who produces output by combining factor inputs which have an exchange value. 2.Producers’s Equilibrium Producer’s equilibrium refers to the situation of profit maximisation or minimisation of costs. Profit maximisation of a … [Read more...]