Class 12 Microeconomics: Sandeep Garg Solutions Overview

Here is a short introduction to all the chapters that class 12 students will find in Sandeep Garg microeconomics solutions.

Chapter 1: Introduction to Microeconomics

The very first chapter in the Sandeep Garg microeconomics class 12 PDF starts with a proper definition of the term ‘economy’. It then goes on to explain what scarcity means in an economy and the other major challenges in it. The chapter then explains the meaning of Micro and Macroeconomics, along with PPF (Possibility Frontier).

Chapter 2: Consumer’s Equilibrium

This chapter discusses what total utility means in economics. Total utility is the sum total of the benefits or satisfaction attained by consumers after consuming a product or service. The chapter also includes a discussion on marginal utility, which means the added amount of satisfaction after consuming that particular product or service in a new quantity. The Law of diminishing utility, indifference curve, and Marginal Rate of Substitution are also explained in the second chapter.

Chapter 3: Demand

The 3rd chapter in Sandeep Garg microeconomics class 12 solutions discussed the ins and outs of demand in a market. The first solution in this chapter is an appropriate definition of ‘demand’. The chapter proceeds to list down the various determinants of demand. It includes the following:

• Price of a Commodity

• The Income of a Consumer

• Price of Related Goods

• Future Expectations

Demand function and other mechanisms of demand have also been discussed in this chapter.

Chapter 4: Elasticity of Demand

The elasticity of Demand signifies the quantitative change in the amount demanded by consumers due to a change in the product price. The formula for calculating elasticity of demand is also provided in this chapter. The 5 degrees of Elasticity of Demand are as follows. 

• Perfectly Elastic Demand

• Highly Elastic Demand

• Unit Elastic Demand

• Highly Inelastic Demand

• Perfectly Elastic Demand

This chapter of Sandeep Garg microeconomics class 12 also lists down the factors affecting price elasticity of demand.

Chapter 5: Production Function

The 5th lesson begins with a definition of ‘production function’. It then goes on to show the symbolic representation of the production function. The other contents of this chapter are as follows.

• Variable Factors of Production

• Law of Diminishing Returns

• Law of Variable Proportions

There are also some numerical problems to understand the concepts better.

Chapter 6: Cost

The term ‘cost’ has been thoroughly explained in this chapter. Opportunity cost, variable cost, and marginal cost are explained in detail, along with their respective formulas. This chapter in Sandeep Garg microeconomics class 12 solutions also contains sums.

Chapter 7: Revenue

This chapter teaches you what the term ‘profit’ means in Economics. The other topics covered in the 7th chapters on microeconomics solutions are:

• Producer’s Equilibrium

• How the Producer’s Equilibrium is achieved

• Required Conditions to Bring about the Producer’s Equilibrium

Chapter 8: Producer’s Equilibrium

Here, in this chapter, you are given an in-depth understanding of the producer’s equilibrium. There are also sums covered in this chapter to simplify the concept. You can choose the Sandeep Garg microeconomics class 12 PDF free download option to solve the sums anytime and anywhere.

Chapter 9: Supply

Supply is the number of goods or quantity of service a producer is willing to generate. The 6 factors which affect supply in a market are:

• Price of a Commodity

• Cost of Production

• Government’s Tax Policies

• Technology

• Goals of a particular producer or Firm

• Price of other goods in the Market

The factors affecting the market supply of goods are different. They are the nature of the market, future expectations, and distribution facilities. In this chapter of Sandeep Garg Microeconomics class 12 PDF, you also have MSS (Market Supply Schedule) explained.

Chapter 10: Main Market Forms

A market can be defined as such a place where buyers and sellers meet to exchange goods and services among themselves. This chapter in Sandeep Garg microeconomics class 12 PDF gives the different categories of the market. They are:

• Perfect Competition

• Imperfect Competition

• Oligopoly

• Monopoly

The chapter explains all these forms of the market along with proper examples.

Chapter 11: Price Determination with Simple Applications

Chapter 11 begins by explaining what market equilibrium means. It proceeds to discuss viable and non-viable industries in a market. Students learn how demand, supply, production, and consumption play a role in determining the prices of goods or services in an economy.

The microeconomics class 12 by Sandeep Garg PDF contains important questions that are most likely to come in your exams. Accurate solutions and to-the-point answers to microeconomics questions are also covered in the solutions.

Sandeep Garg Microeconomics Class 12 Solutions provides a compilation of not just one chapter’s solution but also all the other Chapters included in the Microeconomics Class 12 textbook. Students now need not check for multiple books that provide them an easy solution as Sandeep Garg Microeconomics Class 12 Solutions has it all accumulated in a single book that too you can access for free via Vedantu.

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Other Related Links

• CBSE Syllabus for Class 12 Economics Term (1 & 2)

• NCERT Book for Class 12 Microeconomics

• NCERT Solutions for Class 12 Microeconomics

• CBSE Class 12 Microeconomics Revision Notes

• Important Questions for CBSE Class 12 Microeconomics

• Previous Year Question Paper for CBSE Class 12 Economics with solutions

• CBSE Sample Papers for Class 12 Economics with Solution & Marking Scheme

• Sandeep Garg Microeconomics Class 12 Solutions

Commerce Related Links

• CBSE Syllabus for Class 12 Accountancy Term (1 & 2)

• NCERT Solutions for Class 12 Accountancy Part 1 & Part 2

• Previous Year Question Paper for CBSE Class 12 Accountancy  with Solutions

• CBSE Class 12 Business Studies Syllabus

• NCERT Solutions for Class 12 Business Studies

• Class 12 Business Studies Previous Year Questions Papers

• Revision Notes for CBSE Class 12 Business Studies

• Important Questions for CBSE Class 12 Business Studies