Class 12 Microeconomics Sandeep Garg Solutions Chapter 9 – Supply
Students are provided with the concept of supply to understand it in detail and perform better during their examination. Sandeep Garg class 12 microeconomics solutions chapter 9 supply has a premium quality study material for the students that helps them to make sound preparation. Supply refers to the desired quantity of commodities that producers wish to sell. Class 12 microeconomics Sandeep Garg solution chapter explains that supply is related to the price and the time. This readymade guide of class 12 microeconomics solutions chapter 9 Sandeep Garg is a great resource to be followed for preparing notes and revision at the time of examination.
Supply in economics means the quantity of commodity or service which can offer a sale and is willing to produce at a particular price in a given time frame. We get to know that supply depends upon factors like price and time. The higher the price, the more will be the quantity of commodity or service supplied by the producer, and lower the price, the less will be quantity supplied. This implies that there is a direct and positive relationship between price and quantity.
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FAQs on Sandeep Garg Microeconomics Class 12 Solutions Chapter 9
1. What is the long-run supply curve of a firm and industry?
Class 12 microeconomics Sandeep Garg solution chapter 9 states that a long-run supply curve of a perfectly competitive industry indicates different quantities are produced at different prices. In the long-run is a period when the firms can build new plants and close down the old plants. This is the reason why the price is always equal to both the marginal cost and the minimum average cost. Price =LMC =LAC. However, with the entry and exit of the firms, the cost of productive resources gets influenced which brings about a shift in the cost curves of every firm. Depending upon the law of returns under which a particular industry performs the long-run supply curve can be different like upward sloping, downward sloping or completely horizontal.
2. How prices of other commodities affect supply?
The supply of commodities also depends on the price of the related goods which are related and substitute goods. The producers generally tend to shift the production from one commodity to the production of another commodity. If the price of the substitute goods is rising, when the price of the commodity in the question remains constant, the producer might find it more profitable to produce and sell other commodities. This means the supply of the commodity under question will fall. Supply class 12 microeconomics Sandeep Garg gives an example- a farmer can grow different vegetables in his land. If the price of carrots is rising, he will find it profitable to grow carrots and supply more carrots at the cost of another vegetable.
3. Why is learning Microeconomics important?
Microeconomics is considered to be a narrow, resource-centric application of what is sometimes called Decision Therapy. There are two perspectives while studying Microeconomics:
What decision should be made by a person?
What decisions do people make and why do they do so?
Every day multiple times a day people tend to make a decision and it is quite normal. Right from the time, you wake up to the time you go back to bed and the decision-making process is an inevitable part of life. It may seem like it is just part of life but microeconomics provides a general framework for investigating and answering these general questions daily.
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It is not dependent on the book or the solutions that you are referring to, to get the best marks. It is based on how much you have worked hard on and how much you aim to score that will decide on whether you can actually score better or not. Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply is just a handy tool that allows students to take a look at easy matter extracted from the hard matter. Based on how you work hard with this easy matter it will be possible to score better on your exams. These solutions are available for free to download both on the website of Vedantu and its mobile application.
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There are some main key aspects that make Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply one of the best solutions to refer to and can be given as follows:
Unlike other books, Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply mainly looks after whether the student will understand the written matter or not.
The Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply gives a pointwise answer that makes it easier to read
Provides related questions for practice that allows the students to know how to solve any other question that is related to the matter, be it from the textbook or not.
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