Class 12 Microeconomics Sandeep Garg Solutions Chapter 9 – Supply
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.
5. What are the key aspects of Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply that makes it one of the best solutions to refer to?
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.
Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply has previous years’ papers that will give them an insight about the question that you can expect the following year and what are the trends that are constant.
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Vedantu live classes are completely optional and are free of charge. Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply PDF itself serves the purpose of letting the students understand the concepts well. But not all students understand the same. While some students understand the matter just by reading the book, others might need a bit of explanation along with the reading and hence Vedantu offers both the Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply PDF and the Vedantu live classes which bring the best out of the students.