NCERT Solutions for Class 12 Micro Economics Chapter-3

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Class 12 NCERT Solutions Micro Economics - Production and Costs - Free PDF Download

NCERT Solutions for Microeconomics Class 12 Chapter 3 provides the students with the best and the easiest approach to tackling the questions in the examination. Microeconomics Class 12 Chapter 3 Solutions is prepared by our subject experts who have managed to make the content student-friendly and compact so that the students get all the important aspects of the chapter in the easiest possible way. It comes with a detailed explanation and is helpful for students who want a grasp over the chapter quickly and efficiently.

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NCERT Solutions for Class 12 Micro Economics Chapter 3 Production and Costs part-1

NCERT Solutions Class 12 Microeconomics Chapter 3 - Free PDF Download

Microeconomics Chapter 3 Class 12 pdf is easily downloaded from the website and the app. The study material for the specific chapter is well organized and contains the various important points from the chapter which has been compiled by our subject experts. Every student will find the content easy to comprehend and apply in the examination with the utmost ease. These books are a complete lack of knowledge for students. Our solutions are the best in explaining the toughest concept in the simplest language.

NCERT Solutions for Class 12 Microeconomics Chapters

Chapter 3 - Production And Costs

Chapter 3 of Microeconomics Class 12 contains the concept of Production and Costs. In the previous chapter of NCERT Microeconomics Class 12, you must have learned about the behaviour of consumers. In Ch 3 Microeconomics Class 12, you will discover the behaviour of a producer. The highlighted concepts of the production function, the short run, and the long run, the law of diminishing marginal product and law of variable proportions, etc. have been well covered under this topic. These concepts have been explained in a simple and lucid language which will help students to understand the chapter better.

Class 12 Microeconomics Chapter Wise Marks Weightage

This Class 12th Microeconomics Chapter 3 has a weightage of around 16 marks combined with Chapter 4. It is one of the most important topics regarding producer behaviour and supply. The questions from the chapter keep repeating every year in the Board Examinations and hence students will find our content handy while preparing for their examinations.

Here is more detail about the contents of Class 12 Economics Chapter 3 Microeconomics.

  • 3.1 Production Function. (short questions)

  • 3.2 The Short and the Long Run (short questions)

  • 3.3 Total, Average, Marginal Product (short and long questions)

  • 3.4 The law of diminishing marginal product and law of variable proportions (long questions)

  • 3.5 Shapes of Total, Average, Marginal Product Curves (important)

  • 3.6 Returns to Scale (short question)

  • 3.7 Costs (short and long questions)

Why Are Class 12 Microeconomics Chapter 3 NCERT Solutions Important?

  • Our easy-to-grasp answers are convenient for students to learn and understand the topic efficiently.

  • The solutions provided not only cover the entire topic but also give in-depth knowledge to the students who don’t find the topic easy to comprehend.

  • CBSE Class 12 Microeconomics Chapter 3 Solutions have been prepared and compiled by our team of subject experts who have made sure that the content remains compact, simple, and interesting.

  • For better understanding, the solutions provided have been arranged and explained systematically to cut down the time and hassle of students. 

  • Microeconomics Class 12 Chapter 3 NCERT Solutions come with key points, definitions, and examples that reduce the effort before the examination and make it a great tool for quick revision.

FAQ (Frequently Asked Questions)

Q1. Explain the Total Product, Average Product, and Marginal Product.

Ans: The relationship between the variable input and output, keeping all other inputs fixed, is known as the Total Product of the variable input. It is also known as the summation of the total output produced by a firm by the employment of a specific input. 

The average product may be defined as output produced per unit of the variable input. It is the ratio of the total product (TP) to the total units of labour employed.

The marginal product of input may be defined as the change in output per unit of change in input, keeping all other input parameters constant.

Q2. Define the Law of Diminishing Marginal Product.

Ans: According to the law of diminishing marginal product, if the units of variable factor keep on increasing while keeping the level of fixed factor constant, then at initial stages the marginal product will rise but finally, a point will be attained after which the marginal product of the variable factor will gradually fall. After this point, the marginal product of any additional variable factor will be zero and can even be less than zero.  The tendency of the marginal product to first increase and then fall is called the law of variable proportions or the law of diminishing marginal product.

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