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.

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