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Assignment for Class 12 Economics Producers Behaviour And Supply To Economics
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Producers Behaviour And Supply To Economics Class 12 Economics Assignment
Answer. Producer’s equilibrium is a situation where he gets maximum profit.
Question. State any two conditions of producers equilibrium according to marginal revenue and marginal cost approach.
Answer. 1. MR = MC
2. Rising portion of Marginal cost curve intersects marginal revenue curve.
Answer. Supply refers to the amount of the commodity that a firm or seller is willing to offer for sale in a given period of time at various prices.
Question. Name two determinants of supply.
Answer. 1. Number of firms
2. Change in technology
Question. What is meant by change in supply?
Answer. Change in supply refers to increase or decrease in supply of a commodity due to change in factors other than price like technology, price of inputs, Goal of producer, Number of firms etc.
Question. What type of change in price is the cause of upward movement along a supply curve?
Answer. Due to increase in price.
Answer. Marginal revenue is net additions to total revenue by sale of one additional unit of output.
Question. What will be the behaviour of total revenue when marginal revenue is zero?
Answer. Total revenue will be maximum.
Answer. Individual supply schedule is a tabular representation showing various quantities of a commodity which a firm is ready to sell at different prices during a given period of time.
Question. Define Market Supply
Answer. It refers the sum of total quantity supplied by all the firms in a market.
Answer. Because of positive relation between price and supply.
Answer. Decrease in price.
Answer. As a result of increase in tax rates production cost increase, so the profit margin of producer will fall and producer will decrease the supply.
Answer. As a result of decrease in price of input production cost falls then producers profit margin will increase so producer will increase the supply of commodity.
Answer. Due to change in other factors the supply of a commodity falls at same price than supply curve shifted to leftward.
Question. What is meant by elasticity of supply?
Answer. Price Elasticity of Supply (Es) is a measure of degree of response of supply for a good to change in its price.
Answer. TPP increases at decreasing rate.
Answer. The supply curve will shift towards left-hand side.
Question. Why does average cost fall as output rises?
Answer. AC falls due to operation of the law of increasing returns to a factor as output rises.
Question. Does fixed cost affect marginal cost? Give the answer with reason.
Answer. No, because fixed cost is not subject to change and it is not considered while calculating MC.
Answer. There would not be any effect of increase in the output on the TFC, It will be constant at different levels of production.
Question. If marginal revenue falls, will total revenue fall?
Answer. It may fall when MR falls and becomes negative. If MR falls but remains positive then TR may increase with diminishing rate.
Question. What is the price elasticity of supply of a commodity whose straight line supply curve passes through the origin forming an angle of 75º?
Answer. Price elasticity of supply will be equal to one when a straight line supply curve passes through the origin; angle does not matter anything.
Answer. Total cost is the sum of total fixed cost and total variable cost. TFC remains constant at all levels of output.
Question. Why does average fixed cost fall with increase in output?
Answer. AFC can be calculated from TFC. Which remains constant at all level of output.
Question. Why is total fixed cost curve parallel to ox-axis.
Answer. TFC remains constant at all levels of output.
Question. Under which situation will MR fall when an additional quantity of a good is sold?
Answer. When per unit price falls by selling an additional unit of a good.
Question. What behaviour of per unit price will cause the equality of average and marginal revenue.
Answer. Per unit price remains constant.
Question. Give one differences between law of supply and price elasticity of supply.
Answer. Law of supply reflects the direction of change in supply where as price elasticity of supply measures the magnitude of change in supply.
Question. What is the price elasticity of supply associated when the supply curve passingthrough to intersect to x-axis?
Answer. Inelastic.
Question. Why does a producer moves downward along a supply curve due to decrease in price of commodity?
Answer. Because profit margin of firm (producer) decreases.
Question. What is the price elasticity of supply associated with when a supply curve passes through the origin at 40° angle?
Answer. Equal to unity elastic.
Question. When does the supply curve shift rightward while price remains constant.
Answer. When the supply of commodity increases due to change in other factors.
Question. What effect does an increase in price of competitive good have on the supply of a commodity?
Answer. Supply of the commodity will fall.
Question. Why is AC curve in the short run U-shaped?
Answer. AC curve is U-shaped in short run due to operation of law of returns to factors (i.e., law of variable proportion). Initially production is subject to law of increasing returns (i.e. decreasing cost), then law of constant return (i.e. constant cost) and ultimately to law of diminishing return (i.e. increasing cost). As output is increased, AC first falls, reaches its minimum and then rises. Hence, AC curves become Ushaped.
Question. How do changes in MR affect TR?
Answer. 1. If MR increases, TR increases at increasing rate.
2. If MR is constant, TR increases at constant rate.
3. If MR falls, TR increases at diminishing rate.
Question. What is MR? How is it related to AR?
Answer. MR refers to the change in TR due to sale of an additional unit.
Relation –
1. If AR (Price) is constant, MR = AR
2. If AR (Price) falls, MR < AR.
3. If AR (Price) rises, MR > AR.
Question. What will be the price elasticity of supply if the supply curve is a positively sloped straight line?
Answer. Es = 1 if the curve starts from the origin point.
Es>1 if the curve starts from the y-axis and E<1 if the curve starts from the x-axis.
Question. Define marginal revenue. State the relation between marginal revenue and average revenue when a firm:
(i) is able to sell more quantity of output at the same price.
(ii) is able to sell more quantity of output only by lowering the price.
Answer. Marginal revenue is the addition to total revenue from producing one more unit of output.
1. MR = AR at all levels of the output. (In case of perfect competitive market)
2. MR will be less than AR at all levels of the output. (In case of monopoly and monopolistic market)
Question. Explain how do the following determine price elasticity of supply:
(i) Nature of the good (ii) Time period.
Answer. 1. Nature of Commodity - Elasticity of industrial goods is more than that of agricultural goods. Similarly supply of durable goods e.g. table is more elastic than that of perishable goods e.g. vegetables.
2. Time Period- Generally elasticity of supply is more in the long period than in shorter period of time. The reason is that in the long period, all adjustments to the changed price can be made easily and supply of commodity can be varied accordingly.
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Producers Behaviour And Supply To Economics Assignment Economics CBSE Class 12
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Producers Behaviour And Supply To Economics Assignment CBSE Class 12 Economics
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CBSE Economics Class 12 Producers Behaviour And Supply To Economics Assignment
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