CBSE Class 12 Economics Producers Behaviour And Supply To Economics Worksheet

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Worksheet for Class 12 Economics Producers Behaviour And Supply Economics

Class 12 Economics students should refer to the following printable worksheet in Pdf for Producers Behaviour And Supply Economics in Class 12. This test paper with questions and answers for Class 12 will be very useful for exams and help you to score good marks

Class 12 Economics Worksheet for Producers Behaviour And Supply Economics

 

Very Short Answer Type Questions
 
Question. What will be the behavior of total product when marginal product of variable input is falling but is positive?
Answer. Total product increases at diminishing rate.

Question. Which cost curve is parallel to ox-axis? Why?
Answer. Total fixed cost because TFC remain constant at all level of output.
 
Question. Define production function.
Answer. Diminishing return to a factor
 
Question. Define marginal product.
Answer. Marginal product is net addition to total product when one additional unit of variable factor is used.
 
Question. Define average production.
Answer. AP is a per unit output of a variable factor.
 
Question. What is the relation between average and marginal product when average product is falling?
Answer. MP falls but it falls at faster rate than AP
 
Question. Define explicit costs.
Answer. Those monetary payments by producer on factor and non factor payments is called explicit cost. Which are not owned by himself.

Question. How does fall in total product affects marginal product?
Answer. When total product falls, marginal product becomes negative.

Question. What do you mean by cost?
Answer. Cost is the sum of explicit and implicit cost.

Question. What do you mean by implicit costs?
Answer. Implicit cost is the cost of self owned resources of producer.
 
Question. What do you mean by fixed factors of production? Give example.
Answer. These factors of production which cannot be varied in short period e.g. machine, land.

Question. By which behaviour of marginal product will total product be maximum
Answer. When marginal product of a factor is zero, then total product will be maximum.

Question. Define marginal cost.
Answer. Marginal cost is the net addition to total cost when one additional unit of output is produced.

Question. At what rate average and marginal revenue falls, with fall in per unit price of a good?
Answer. Marginal revenue falls twice the rate of average revenue.
 
Question. Why does the difference between average total cost and average variable cost falls with increase in output?
Answer. It is because average fixed cost goes on falling with increase in output.

Question. Define Revenue.
Answer. Revenue is the amount received from sale of output.

Question. What will be the behaviour of Average revenue when total revenue increases at constant rate?
Answer. Average revenue remains constant.
 
Question. What is the price elasticity of supply, if supply curve is parallel to y-axis.
Answer. Perfectly elastic.

Question. When does the elasticity of supply of commodity called equal to unity?
Answer. When percentage change in price is equal to percentage change in supply.

Question. When does the producer increase the supply of a good at given price, give two reasons.
Answer. Due to change in other factor like improvement in technology, decrease in price of inputs.

Question. What causes an extension in supply?
Answer. Increase in price of a commodity.
 
Question. If the price of a commodity falls by 10% and, consequently, the quantity supplied decreases by 20%. What will be its price elasticity of supply?
Answer. Es = % change in quantity / % change in price = 20% / 10% = 2

Question. What happens to TP when MP is zero?
Answer. TP is maximum.

Question. What happens to MPP when TPP increases at decreasing rate?
Answer. MPP falls but remains positive.

Question. As the variable input is increased by one unit, total output falls. What would you say about of marginal productivity labour?
Answer. Marginal productivity of labour is negative.

Question. Why MC curve is in short run U-shaped?
Answer. MC Curve in short run is U-shaped due to operation of the law of returns to a factor.

Question. Why does fixed cost not influence marginal cost?
Answer. Because marginal cost does not include fixed cost.

Question. When a seller sells his entire output at a fixed price, what will be the shape of AR & MR curves?
Answer. Both AR & MR are equal and coincide with each other on a horizontal line.

Question. Show that average revenue equals price.
Answer. AR = TR / Q = P x Q / Q = P = price

Question. What effect does a cost saving technical progress have on the supply curve?
Answer. Supply curve will shift to the right.

Question. What effect does an increase in excise tax have on the supply curve?
Answer. Supply curve will shift to the left.

Question. What happens to TPP when marginal productivity of variable input is negative?
Answer. TPP falls.

Question. When is TPP maximum in relation to MPP?
Answer. When MPP is zero.

Question. What happens to MPP when TPP is declining?
Answer. MPP declines and remains negative.
 
Short Answer Type Questions
 

Question. Explain the relation between average revenue and marginal revenue when a firm can sell an additional unit or a good by lowering the price.
Answer. 1. AR and MR both decreases.
2. MR decrease at the rate of twice than AR.
3. MR become zero and negative but AR can never be zero.

Question. Explain how does change in price of input affect the supply of a good.
Answer. A. Increase in price of input : increase in price of input is cause of a decrease in the supply of a good because the production cost of a good will increase due to increase in price of input. It will reduced the profit. So producer will decrease the supply of the good.
B. Decrease in price of Input : Decrease in price of input is a cause of increase in supply because when the price of input decrease the production cost of a good also also decreases. Decrease in cost increases the profit margin. It motivate to producer to increase the supply of the good.

Question. Explain how changes in prices of other products influence the supply of a given product.
Answer. The supply of a good is inversly influenced with the change in price of other product which can explain as fallows.
A. Rise in price of other product :– When there is rise in the price of other product the production of these product become more profitable due to unchanged cost in comparison of the production of given produce. As a result the producer will produce more quantity of other product so the supply of given good will decrease.
B. Fall in the price of other product :– When there is fall in the price of other product the production of these product become less profitable due to unchanged cost in comparison of the production of given product. As a result producer will produce less quantity of other product so the factors of production shifted for the production of given good. It cause an increase in supply of given good.

Question. Explain how technological advancement influence the supply of a given product.
Answer. Technological advancement brings a positive impact in the supply of a given product. It reduces per unit cost and increase the productivity of given factors of production. Due to these reasons production of given product becomes more profitable.

Question. What are the factors which give rise to increasing returns to variable factors?
Answer. 1. Fuller utilization of the fixed factors- Generally fixed factors are indivisible and underutilized. With greater application of variable factor these factors are better utilized its MPP tends to rise.
2. Increased efficiency of variable factor- Application of specialization and division of labour among the units of variable factors leads to greater efficiency and increase in MPP.

Question. Explain the relationship between AC & MC with diagram.
Answer. (i) When MC < AC, AC falls.
(ii) When MC = AC, AC is minimum.
(iii) When MC > AC, AC rises.
(iv) MC falls & rises faster than AC.
(v) Both can be obtained from TC.
 
Question. What is producer’s equilibrium? Explain the conditions of produce’s equilibrium through the ‘marginal cast and marginal revenue’ approach. use diagram/schedule.
Answer. Producer’s equilibrium refer’s the stage under which with the help of given factor’s of production producer attain that level of production of which he is getting maximum profit. The conditions of producer’s equilibrium through the marginal cost and marginal revenue approach are as follows.
1. Marginal cost should be equal to marginal revenue.
2. With the increase in output after equilibrium marginal cost should be greater than marginal revenue.
First Phase :– TPP increases with increasing rate upto A point. MPP also increase and becomes maximum of point C.
Second Phase :– TPP increases with diminishing rate and it is maximum on point B. MPP start to decline and becomes zero at D point.
Third Phase :– TPP starts to decline and MPP becomes negative.
 
Question. Distingush between change in quantity supplied and change in supply.
Answer.
 
Question. Draw average cost, average variable cost and average fixed cost curves on a single diagram and explain their relation.
Answer.
1. AC is the vertical summation of AVC and AFC
2. The difference between AC and AVC falls as output increases but the difference of AC and AFC increases.
3. As output increases AC and AVC tends to be closer but their curves do not interect each other because AFC always remains more than zero.
Part A Microeconomics Chapter 02 Theory of Consumer Behaviour
CBSE Class 12 Economics Theory of Consumer Behaviour Worksheet
Part A Microeconomics Chapter 03 Production and Costs
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Part B Macroeconomics Chapter 02 National Income Accounting
CBSE Class 12 Economics National Income Accounting Worksheet
Part B Macroeconomics Chapter 03 Money and Banking
CBSE Class 12 Economics Money And Banking Worksheet
Part B Macroeconomics Chapter 05 Government Budget and The Economy
CBSE Class 12 Economics Government Budget And The Economy Worksheet
Part B Macroeconomics Chapter 06 Open Economy Macroeconomics
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