Class 12 Micro Economics - Chapter Introduction to Micro Economics NCERT Solutions | What do you mean by the production possi
What do you mean by the production possibilities of an economy?
Production possibilities of an economy imply those numerous alternative combinations of goods and services, which a particular economy can produce, with the given technology and employing the available resources fully and efficiently. In other words, it refers to various feasible bundles of goods and services that can be produced together by efficiently utilizing the given technology and available resources.
More Questions From Class 12 Micro Economics - Chapter Introduction to Micro Economics
- Q:-
Distinguish between a centrally planned economy and a market economy.
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Distinguish between microeconomics and macroeconomics.
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Discuss the subject matter of economics.
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What is a production possibility frontier?
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Discuss the central problems of an economy.
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What do you understand by normative economic analysis?
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What do you understand by positive economic analysis?
Popular Questions of Class 12 Micro Economics
- Q:-
Explain the concept of a production function
- Q:-
What would be the shape of the demand curve so that the total revenue curve is?
(a) A positively sloped straight line passing through the origin?
(b) A horizontal line?
- Q:-
Explain market equilibrium.
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What are the characteristics of a perfectly competitive market?
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What do you mean by the budget set of a consumer?
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What is the total product of input?
- Q:-
From the schedule provided below calculate the total revenue, demand curve and the price elasticity of demand:
Quantity
1
2
3
4
5
6
7
8
9
Marginal
Revenue
10
6
2
2
2
0
0
0
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- Q:-
When do we say that there is an excess demand for a commodity in the market?
- Q:-
How are the total revenue of a firm, market price, and the quantity sold by the firm related to each other?
- Q:-
What is budget line?
Recently Viewed Questions of Class 12 Micro Economics
- Q:-
What will happen if the price prevailing in the market is?
i. Above the equilibrium price
Ii. Below the equilibrium price
- Q:-
How does an increase in the number of firms in a market affect the market supply curve?
- Q:-
When does a production function satisfy decreasing returns to scale?
- Q:-
The following table gives the total product schedule of labour. Find the corresponding average product and marginal product schedules of labour.
- Q:-
What is the relation between market price and average revenue of a price-taking firm?
- Q:-
A firm earns a revenue of Rs 50 when the market price of a good is Rs 10. The market price increases to Rs 15 and the firm now earns a revenue of Rs 150. What is the price elasticity of the firm’s supply curve?
- Q:-
In what respect do the supply and demand curves in the labor market differ from those in the goods market?
- Q:-
What are the average fixed cost, average variable cost and average cost of a firm? How are they related?
- Q:-
How does the budget line change if the consumer’s income increases to Rs 40 but the prices remain unchanged?
- Q:-
Why is the short-run marginal cost curve 'U'-shaped?
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