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.
- Q:-
Distinguish between microeconomics and macroeconomics.
- Q:-
Discuss the subject matter of economics.
- Q:-
What is a production possibility frontier?
- Q:-
Discuss the central problems of an economy.
- Q:-
What do you understand by normative economic analysis?
- Q:-
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.
- Q:-
What are the characteristics of a perfectly competitive market?
- Q:-
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
-
- 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:-
Will the monopolist firm continue to produce in the short run if a loss is incurred at the best short run level of output?
- Q:-
Compute the total revenue, marginal revenue and average revenue schedules in the following table. Market price of each unit of the good is Rs 10.
Quantity Sold TR MR AR 0
1
2
3
4
5
6 - Q:-
What is the relation between market price and average revenue of a price-taking firm?
- Q:-
The following table gives the total product schedule of labour. Find the corresponding average product and marginal product schedules of labour.
- Q:-
How does the imposition of a unit tax affect the supply curve of a firm?
- Q:-
Find out the maximum possible output for a firm with zero units of L and 10 units of K when its production function is Q = 5L = 2K.
- Q:-
What do the long-run marginal cost and the average cost curves look like?
- Q:-
How are equilibrium price and quantity affected when income of the consumers
a) Increase
b) Decrease
- Q:-
What will happen if the price prevailing in the market is?
i. Above the equilibrium price
Ii. Below the equilibrium price
- Q:-
Briefly explain the concept of the cost function.
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