Class 12 Micro Economics - Chapter Production and Costs NCERT Solutions | What is the total product of input?
What is the total product of input?
Total product is defined as the sum total of output produced by a firm by employing a particular input. It is also known as the Total Physical Product and is represented as TP= ∑ Q2 Where, ∑ represents summation of all outputs and Qx represents units of output x produced by an input.
More Questions From Class 12 Micro Economics - Chapter Production and Costs
- Q:-
When does a production function satisfy decreasing returns to scale?
- Q:-
Why does the SMC curve cut the AVC curve at the minimum point of the AVC curve?
- Q:-
Explain the relationship between the marginal products and the total product of an input.
- Q:-
The following table gives the total product schedule of labour. Find the corresponding average product and marginal product schedules of labour.
- Q:-
What are the average fixed cost, average variable cost and average cost of a firm? How are they related?
- Q:-
What is the law of diminishing marginal product?
- Q:-
What do the long-run marginal cost and the average cost curves look like?
- Q:-
Why is the short-run marginal cost curve 'U'-shaped?
- Q:-
What are the average fixed cost, average variable cost and average cost of a firm? How are they related?
- Q:-
What does the average fixed cost curve look like? Why does it look so?
Popular Questions of Class 12 Micro Economics
- 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:-
Discuss the central problems of an economy.
- Q:-
What are the characteristics of a perfectly competitive market?
- Q:-
What do you mean by the budget set of a consumer?
- 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:-
What do you mean by the production possibilities of an economy?
- 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:-
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:-
What will happen if the price prevailing in the market is?
i. Above the equilibrium price
Ii. Below the equilibrium price
- Q:-
What do you mean by substitutes? Give examples of two goods which are substitutes of each other.
- Q:-
Consider the demand curve D (p) = 10 – 3p. What is the elasticity at price 53?
- Q:-
Consider a market with two firms. The following table shows the supply schedules of the two firms: the SS1 column gives the supply schedule of firm 1 and the SS2 column gives the supply schedule of firm 2. Compute the market supply schedule.
Price (Rs.) SS1 (units) SS2 (units) 0
1
2
3
4
5
60
0
0
1
2
3
40
0
0
1
2
3
4 - Q:-
What do you mean by an ‘inferior good’? Give some examples
- Q:-
What is budget line?
- Q:-
What is the supply curve of a firm in the short run?
- Q:-
Suppose the price at which the equilibrium is attained in exercise 5 is above the minimum average cost of the firms constituting the market. Now if we allow for free entry and exit of firms, how will the market price adjust to it?
- Q:-
Suppose there are two consumers in the market for a good and their demand functions are as follows:
d1(p) = 20 – p for any price less than or equal to 20, and d1(p) = 0 at any price greater than 20.
d2(p) = 30 – 2p for any price less than or equal to 15 and d1(p) = 0 at any price greater than 15.
Find out the market demand function.
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