Chapter 5 Production Function: Sandeep Garg Macroeconomics Class 12

Sandeep Garg Class 12 Microeconomics Solutions Chapter 5 Production Function is explained by the expert Economics teachers from the latest edition of Sandeep Garg Microeconomics Class 12 textbook solutions. We at BYJU’S provide Sandeep Garg economics class 12 Solutions to give comprehensive insight about the subject to the students.

These insights help as a priceless benefit to students while completing their homework or while studying for their exams. There are numerous concepts in economics, however, we at BYJU’S provide the students with the solution from Production Function, which will be useful for the students to score well in the board examinations.

Sandeep Garg Solutions Class 12 – Chapter 5 – Part A – Microeconomics

Question 1

Define Production Function.

Ans: Production Function is an expression of the technological relation between physical inputs and output of a good.

Question 2

How is Production Function symbolically represented?

Ans: \(_{O_{X}}=f \left ( _{i_{1}},_{i_{2}},_{i_{3}}……_{i_{n}} \right )\)

Question 3

Define Variable Factors.

Ans: Variable factors refer to those factors, which can be changed in the short run.

Question 4

What is the concept of Product?

Ans: Product or output refers to the volume of goods produced by a firm or an industry during a specified period of time.

Question 5

Define Law of Diminishing Returns.

Ans: Law of Diminishing Returns states that when more and more units of variable factors are employed with a fixed factor, then marginal product of the variable factor must fall.

Question 6

Identify the different phases of the Law of Variable Proportions from the following schedule. Give reasons for your answer.

Variable Inputs (Units) Total Physical Product (Units)
1 4
2 9
3 13
4 15
5 12

Solution:

Variable Input (Units) Total Physical Product or TPP (Units) Marginal Physical Product or MPP (Units)

\(_{MPP_{n}}=_{TPP_{n}}-_\, {TPP_{n-1}}\)

Phase
1

2

4

9

4

5

1st Phase (IRF)
3

4

13

15

4

2

2nd Phase (DRF)
5 12 -3 3rd Phase (NRF)

Question 7

Complete the following table.

Units of Labour (Units) Average Product (Units) Marginal Product (Units)
1 8
2 10
3 10
4 9
5 4
6 7

Solution:

Units of Labour

Variable Factor (VF)

TP (in Units)

\(TP=\sum MP\)

AP (in units)

AP=TP/VF

MP (in Units)
1 8 8 8
2 20 10 12
3 30 10 10
4 36 9 6
5 40 8 4
6 42 7 2

 

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