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 BYJUâ€™S provide Sandeep Garg economics class 12 Solutions to give comprehensive insight about the subject to the students.

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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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