Advertisements
Chapters
1: Microeconomics and Macroeconomics: Introduction
2: Demand and Law of Demand
3: Theory of Consumer Behaviour: Marginal Utility and Indifference Curve Analysis
4: Elasticity of Demand
5: Supply - Law of Supply and Price Elasticity of Supply
6: Market Mechanism: Equilibrium Price and Quantity in a Competitive Market
7: Laws of Returns - Returns to a Factor and Returns to Scale
8: Cost and Revenue Analysis
9: Forms of Market
▶ 10: Producer's Equilibrium
11: Determination of Equilibrium Price and Output Under Perfect Competition
SECTION 2: THEORY OF INCOME AND EMPLOYMENT
12: Theory of Income and Employment
SECTION 3: MONEY AND BANKING
13: Money: Meaning and Functions
14: Banks: Commercial Bank and Central Bank
SECTION 4: BALANCE OF PAYMENTS AND EXCHANGE RATE
15: Balance of Payments and Exchange Rate
SECTION 5: PUBLIC FINANCE
16: Fiscal Policy
17: Government Budget
SECTION 6: NATIONAL INCOME
18: National Income and Circular Flow of Income
19: National Income Aggregates
20: Methods of Measuring National Income
SECTION 7: PROJECT WORK
21: Project Work
22: Model Short Answer Questions
![Frank solutions for Economics [English] Class 12 ISC chapter 10 - Producer's Equilibrium - Shaalaa.com](/images/economics-english-class-12-isc_6:872f47036b5c4267ae061d4279703803.jpg "Frank solutions for Economics [English] Class 12 ISC chapter 10 - Producer's Equilibrium")
Advertisements
Solutions for Chapter 10: Producer's Equilibrium
Below listed, you can find solutions for Chapter 10 of CISCE Frank for Economics [English] Class 12 ISC.
Frank solutions for Economics [English] Class 12 ISC 10 Producer's Equilibrium TEST YOURSELF QUESTIONS [Pages 204 - 205]
Select the correct option for each of the following questions: (1 mark each)
In terms of total revenue and total cost approach, equilibrium of the firm is at that level of output ______.
where difference between TR and TC is maximum
where the slop of TR curve and TC is the same
where total profit is maximum
all of these
In terms of MR and MC approach, the condition for profit maximisation is ______.
where MC =MR
where MC curve cuts the marginal revenue from above
MC curve intersects the marginal revenue from below
none of these
Given below are two statements marked as Assertion (A) and Reason (R). Read the statements carefully and choose the correct option.
Assertion (A): The state of producer’s equilibrium reflects maximum profit.
Reason (R): MC = MR and marginal cost curve cuts the marginal revenue curve from below.
Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true, but Reason (R) is false.
Assertion (A) is false, but Reason (R) is true.
Very short Answer Questions. (2 marks each)
What is meant by a firm?
What is the main objective of a firm?
What is profit?
Define normal profits.
What is meant by abnormal (super-normal) profit?
What is meant by profit maximisation of a producer?
What do you mean by producer’s (firm’s) equilibrium?
Name the two approaches to equilibrium of a producer (firm).
What are the conditions for the producer’s equilibrium?
OR
What is the profit-maximising condition of a producer (firm)?
The break-even Point and the shutdown point are different. How?
Is it enough to say that profit is maximised when MC = MR?
Short Answer Questions. (3 marks each)
What do you mean by producer’s (firm’s) equilibrium?
State the equilibrium condition of a producer (firm).
Explain equilibrium of the producer (firm) using total revenue and total cost approach.
Long Answer Questions. (6 marks each)
Explain how a producer attains equilibrium using the TR and TC approach.
Show graphically that equilibrium of the producer (firm) is at the level of output where marginal cost equals marginal revenue.
How does a producer attain equilibrium (can maximise profits) under perfect competition through MR and MC approach?
Thinking Beyond...
What are the ‘first order’ and ‘second order’ conditions which must be satisfied for the profit to be maximum?
Solutions for 10: Producer's Equilibrium
Frank solutions for Economics [English] Class 12 ISC chapter 10 - Producer's Equilibrium
Shaalaa.com has the CISCE Mathematics Economics [English] Class 12 ISC CISCE solutions in a manner that help students grasp basic concepts better and faster. The detailed, step-by-step solutions will help you understand the concepts better and clarify any confusion. Frank solutions for Mathematics Economics [English] Class 12 ISC CISCE 10 (Producer's Equilibrium) include all questions with answers and detailed explanations. This will clear students' doubts about questions and improve their application skills while preparing for board exams.
Further, we at Shaalaa.com provide such solutions so students can prepare for written exams. Frank textbook solutions can be a core help for self-study and provide excellent self-help guidance for students.
Concepts covered in Economics [English] Class 12 ISC chapter 10 Producer's Equilibrium are Concept of Market, Market Structure, Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly, Monopsony, Demand Curves of Firms under Different Market Forms, Comparison between different forms of market, Factors Determining Market Forms, Duopoly, Bilateral Monopoly, Other Forms of Market, Factors Determining Market / Extent of Market, Features of Perfect Competition, Pure and Perfect Competition, Features of Monopoly, Features of Monopolistic Competition, Features of Oligopoly, Features of Monopsony, Characteristics of Duopoly, Firm : An Economic Entity, Profit Maximisation Objective, The Definition of Profits, Rules for Profit-Maximisation, Producer's (Firm's) Equilibrium: Total Revenue and Total Cost Approach, Producer's (Firm's) Equilibrium: Marginal Revenue and Marginal Cost Approach, Short-run Equilibrium, Long-run Equilibrium, Firm is a Price Taker, Not a Price Maker, Equilibrium of Industry, Difference Between Firm and Industry's Equilibrium, Meaning of a Producer, Producer's Equilibrium under Perfect Competition, Determination of Price and Equilibrium Under Monopoly, Monopoly Equilibrium and Laws of Costs, Price Discrimination or Discriminating Monopoly, Price and Output Discrimination Under Discriminating Monopoly, Measures of Monopoly Power, Nature of Demand and Cost Curves, Difference Between Imperfect Competition and Monopolistic Competition, Equilibrium Price and Output under Monopolistic Competition, Group Equilibrium in Monopolistic Competition, Product Differentiation, Selling Costs, Equilibrium with Selling Costs, Price and Output Under Oligopoly Indeterminate, Price and Output Determination under Oligopoly, Price Rigidity-Sweezy's Kinky Demand Curve Model or Equilibrium under Independent Action, Reasons for Price Stability, Cournot's Model, Collusive Oligopoly, Mergers.
Using Frank Economics [English] Class 12 ISC solutions Producer's Equilibrium exercise by students is an easy way to prepare for the exams, as they involve solutions arranged chapter-wise and also page-wise. The questions involved in Frank Solutions are essential questions that can be asked in the final exam. Maximum CISCE Economics [English] Class 12 ISC students prefer Frank Textbook Solutions to score more in exams.
Get the free view of Chapter 10, Producer's Equilibrium Economics [English] Class 12 ISC additional questions for Mathematics Economics [English] Class 12 ISC CISCE, and you can use Shaalaa.com to keep it handy for your exam preparation.
