Expert Economics teachers demonstrate Sandeep Garg Class 11 Microeconomics Solutions Chapter 5 Production Feature from the new edition of Sandeep Garg Microeconomics Class 11 textbook solutions. Sandeep Garg Economics Class 11 Solutions are provided by MNS EdTech to provide students with a detailed understanding of the subject.
These experiences provide students with a priceless advantage when it comes to completing homework or preparing for exams.
In this article, we will provide students with a solution from the Production Feature, which will help them perform well on their board exams.
Sandeep Garg Solutions Class 11 – Chapter 5 – Part B – Microeconomics
Question 1
Define production function.
Answer:
Production Function is an expression of the technological relation between physical inputs and output of a good.
Question 2
How is the production function represented symbolically?
Answer:OX=f(i1,i2,i3……in)
Question 3
Define variable factors.
Answer:
Variable factors refer to those factors, which can be changed in the short run.
Question 4
What is the concept of product?
Answer:
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 the law of diminishing returns.
Answer:
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 given 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)MPPn=TPPn−TPPn−1 | Phase |
| 12 | 49 | 45 | 1st Phase (IRF) |
| 34 | 1315 | 42 | 2nd Phase (IRF) |
| 5 | 12 | -3 | 3rd Phase (IRF) |
Question 7
Complete the following table:
| Units of labour | Average product (Units) | Marginal product (Units) |
| 1 | 8 | – |
| 2 | 10 | – |
| 3 | – | 10 |
| 4 | 9 | – |
| 5 | – | 4 |
| 6 | 7 | – |
Solution:
| Units of LabourVariable Factor (VF) | TP (in Units)TP=∑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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