Explain the relationship between the mar | Class 12 Micro Economics Chapter Production and Costs, Production and Costs NCERT Solutions

Question:

Explain the relationship between the marginal products and the total product of an input. 

Answer:

 

Relationship between marginal products (MP) and the total product (TP) can be represented graphically as

1) TP increases at an increasing rate till point K, when more and more units of labour are employed. The point K is known as the point of inflexion. At this point MP (second part of the figure) attains its maximum value at point U.

2) After point K, TP increases but at a decreasing rate. Simultaneously, MP starts falling after reaching its maximum level at point U.

3) When TP curve reaches its maximum and becomes constant at point B, MP becomes zero.

4) When TP starts falling after B, MP becomes negative.

5) MP is derived from TP by: TP MP= Or, MP = TPn-TPn-1


Study Tips for Answering NCERT Questions:

NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:

  • Read the question carefully and focus on the core concept being asked.
  • Reference examples and data from the chapter when answering questions about Production and Costs.
  • Review previous year question papers to get an idea of how such questions may be framed in exams.
  • Practice answering questions within the time limit to improve your speed and accuracy.
  • Discuss your answers with your teachers or peers to get feedback and improve your understanding.

Comments

Comment(s) on this Question

Welcome to the NCERT Solutions for Class 12 Micro Economics - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 5: Explain the relationship between the marginal products and the total product of an input. ....