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Class 12 Economics (Introductory Microeconomics) Chapter 3: Production and Costs introduces students to the concepts of production and the costs associated with it in the short and long run. The chapter explains the production function, total product (TP), marginal product (MP), and average product (AP), and explores the law of variable proportions.
Class 12 Economics (Introductory Microeconomics) Chapter 3: Production and Costs introduces students to the concepts of production and the costs associated with it in the short and long run. The chapter explains the production function, total product (TP), marginal product (MP), and average product (AP), and explores the law of variable proportions.
Class 12 Economics (Introductory Microeconomics) Chapter 4: The Theory of the Firm Under Perfect Competition explains how firms operate and make decisions in a perfectly competitive market. The chapter introduces the features of perfect competition, including a large number of buyers and sellers, homogeneous products, and free entry and exit.
Class 12 Economics (Introductory Microeconomics) Chapter 4: The Theory of the Firm Under Perfect Competition explains how firms operate and make decisions in a perfectly competitive market. The chapter introduces the features of perfect competition, including a large number of buyers and sellers, homogeneous products, and free entry and exit.
Class 12 Economics (Introductory Microeconomics) Chapter 5: Market Equilibrium explores how the forces of demand and supply interact to determine the equilibrium price and quantity in a perfectly competitive market.
Class 12 Economics (Introductory Microeconomics) Chapter 5: Market Equilibrium explores how the forces of demand and supply interact to determine the equilibrium price and quantity in a perfectly competitive market.
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