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Producer's Equilibrium

The document is a question paper for Grade XII Economics at Sophia High School for the academic year 2023-24, focusing on the topic of Producer's Equilibrium. It includes short answer questions worth 2 and 3 marks, as well as long answer questions worth 6 marks, covering concepts like abnormal profit, break-even point, and profit-maximizing conditions. Additionally, it contains true or false statements regarding producer equilibrium and marginal cost and revenue relationships.

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aanya2006.aa
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30 views1 page

Producer's Equilibrium

The document is a question paper for Grade XII Economics at Sophia High School for the academic year 2023-24, focusing on the topic of Producer's Equilibrium. It includes short answer questions worth 2 and 3 marks, as well as long answer questions worth 6 marks, covering concepts like abnormal profit, break-even point, and profit-maximizing conditions. Additionally, it contains true or false statements regarding producer equilibrium and marginal cost and revenue relationships.

Uploaded by

aanya2006.aa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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SOPHIA HIGH SCHOOL

GRADE XII (2023-24)

ECONOMICS

PRODUCER’S EQUILIBRIUM

SHORT ANSWERS 2 MARKS EACH


1. What is meant by abnormal (super-normal) profit? 2011
2. Distinguish between break-even point and shut-down point 2008
3. What is meant by break-even point? Draw a well labelled diagram to show the 2023
break-even point.
4. State the profit maximizing condition of a firm
SHORT ANSWERS 3 MARKS EACH

5. Explain how a producer attains equilibrium using the TR and TC Approach? 2014
6. Explain the short run equilibrium
LONG ANSWERS – 6 MARKS EACH

7. Explain how a producer attains equilibrium using the TR and TC Approach? 2018
8. Show graphically that profit is maximum where marginal cost equals marginal 2019
revenue.
9. How does a producer attain equilibrium (can maximise profits) under perfect 2013
competition through MR and MC approach 2015
2017
STATE WHETHER THE FOLLOWING STATEMENTS ARE TRUE OR
FALSE, GIVE REASONS.

10. At the state of producer’s equilibrium, MC Curve of the firm should be rising
11. To maximize profits, the only condition needed is equality between MC and MR
12. Excess of MR over MC is always better than equality between the two in order to
achieve the equilibrium for a producer.

Compiled by Arnavaz K Kapadia Page 1 of 1

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