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# PRODUCERS EQUILIBRIUM

Economics For XII

Instructed by Vipin Ahuja
Validity: 120 days
Free

Published    01-Feb-2017      Bilingual

Producer’s Equilibrium is from Unit-3 Producer’s Behaviour and Supply. In this topic you will study: Production Behaviour- Short run and long run; Total Product, Marginal Product and Marginal Product; Returns to a factor; Cost and Revenue- Short run cost, total cost, total fixed cost, total variable cost, and marginal cost meaning and their relationship, Producer’s Equilibrium- meaning and its conditions in terms of marginal revenue- marginal cost; Supply, Market supply, Determinants of supply, supply schedule, supply curve and its slope, movement along and shifts in supply curve, price elasticity of supply, Measurement of price elasticity of supply- (a) Percentage Method . (b) Geometric Method. Economics is introduces as a main subject with the following objectives: To familiarize students with the basic economic concepts and development of economic reasoning in the day to day life as a citizen,worker, consumer.

Section 1: PRODUCER EQUIIBRIUM (Producer Equilibrium is for 6 marks with theory and numericals. In this session you will discuss the following: Definition and Meaning, Concept( Conditions of consumer equilibrium), Numericals. You will learn the complete lesson of producer Equilibrium with definitions and graphs. You will solve problems on your own and will learn to analyse the graph)
Lecture 1 Producers Equilibrium (Producer Equilibrium is for 6 marks with theory and numericals. In this session you will discuss the following: Definition and Meaning, Concept( Conditions of consumer equilibrium), Numericals. Producer is a person involved in the process of production of goods and services. Equilibrium is defined as a position from where we are not willing to change or State of rest position.If we talk about Producer Equilibrium, a producer is said to be in equilibrium when he maximise his profit. With minimum cost. That level of output, where one is getting maximum profit with min cost. You will further learn Conditions of Producer’s Equilibrium through MR and MC approach and TR( Total Revenue) and TC( Total Revenue) approach. MR( Marginal Revenue) and MC( Marginal Cost) approach is further classified : Price Change and Price Constant. In the Price constant case the following conditions must satisfy: 1) MR = MC 2) MC cut MR from below i.e., M must be rising after MR is cut. You will acquaint the above with the numericals, definitions and graphs. In the case Price is not constant there are two conditions to be fulfilled: 1) MR= MC 2) MC cuts MR from below, MC must be rising.)

#### Vipin Ahuja

 Phone: 98********51 Email: vip********@gmail.com Address: Institute:

Hello friends, I am Vipin Ahuja.I am a faculty of Economics. I will provide you my full lectures with proper notes on study Khazana.

##### Qualification

B.Com(H),M.Com,MBA,Net, B.Ed

##### Biography

10 years of Experience