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Producer Behaviour and Supply

ABOUT THE TOPIC:

  • Cost refers to the expenditure incurred by a producer (explicitly or implicitly) on the factor as well as non-factor inputs for a given amount of output of a commodity.
  • The amount of money, which the firm receives by the sale of its output in the market, is known as its revenue.
  • The expenses incurred by producer on the factors of production (factor inputs) for their productive services rendered is known as the cost of production (or the cost).
  • Producer’s equilibrium refers to a situation of “profit maximisation”. A producer strikes his equilibrium at that level of output where profit is maximised
  • Supply is that quantity of a commodity that a firm is able and willing to offer for sale at a given price during a given period of time. It refers to the entire schedule showing various quantities of the commodity offered for sale at different possible prices of that commodity. 
  • Elasticity of Supply (Es) It refers to the percentage change in supply for a commodity with respect to percentage change in any of the factors affecting supply for that commodity.

In the topic, student will be able to understand :

  • Meaning of total product, average product and marginal product
  • Production function
  • Cost and relationship of cost variables
  • Total revenue, average revenue and marginal revenue 
  • Producers equilibrium
  • Supply and market supply
  • Shift in supply curve and movement along same supply curve
  • Factors effecting supply
  • Supply schedule and supply curve, elasticity of supply
  • Factors affecting elasticity of supply
  • Numerical related to production, cost, revenue, producers equilibrium, supply and elasticity of supply

This topic is very important in the practical life

RESOURCES:

  1. OTU provides you the classes in best quality with attached E-book  containing all relevant theory, short notes, solved questions, self practice questions, diagrams, quiz and tests
  2. While making your own notes, do not forget to note down all the formulas and flowcharts which will be given in class by the teacher. These formulas and flowcharts will act like a backbone while revising the whole chapter.
  3. The classes cover explanations of all relevant concepts and practical examples from day to day life for deep understanding.
  4. Content of the class will cover the entire syllabus based on the guidelines issued by CBSE for class XI under 10 + 2 pattern of Senior School Certificate Examination.
  5. Also, do not avoid giving the test for this topic. This will help to assess your expertise level in the topic.

BY THE END OF THIS TOPIC:

The methodology used by Vidhi Budhiraja Mam is very friendly and layman based which brings conceptual clarity. Her notes will help you to revise the topic very comfortably. The student will be able to understand the topic comprehensively. He will be able to solve all type of numerical and theoretical questions very easily.

Vidhi Budhiraja is a renowned CBSE Economics teacher, with 17 years of teaching experience. She is Honoured with best teachers award and fab teachers award. Her unique teaching style has made many difficult topics and concept very easy to learn.
No students enrolled
No. of Classes6 Classes
Duration1.5 HR
Access TimeLife Time
LanguageHindi, English
ResourcesN/A
Exercises6 Quizzes
CertificateAvailable