NCERT Class 12 Microeconomics Chapter 3: Production & Costs (Examrace) | English CUET Economics

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Dr. Manishika in this session explains NCERT Class 12 Microeconomics Chapter 3: Production & Costs
Production is the process by which inputs are transformed into ‘output’. Production is carried out by producers or firms. A firm acquires different inputs like labor, machines, land, raw materials etc. It uses these inputs to produce output.
Production is instantaneous: in our very simple model of production, no time elapses between the combination of the inputs and the production of the output.
Price for input = Cost of production
Inputs of firm = production faactors
Output sold in market = revenue
Profit = revenue – cost (aim is maximize profit)

Production Function
Production function of a firm is a relationship between inputs used and output produced by the firm. For various quantities of inputs used, it gives the maximum quantity of output that can be produced.
Example, to produce (q) wheat – requires land (hectares as K) and labor (hours of work done as L)


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Behavior of Consumer @0:15
Production @2:12
Price of Input @4:58
Inputs of Firm @5:09
Output Sold in Market @5:19
Maximization of Profit @6:26
Types of Production @6:46
Production Function @7:45
Isoquants @10:31
Marginal Utility @12:36
Production Function @16:15
Variable Cost @16:53
Fixed Factor @17:04
Short Term Production Function @17:26
Total Production, Average Production & Marginal Production @18:22
Law of Diminishing Marginal Productivity @21:11
Returns to Scale @24:18
Cobb-Douglas Production Function @25:59
Assumption of Returns to Scale @27:11
Cost @27:44
Long Run Costs & Short Run Costs @28:26
Short Run Marginal Cost @30:18
Short Run Cost @30:47
Long Run Costs @33:41
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