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Sandeep Garg Microeconomics Class 12 Solutions Chapter 9

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Sandeep Garg Microeconomics Class 12 Solutions Chapter 9

Class 12 Microeconomics Sandeep Garg Solutions Chapter 9 – Supply

Students are provided with the concept of supply to understand it in detail and perform better during their examination. Sandeep Garg class 12 microeconomics solutions chapter 9 supply has a premium quality study material for the students that helps them to make sound preparation. Supply refers to the desired quantity of commodities that producers wish to sell. Class 12 microeconomics Sandeep Garg solution chapter explains that supply is related to the price and the time. This readymade guide of class 12 microeconomics solutions chapter 9 Sandeep Garg is a great resource to be followed for preparing notes and revision at the time of examination.

Supply in economics means the quantity of commodity or service which can offer a sale and is willing to produce at a particular price in a given time frame. We get to know that supply depends upon factors like price and time. The higher the price, the more will be the quantity of commodity or service supplied by the producer, and lower the price, the less will be quantity supplied. This implies that there is a direct and positive relationship between price and quantity.

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Sandeep Garg Microeconomics Class 12 Solutions Chapter 9 – Supply

The Class 12 Sandeep Garg Solutions Supply Has the Following Important Points

Supply is mainly justified with the reference to price. It means as the price of the commodity will change the supply will also change.
Supply is a flow variable like the demand. It means the amount or quantity the producers are willing to sell during a specified time like per week, per month, per year, etc.

What is the Law of Supply?

Class 12 Sandeep Garg solutions supply explains the concept of the law of supply. It states that other things remaining the same, the quantity of any commodity or service a firm will produce and offer for sale will increase with an increase in price and decrease with a decrease in price. The other things that remain the same, refers to the factors that affect the market price of the commodity. The goal of the firm, price of the related commodity, input prices, the technology of productions and others. These factors are assumed to remain constant. This assumption is the base for the law of supply.

What is the Price Elasticity of Supply?

In the law of supply we know in which direction the supply will change in response to the change in price. However, it doesn’t reveal the magnitude of change in supply. The price elasticity provides us with information with the magnitude of change in supply with a change in price. The Sandeep Garg class 12 microeconomics solutions chapter 9 state the importance of elasticity of supply.

The price elasticity of supply measures the degree of responsiveness of the quantity supplied of a commodity to the change in its price.

Es =Proportionate change in amount supplied/ Proportional change in price/price

Definition of the Term Market Supply Schedule

The market supply schedule (MSS) of a good refers to a tabular system that shows various quantities of a commodity that all the firms are willing to supply at various levels of price during a specified time period, assuming that all factors other than the price of the commodity are given. The microeconomics class 12 chapter 9 Sandeep Garg explains that market supply schedule is a summation of all the individual supply schedules.

Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply is one of the study materials that will help you learn more about Chapter 9 while also providing you with solutions to the questions you are looking for.

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Did You Know?

FAQs on Sandeep Garg Microeconomics Class 12 Solutions Chapter 9

1. What is the long-run supply curve of a firm and industry?

Class 12 microeconomics Sandeep Garg solution chapter 9 states that a long-run supply curve of a perfectly competitive industry indicates different quantities are produced at different prices. In the long-run is a period when the firms can build new plants and close down the old plants. This is the reason why the price is always equal to both the marginal cost and the minimum average cost. Price =LMC =LAC. However, with the entry and exit of the firms, the cost of productive resources gets influenced which brings about a shift in the cost curves of every firm. Depending upon the law of returns under which a particular industry performs the long-run supply curve can be different like upward sloping, downward sloping or completely horizontal.

2. How prices of other commodities affect supply?

The supply of commodities also depends on the price of the related goods which are related and substitute goods. The producers generally tend to shift the production from one commodity to the production of another commodity. If the price of the substitute goods is rising, when the price of the commodity in the question remains constant, the producer might find it more profitable to produce and sell other commodities. This means the supply of the commodity under question will fall. Supply class 12 microeconomics Sandeep Garg gives an example- a farmer can grow different vegetables in his land. If the price of carrots is rising, he will find it profitable to grow carrots and supply more carrots at the cost of another vegetable.

3. Why is learning Microeconomics important?

Microeconomics is considered to be a narrow, resource-centric application of what is sometimes called Decision Therapy. There are two perspectives while studying Microeconomics:

What decision should be made by a person?
What decisions do people make and why do they do so?

Every day multiple times a day people tend to make a decision and it is quite normal. Right from the time, you wake up to the time you go back to bed and the decision-making process is an inevitable part of life. It may seem like it is just part of life but microeconomics provides a general framework for investigating and answering these general questions daily.

4. How will Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply help score better for competitive exams?

It is not dependent on the book or the solutions that you are referring to, to get the best marks. It is based on how much you have worked hard on and how much you aim to score that will decide on whether you can actually score better or not. Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply is just a handy tool that allows students to take a look at easy matter extracted from the hard matter. Based on how you work hard with this easy matter it will be possible to score better on your exams. These solutions are available for free to download both on the website of Vedantu and its mobile application.

5. What are the key aspects of Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply that makes it one of the best solutions to refer to?

There are some main key aspects that make Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply one of the best solutions to refer to and can be given as follows:

Unlike other books, Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply mainly looks after whether the student will understand the written matter or not.
The Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply gives a pointwise answer that makes it easier to read
Provides related questions for practice that allows the students to know how to solve any other question that is related to the matter, be it from the textbook or not.
Sandeep Garg Microeconomics Class 12 Solutions Chapter 9: Supply has previous years’ papers that will give them an insight about the question that you can expect the following year and what are the trends that are constant.

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