Date : 28.5.2020
We now shift our focus to the third topic for the day (Producer's Equilibrium)
Before getting to the topic it is very important to understand that this chapter deals with determination of a level of output , which yields the maximum profit.
Profit: Profit refers to the excess of reciepts from the sale of goods over the expenditure incurred on producing them.
Producer's Equilibrium: Producer's Equilibrium refers to that price and output combination which brings maximum profit to the Producer and Profit as more is produced.
In class 12 we will be studying the Marginal Revenue and Marginal Cost Approach(MR-MC Approach)
The conditions needed for the Approach are
We now shift our focus to the third topic for the day (Producer's Equilibrium)
Before getting to the topic it is very important to understand that this chapter deals with determination of a level of output , which yields the maximum profit.
Profit: Profit refers to the excess of reciepts from the sale of goods over the expenditure incurred on producing them.
Producer's Equilibrium: Producer's Equilibrium refers to that price and output combination which brings maximum profit to the Producer and Profit as more is produced.
In class 12 we will be studying the Marginal Revenue and Marginal Cost Approach(MR-MC Approach)
The conditions needed for the Approach are
- MR=MC
- MC is greater than MR after MC=MR output level
Producer's Equilibrium ( when Price remains constant)
Please go through the video link well to understand the topic better
https://www.youtube.com/watch?v=_2-XKkVFEls&t=717s
https://www.youtube.com/watch?v=wCead9i8XIs
https://www.youtube.com/watch?v=_2-XKkVFEls&t=717s
https://www.youtube.com/watch?v=wCead9i8XIs
GOOD EVENING SIR KEVIN SUNIL PAPPAN 11B
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