NCERT Solutions for Class 12 Micro Economics

Class 12 is one of the most important years of a student’s life. It decides the basis of the future for the student. Scoring good marks in Class 12 is of utmost importance as a student’s higher education depends on this. Also, the subjects selected by the students are also decided by the end of Class 12. It is basically a stepping stone for the future of all students.

Coming to the subjects of Class 12, NCERT provides a few options for elective subjects. One such subject is Economics. Economics is basically a systematic study of the production and distribution of products and their services. This also includes the consumption of goods and services. This helps in understanding and learning from the past and applying the trends to the future of the institutions.

The two main branches of economics are micro and macroeconomics. Microeconomics is the branch of economics that deals with the specific study of economics at the level of small firms, households, and individuals. It specialises in allocating funds and resources. For example, students will learn how a company can maximize its production so as to minimize its prices. This would make it a better competition in the market.

The subject is a new one for students; hence it requires a good amount of effort to understand while reading and learning the subject. It is important that the students are firm with the basics. Many important aspects are taught in classes 11 and 12 which would be required even in college studies. 

Let’s address the elephant in the room; ‘Economics’!!! If you are one of those who can be friends with your Economics or you are doing last-minute preparation and still want to score good marks, then you are in the right place. NCERT Solutions provide very handy learning material that is easy to understand and learn from as it highlights important topics and explains the concepts through detailed explanations, examples, and diagrams in a systematic manner.

You can download NCERT Syllabus for Class 12 Economics PDF for your board exams as well as for other competitive exams but remember practice is key to your success.

NCERT Solutions Class 12 Economics: Microeconomics - Free PDF Download

In order to have a better understanding of the subject, download the NCERT Microeconomics Class 12 PDF, which will give you detailed solutions for all six chapters of this subject with the help of diagrams and graphs. These solutions are based on the latest syllabus, and practising them can help you score good marks in the exam. The content writers for Microeconomics Class 12 NCERT solutions are experts in these fields so that you can rely on these solutions.

NCERT Solutions For Class 12 Microeconomics Chapters

NCERT Economics Class 12 Microeconomics contains all the answers to the questions given inside the chapter as well as in the exercises. All the content and information given in the PDF of NCERT solutions Class 12 Microeconomics is authentic and explained most simply so that even an average student can understand it easily.

There are a total of six chapters in the syllabus for microeconomics.

Here are More Details of the Chapters in Microeconomics

  • Chapter 1 - Introduction

  • Chapter 2 - Theory of Consumer Behaviour

  • Chapter 3 - Production and Cost

  • Chapter 4 - The Theory of The Firm Under Perfect Competition

  • Chapter 5 - Market Equilibrium

  • Chapter 6 - Non Competitive Markets

Here is an overview of the chapters that are a part of Microeconomics:

  1. Chapter 1: Introduction:

This chapter deals with the meaning of produce, what to produce, how to produce and for whom. It also distinguishes between the meanings of micro and macroeconomics.

  1. Chapter 2:  Theory of Consumer Behaviour:

The chapter covers some important topics like utility and marginal utility. It includes many numerical problems, which are also solved stepwise.

  1. Chapter 3: Production and Cost:

This chapter deals with the concept of production and production function, products of input, the relationships between the different products of input, cost, and proportions.

  1. Chapter 4: The Theory of Firm Under Perfect Competition:

This chapter talks about what perfect competition means, what a price line is, large numbers of sellers and buyers, homogenous products, entry and exit and apt mobility.

  1. Chapter 5: Market Equilibrium:

The chapter mainly talks about market equilibrium, quality and price as well.

  1. Chapter 6: Non-Competitive Markets:

The chapter talks about what a market is, monopoly and oligopoly.

These key points are very useful for revision purposes as they cover all of the important topics in the chapter 3 business environment.

In order to understand these chapters in detail, download the free PDF of NCERT solutions Class 12 Microeconomics. This will help you to understand all the concepts and key points in an organized step-by-step manner which will help you to recall all the answers in the examination correctly.

NCERT Solutions For Class 12 Microeconomics Chapter-Wise Marks Weightage

Microeconomics is Divided into Four Units -

  • Unit 1- Introduction (4 marks)

  • Unit 2- Consumer Behaviour and Demand (13 marks)

  • Unit 3- Producer Behaviour and Supply (13 marks)

  • Unit 4- Forms of Market and Price Determination (10 marks)

Below are a Few Important Topics from Class 12 Microeconomics.

  • Introduction to Economics.

  • Consumer Equilibrium.

  • Production.

  • Demand.

  • The elasticity of demand.

  • Supply.

  • Cost.

  • Revenue.

  • Producer Equilibrium.

  • Perfect Competition.

  • Non-Competitive Market

  • Market Equilibrium with Simple Applications.

These key points are very useful for revision purposes as they cover all of the important topics in the subject. As graphical representations, numerical and diagrams are important aspects of Microeconomics. Therefore, along with subjective answers, a lot of graphs and numerical based questions are also given in NCERT solution PDF for a better understanding of the subject Microeconomics for Class 12.

Why are NCERT Solutions for Class 12 Important?

  • NCERT solutions focus on fundamentals to help students with basic concepts in a systematic manner. 

  • The summaries of concepts and notes can be very useful for the last minute preparations.

  • NCERT Economics Class 12 Microeconomics Solutions provide detailed step-by-step explanations and help students to solve doubts by giving them proper guidance throughout the process. 

  • Questions keep repeating in the Board exams from this subject, for which preparing from these study materials makes students score better. 

  • Practising a variety of questions from NCERT solutions and referring to sampled solved questions can help you to get a hang of twisted questions as well.

  • The subject is new, and students need to get used to the topic and methodology of the study. This is where the solutions play a huge role as the students can understand the way of answering questions for the subject.

  • NCERT Economics Class 12 Microeconomics can be tricky, especially since there are many numerical problems to solve as well. Students might require extra assistance to get a strong foundation in the subject.

  • CoolGyan’s NCERT Solutions for Class 12 Microeconomics are available free of cost for all students on the website. One can access it at any time, from any internet-connected device.

  • These NCERT Economics Class 12 Microeconomics Solutions can also be downloaded on the device for offline use in the form of a PDF file, making it extremely user-friendly.

Thus in CoolGyan, we commit boundless help, resources and guidance for the students. All these solution books provided by us act as a reference book for a student which further helps them to study in an effective manner. Revisions are made easy, and answers are simplified.

Download the solutions today and make the most of them as soon as possible. You can also find answers for other subjects for Class 12 NCERT. Head straight to the CoolGyan website to begin your journey towards easy and efficient learning. Happy learning!

FAQs (Frequently Asked Questions)

1. What is the Law of Variable Proportions? 

The Law of Variable Proportions is also popularly known as the Law of Diminishing Returns.

According to this law, when one of the inputs involved in the production is changed while keeping the other inputs constant, there will be a point after which the output per unit of that particular input will start to decrease. 

This law is theorized under certain assumptions.

i) The technology should remain the same.

ii) Some inputs should be kept constant

iii) The possibility that the factors of production can be changed within a short period.

2. What are the Characteristics of a Perfectly Competitive Market? 

A perfectly competitive market exhibits the following characteristics.

i) Every category has many sellers and buyers.

ii) All companies have access to the market without any transport costs.

iii) Multiple choices for similar products.

iv) All the products are homogeneous. It means as every product has the same properties, a uniform price can be achieved.

v) There is no price control and the producers can set the prices as per the market demands and supply chains that are available.

vii) Sellers or buyers are well-informed and are free to make decisions based on their knowledge of the market.

3. Which is the first chapter of Economics class 12?

Macroeconomics is the first chapter in this course. It provides an outline of our current economic situation. It goes over the basics of macroeconomics, including the introduction, emergence, and several other related ideas. To summarise, this chapter will cover subjects such as GDP, unemployment rate, price indices, consumption, inflation, savings, investment, international commerce, international finances, and a variety of other topics.

4. How many chapters are there in economy class 12?

To study economics, you need more practical knowledge. There are 6 chapters in class 12th economics. 

  • Chapter 1 - Introduction to Macroeconomics.

  • Chapter 2 - National Income Accounting.

  • Chapter 3 - Money and Banking.

  • Chapter 4 - Determination of Income and Employment.

  • Chapter 5 - Government Budget and the Economy.

  • Chapter 6 - Open-Economy Macroeconomics.

You can find solutions for all these chapters on CoolGyan. These solutions are written by subject matter experts in easy to understand language. All the solutions are available free of cost. Students just need to download the solutions and save them on their computers.

5. What do you mean by Macroeconomics class 12?

Macroeconomics is an economics discipline that studies an economy's general behaviour, structure, performance, and decision-making. CoolGyan offers a dedicated staff of experts that are always available to assist students with their studies. To meet the needs of students, skilled teachers with years of expertise have created these Class 12 Chapter 1 Macroeconomics Solutions using the current NCERT standards.

6. What does class 12 Microeconomics Chapter 2 Solutions revolve around?

CBSE Class 12 Microeconomics Chapter 2 Solutions revolves around the most important parts of economics that a student should understand. Beginners may find these subjects perplexing in many cases. And it is at this point that NCERT solutions can help to make the learning process easier and more clear. Without a doubt, the study resources given here may help a student gain a thorough understanding of the subject.

7. What does CoolGyan offer for class 12 Microeconomics?

All of the answers to the questions in the chapter as well as the exercises are included in the NCERT Solutions for Class 12 Microeconomics. All of the content and information in the PDF of NCERT answers Class 12 Microeconomics is accurate and described in such a way that even the most inexperienced learner can grasp it. So, download NCERT Solutions for class 12 Microeconomics and get ready to score great marks.