b)From the given below information ,what will be the opportunity cost of employing resources
in a Use- 4
Available resources
Possible use of land along with Market value of
package of other inputs production
One hectare land and given Use 1–Production of Wheat Use 1 : 10,000
package of other inputs Use 2-Production of Rice Use 2: 8,000
Use 3— Production of Maize Use 3: 7,000
Use 4 -Production of sugarcane Use 4: * 12,000
Answers
Answer:
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NCERT Solutions for Class 12 Micro Economics Introduction to Economics
September 29, 2019 by Bhagya
NCERT Solutions for Class 12 Micro Economics Chapter-1 Introduction to Economics
NCERT TEXTBOOK QUESTIONS SOLVED
Question 1. Discuss the central problems of an economy. [4-6 Marks]
Answer: The three central problems of an economy are:
What to produce? [CBSE 2004C, 05, 06, 08, 08C, 09, 10; AI 2006, 10]
(a) What to produce refers to a problem in which decision regarding which goods and services should be produced is to be taken.
(b) Since its resources are limited, every economy has to decide what commodities are to be produced and in what quantities.
(c) ‘The guiding principle for an economy here is to allocate resources in such a way that gives maximum aggregate utility to the society.
How to produce?[CBSE 2014C, 2006, 08C, 10, AI 2001, 05, 08, 10, 11]
(a) How to produce refers to a problem in which decision regarding which technique of production should be used is made.
(b) Goods and services can be produced in two ways: by using labour intensive techniques, and by using capital-intensive techniques.