Cheat sheet · Class 11 · CBSE · Commerce Economics
Microeconomics: Production and Costs cheat sheet
The whole chapter on one page: key formulas, facts and the points to remember, for quick revision before a test.
CBSE Class 11 · Economics
Cheat sheet
Chapter 10Microeconomics: Production and Costs
MP cuts AP at AP's maximum; MC cuts AVC and AC at their minimum.
1. Production
- Law of variable proportions: MP rises, falls, then becomes negative.
- Returns to scale (long run): increasing, constant, decreasing.
2. Costs
| Cost | Formula / shape |
|---|---|
| TC | TFC + TVC |
| AFC | TFC/Q — falls continuously (rectangular hyperbola) |
| AVC, AC | U-shaped |
| MC | — U-shaped |
AC = AFC + AVC. Gap between AC and AVC narrows as output rises.
3. Key Points
- Short run: some inputs fixed.
- Long run: all inputs variable.
- TP max when MP = 0.
- MC = ΔTVC/ΔQ too.
Remember: TP, AP, MP | variable proportions | cost curves
Microeconomics: Production and Costs: questions and notes
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