Open App

UPSC Exam > UPSC Videos > NCERT Video Summary: Class 6 to Class 12 (English) > Introduction to Microeconomics: Production & Costs

Introduction to Microeconomics: Production & Costs Video Lecture | NCERT Video Summary: Class 6 to Class 12 (English) - UPSC

FAQs on Introduction to Microeconomics: Production & Costs Video Lecture - NCERT Video Summary: Class 6 to Class 12 (English) - UPSC

1. What is microeconomics and why is it important for the UPSC exam?

Microeconomics is a branch of economics that focuses on the behavior of individual units such as households, firms, and industries. It analyzes how these units make decisions regarding the allocation of limited resources to satisfy their needs and wants. Microeconomics is important for the UPSC exam because it helps in understanding the functioning of markets, the behavior of consumers and producers, and the factors that influence production and costs.

2. What is the concept of production in microeconomics?

In microeconomics, production refers to the process of transforming inputs, such as labor, capital, and raw materials, into output. It involves the creation or addition of value to goods or services. Production can take place in different forms, such as manufacturing, agriculture, or services. The goal of production is to maximize output while minimizing costs.

3. What are fixed costs and variable costs in microeconomics?

Fixed costs are expenses that do not vary with the level of output. These costs remain constant regardless of the quantity produced. Examples of fixed costs include rent, salaries, and insurance. On the other hand, variable costs are expenses that change with the level of output. They increase as production increases and decrease as production decreases. Examples of variable costs include raw materials, direct labor, and utilities.

4. How is total cost calculated in microeconomics?

Total cost in microeconomics is the sum of fixed costs and variable costs. It represents the overall expenses incurred in the production process. To calculate total cost, you add up all the fixed costs and variable costs associated with a particular level of production. It is important to consider both fixed and variable costs to get a comprehensive understanding of the total cost involved in producing a good or service.

5. What is the relationship between production and costs in microeconomics?

In microeconomics, there is a direct relationship between production and costs. As the level of production increases, costs also tend to increase. This is because producing more output typically requires more inputs, such as labor and raw materials, which increase costs. However, as production increases, there may also be economies of scale, which lead to lower average costs. This occurs when the cost per unit of output decreases as the scale of production increases.

About this Video

4.70/5 Rating

Sep 09, 2025 Last updated

Related Exams

UPSC

Video Description: Introduction to Microeconomics: Production & Costs for UPSC 2025 is part of NCERT Video Summary: Class 6 to Class 12 (English) preparation. The notes and questions for Introduction to Microeconomics: Production & Costs have been prepared according to the UPSC exam syllabus. Information about Introduction to Microeconomics: Production & Costs covers all important topics for UPSC 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Introduction to Microeconomics: Production & Costs.

Introduction of Introduction to Microeconomics: Production & Costs in English is available as part of our NCERT Video Summary: Class 6 to Class 12 (English) for UPSC & Introduction to Microeconomics: Production & Costs in Hindi for NCERT Video Summary: Class 6 to Class 12 (English) course. Download more important topics related with notes, lectures and mock test series for UPSC Exam by signing up for free.

Description

Video Lecture & Questions for Introduction to Microeconomics: Production & Costs Video Lecture | NCERT Video Summary: Class 6 to Class 12 (English) - UPSC - UPSC full syllabus preparation | Free video for UPSC exam to prepare for NCERT Video Summary: Class 6 to Class 12 (English).

Information about Introduction to Microeconomics: Production & Costs

Here you can find the meaning of Introduction to Microeconomics: Production & Costs defined & explained in the simplest way possible. Besides explaining types of Introduction to Microeconomics: Production & Costs theory, EduRev gives you an ample number of questions to practice Introduction to Microeconomics: Production & Costs tests, examples and also practice UPSC tests.

	NCERT Video Summary: Class 6 to Class 12 (English) 493 videos\|387 docs

NCERT Video Summary: Class 6 to Class 12 (English)

493 videos|387 docs

Join Course for Free

Explore Courses for UPSC exam

Important questions

Summary

video lectures

Introduction to Microeconomics: Production & Costs Video Lecture | NCERT Video Summary: Class 6 to Class 12 (English) - UPSC

practice quizzes

ppt

Viva Questions

Introduction to Microeconomics: Production & Costs Video Lecture | NCERT Video Summary: Class 6 to Class 12 (English) - UPSC

Objective type Questions

pdf

Previous Year Questions with Solutions

Free

study material

Sample Paper

MCQs

past year papers

mock tests for examination

Semester Notes

shortcuts and tricks

Extra Questions

Exam

;

Study Introduction to Microeconomics: Production & Costs on the App

Students of UPSC can study Introduction to Microeconomics: Production & Costs alongwith tests & analysis from the EduRev app, which will help them while preparing for their exam. Apart from the Introduction to Microeconomics: Production & Costs, students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc. The EduRev App will make your learning easier as you can access it from anywhere you want. The content of Introduction to Microeconomics: Production & Costs is prepared as per the latest UPSC syllabus.

Education Revolution