Explain briefly the concept of equilibrium. - Vidyadip

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Explain briefly the concept of equilibrium.

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Read the following case study carefully and answer the questions 1-2 on the basis of the same:
The production function is a mathematical expression which relates the quantity of factor inputs to the quantity of outputs that result. The short run production function is defined in economics as a period of time where at least one factor of production is assumed to be fixed. The analysis of short run production sets the stage to better understand the supply-side of the market. How producers respond to price depends, in part, on their ability to combine inputs to produce output. This ability is guided by the law of diminishing marginal returns, which states that the productivity of a variable input declines as more is added to a fixed input. If productivity declines, then more of the variable input is needed as the quantity produced increases. This results in an increase in production cost, which means producers need to receive a higher price.
- Bashir, Furrukh and others, Estimation of Short Run Production Function:
A Case Study of Shakarganj Mills Limited, 2011
1. Spell out the basic difference between the 'law of variable proportions', and 'returns to scale'.
2. (i) Increasing returns to a factor are indicated whenever there it true? is increase in total product. Is
(ii) Diminishing returns to a factor must lead to a fall in marginal product as well as total product. Is it true?

Calculate arithmetic mean from the following data:

x	f
Less than 10	5
Less than 20	15
Less than 30	55
Less than 40	75
Less than 50	100

Calculate arithmetic mean from the following data:

X	f
Less than 10	5
Less than 20	15
Less than 30	55
Less than 40	75
Less than 50	100

Read the following text carefully and answer the questions 1-2 on the basis of the same:
A firm produces and sells a certain amount of a good. The firm's profit is defined to be the difference between its total revenue (TR) and its total cost of production (TC). Profits are the difference between total revenue and total cost. Both total revenue and total cost increase as output increases. The gap between TR and TC is the firm's earnings net of costs. A firm wishes to maximise its profit. The firm would like to identify the quantity qo at which its profits are maximum. By definition, then, at any quantity other than qo, the firm's profits are less than at q. As long as the change in total revenue is greater than the change in total cost, profits will continue to increase.
-NCERT, 2022-23
1. Define producer's equilibrium. State the conditions of producer's equilibrium for a competitive firm.
2. Will a firm continue to produce even if it is incurring losses under perfect competition? Do you agree?

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Calculate TVC and AVC with the help of the following data:

Output (Units)	1	2	3
MC (₹)	20	16	12

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List some variables where accurate measurement is difficult.

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