What is Returns to Scale? Definition, Assumption, Types
What is Returns to Scale? Returns to scale imply the behavior of output when all the factor inputs are changed in the same proportion given the same technology. In other…
Producer Equilibrium & Expansion Path
Producer equilibrium implies a situation in which a producer maximises his/her profits.
Isoquant Curve: Definition, Properties, Types, Assumptions
Isoquant Curve: A technical relation that shows how inputs are converted into output is depicted by an isoquant curve.
Law of Diminishing Returns: Definition, Example, Importance
As the proportion of one factor in a combination of factors is increased, after a point, first the marginal and then the average product of that factor will diminish.
Production in the Short Run
The short run refers to a time period in which the supply of the inputs, such as plant and machinery is fixed. Only the variable inputs, such as labour and…
Types of Production Functions: Cobb Douglas, Leontief, CES
Types of Production Functions: 1. Cobb Douglas, 2. Leontief 3. Constant elasticity substitution (CES) production function.
What is Production Function? Formula, Uses, Assumption
Production Function definition, meaning, uses, assumptions, limitations
Production function can be defined as a technological relationship between the physical inputs and physical output of the organisation.
What is a Production Possibility Curve? Definition, Example, Formula
Production Possibility Curve (PPC) is a curve that shows the alternative combinations of two goods and services by using all the available factor resources, efficiently.
What is Production in Economics? Concept, Factor, Importance
In economics, Production is a process of transforming tangible and intangible inputs into goods or services.
Criteria for Good Demand Forecasting
Criteria for Good Demand Forecasting are: 1. Accuracy 2. Timeliness 3. Affordability 4. Ease of interpretation
