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…
0 Comments
18 January 2021
Producer Equilibrium & Expansion Path
Producer equilibrium implies a situation in which a producer maximises his/her profits.
18 January 2021
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.
18 January 2021
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.
18 January 2021
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…
18 January 2021
Types of Production Functions: Cobb Douglas, Leontief, CES
Types of Production Functions: 1. Cobb Douglas, 2. Leontief 3. Constant elasticity substitution (CES) production function.
17 January 2021
What is Production Function? Formula, Uses, Assumption
Production function can be defined as a technological relationship between the physical inputs and physical output of the organisation.
17 January 2021
Production Function definition, meaning, uses, assumptions, limitations
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.
17 January 2021
What is Production in Economics? Concept, Factor, Importance
In economics, Production is a process of transforming tangible and intangible inputs into goods or services.
17 January 2021
Criteria for Good Demand Forecasting
Criteria for Good Demand Forecasting are: 1. Accuracy 2. Timeliness 3. Affordability 4. Ease of interpretation
17 January 2021
