Theory Of Production
Theory Of Production
Law of returns to scale And Law of Variable Proportion
- The study of the change in output as a result of change in scale of production is known as...}
Theory Of Production
Concept of Total Product, Average Product and Marginal Product And Production Function
- Total Product refers to the total amount of commodity produce...}
Theory Of Production
Concept of Isoquant
- An isoquant is a locus representing different combinations of...}
Theory Of Production
Optimal Employment of Two Inputs
- A producer is said to be in equilibrium when he is hiring suc...}
Theory Of Production
Principle of Marginal Rate of Technical Substitution and Cobb-Douglas Production Function
- Marginal rate of technical substitution is the rate in which units of two inputs are...}