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This document discusses the concept of elasticity of demand as introduced by Marshall. It defines elasticity of demand as the ratio of percentage change in quantity demanded to the percentage change in price. There are three types of elasticity: price, income, and cross elasticity. Factors that influence elasticity include the nature of the commodity, availability of substitutes, uses, ability to postpone demand, amount spent, time, and price range. Elasticity is important for price fixation, production, distribution, international trade, public finance, and nationalization decisions.
The document discusses the law of variable proportions, which examines how output changes when the quantity of one input (the variable factor) is increased while keeping other inputs fixed. It defines the law, lists its assumptions, and explains it using a tabular example of increasing a fixed amount of land with varying labor. Total product, marginal product, and average product are calculated at each stage. Graphically, there are three stages: increasing returns, diminishing returns, and negative returns. Causes of each stage are also provided, such as underutilization of fixed factors in the first stage and imperfect substitutability of factors in later stages.
This document discusses production functions and their key concepts. It defines a production function as expressing the relationship between physical inputs and physical output of a firm for a given technology. It describes factors of production as land, labor, capital and entrepreneurship. It also discusses the difference between short-run and long-run production functions, fixed and variable factors, laws of variable proportions and returns to scale.
This document discusses demand analysis and forecasting. It defines demand and the three elements of demand. It explains the law of demand and exceptions to the law. It discusses factors that affect increases and decreases in demand. It also covers types of demand, changes in demand, demand forecasting, and elasticity of demand and its types.
1) This document discusses various concepts related to production analysis including factors of production, production functions, laws of variable proportions, isoquants, marginal rate of technical substitution, and returns to scale.
2) The factors of production are land, labor, capital, and entrepreneurship. Production functions include fixed proportion, variable proportion, linear homogeneous, Cobb-Douglas, and constant elasticity of substitution.
3) The law of variable proportions explains how output increases at different rates as one variable input is increased while others stay fixed. Returns to scale refers to how output changes as all inputs change proportionately.
The marginal productivity theory of distribution Prabha Panth
The document discusses the neoclassical theory of distribution and the concept of factor payments. It addresses the "adding up" problem of whether total factor payments will equal total product. Wicksteed showed that under constant returns to scale and factors paid their marginal products, total revenue will equal total costs through Euler's theorem. However, this assumes a linear homogeneous production function. Later economists like Samuelson and Hicks found the condition is only met at the minimum point of the long-run average cost curve, where a firm has constant returns to scale.
The Law of Variable Proportions states that as the quantity of one variable input is increased while holding other inputs fixed, total product will initially rise at an increasing rate, then at a decreasing rate, and eventually at a negative rate. It operates in the short-run when some factors can vary and others are fixed. The law is demonstrated through a schedule that shows as labor is incrementally increased from 1 to 6 units, total product first increases, then increases at a lower rate, and eventually decreases, moving from phases of increasing, diminishing, and negative returns.
This document discusses the concept of elasticity of demand as introduced by Marshall. It defines elasticity of demand as the ratio of percentage change in quantity demanded to the percentage change in price. There are three types of elasticity: price, income, and cross elasticity. Factors that influence elasticity include the nature of the commodity, availability of substitutes, uses, ability to postpone demand, amount spent, time, and price range. Elasticity is important for price fixation, production, distribution, international trade, public finance, and nationalization decisions.
The document discusses the law of variable proportions, which examines how output changes when the quantity of one input (the variable factor) is increased while keeping other inputs fixed. It defines the law, lists its assumptions, and explains it using a tabular example of increasing a fixed amount of land with varying labor. Total product, marginal product, and average product are calculated at each stage. Graphically, there are three stages: increasing returns, diminishing returns, and negative returns. Causes of each stage are also provided, such as underutilization of fixed factors in the first stage and imperfect substitutability of factors in later stages.
This document discusses production functions and their key concepts. It defines a production function as expressing the relationship between physical inputs and physical output of a firm for a given technology. It describes factors of production as land, labor, capital and entrepreneurship. It also discusses the difference between short-run and long-run production functions, fixed and variable factors, laws of variable proportions and returns to scale.
This document discusses demand analysis and forecasting. It defines demand and the three elements of demand. It explains the law of demand and exceptions to the law. It discusses factors that affect increases and decreases in demand. It also covers types of demand, changes in demand, demand forecasting, and elasticity of demand and its types.
1) This document discusses various concepts related to production analysis including factors of production, production functions, laws of variable proportions, isoquants, marginal rate of technical substitution, and returns to scale.
2) The factors of production are land, labor, capital, and entrepreneurship. Production functions include fixed proportion, variable proportion, linear homogeneous, Cobb-Douglas, and constant elasticity of substitution.
3) The law of variable proportions explains how output increases at different rates as one variable input is increased while others stay fixed. Returns to scale refers to how output changes as all inputs change proportionately.
The marginal productivity theory of distribution Prabha Panth
The document discusses the neoclassical theory of distribution and the concept of factor payments. It addresses the "adding up" problem of whether total factor payments will equal total product. Wicksteed showed that under constant returns to scale and factors paid their marginal products, total revenue will equal total costs through Euler's theorem. However, this assumes a linear homogeneous production function. Later economists like Samuelson and Hicks found the condition is only met at the minimum point of the long-run average cost curve, where a firm has constant returns to scale.
The Law of Variable Proportions states that as the quantity of one variable input is increased while holding other inputs fixed, total product will initially rise at an increasing rate, then at a decreasing rate, and eventually at a negative rate. It operates in the short-run when some factors can vary and others are fixed. The law is demonstrated through a schedule that shows as labor is incrementally increased from 1 to 6 units, total product first increases, then increases at a lower rate, and eventually decreases, moving from phases of increasing, diminishing, and negative returns.
Monopolistic competition is a market structure with many small businesses that produce differentiated products. Each business has some control over price due to product differentiation but faces competition from substitutable products. Key features include differentiated but substitutable products, many sellers and buyers, free entry and exit, and profit maximization through product differentiation and non-price competition like advertising. In long run equilibrium, firms earn only normal profits as entry by new firms eliminates excess profits. Output is lower and prices higher under monopolistic competition compared to perfect competition.
The document discusses the concept of profit maximization for firms. It states that firms aim to maximize profits by producing at the quantity where marginal revenue equals marginal cost. Marginal revenue is the change in total revenue from selling one more unit, while marginal cost is the change in total cost from producing one more unit. The profit-maximizing level of output occurs when marginal revenue and marginal cost are equal, as this is where profits are highest.
Income elasticity of demand is the degree of responsiveness of quantity demanded of a commodity due to change in consumer’s income, other things remaining constant. In other words, it measures by how much the quantity demanded changes with respect ot the change in income.
This document discusses factors that affect demand, including price, income, prices of other goods, number of buyers, future prices, tastes, and quality. Price is the most important determinant of demand, as a change in price causes a shift along the demand curve. Changes in other factors like income, population, or tastes can cause the entire demand curve to shift. An increase in demand shifts the curve to the right, raising price and quantity demanded, while a decrease shifts it left, lowering price and quantity.
This document presents information about monopoly, including definitions, features, types, and price determination under short-run and long-run conditions. It was submitted by a group of students to Dr. Ashish Pareek. Monopoly is defined as a market situation where there is a single seller of a product without close substitutes. Key features include one seller facing many buyers, restrictions on entry of new firms, and the seller being a price maker. The document also discusses monopoly's demand and revenue curves, and how a monopolist may earn super normal profits, normal profits, or face minimum losses in the short-run depending on costs and revenues.
This document discusses the concepts of individual demand, market demand, and the assumptions of the law of demand. It provides examples of an individual demand schedule and curve for an individual named Adam. It then explains that market demand is the aggregate of individual demands. A market demand curve is created by horizontally summing individual demand curves. The market demand function is the horizontal summation of individual demand functions. Finally, it provides an example of how individual demand curves from three individuals (A, B, and C) can be summed to create a market demand curve.
Laws are rules that are recognized as binding by the governing authority in a society or state. They aim to guide behavior, and if broken, can result in punishment being enforced through the court system or other government agencies. The development of laws plays an important role in regulating human interactions and maintaining order, safety, and justice within a community.
This document discusses the concept of utility in economics. It defines utility as the capacity of a good or service to satisfy human wants. The document outlines several key characteristics of utility, including that it is psychological, individual, relative, and cannot be objectively measured. It also discusses different types of utility related to production and consumption, including form utility, place utility, time utility, service utility, marginal utility, total utility, and average utility. The relationship between marginal utility and total utility is explored, noting that total utility is maximized when marginal utility reaches zero.
This document discusses production functions and key concepts related to production including total product, average product, and marginal product. It defines production as the process of transforming inputs into outputs. The production function shows the relationship between physical inputs and physical output. It defines total product, average product, and marginal product. Total product is the total output from a given amount of an input. Average product is total output per unit of input. Marginal product is the change in total output from an additional unit of input. The document presents examples showing how total product, average product, and marginal product change as the amount of an input (labor) is increased.
Ram Kumar Phuyal presents on production theory and costs. He discusses production functions with one and two variable inputs and the concept of returns to scale. He explains the production function and differentiates between fixed and variable inputs. Total, average, and marginal products are defined for a single variable input. There are three stages of production as marginal product first increases, then decreases and becomes negative. Short-run costs include total fixed, variable, and total costs. Average and marginal costs are also analyzed.
1. The law of variable proportions examines production with one variable input while keeping other inputs fixed.
2. It describes three stages: initially increasing marginal returns, then diminishing marginal returns, and finally negative marginal returns.
3. An example is given of a farmer using increasing amounts of labor on a fixed amount of land, showing total product first rising at an increasing rate, then a diminishing rate, and eventually falling as marginal returns become negative.
This document provides an overview of demand, including definitions of demand and its key determinants. It discusses the demand function and how quantity demanded relates to factors like price, income, and prices of substitutes. The document also covers the law of demand and diminishing marginal utility, different types of demand curves, demand elasticity, and methods for demand forecasting that are useful for businesses. In summary, it is a comprehensive review of the basic economic concept of demand.
This document defines and explains the characteristics of a perfect competition market. Key points include:
- A perfect competition market is one where many small producers sell identical products, meaning buyers have many alternatives and no single seller can influence the market price.
- Main features include homogeneous products, many buyers and sellers, perfect information and mobility of factors of production. Agricultural markets are often used as examples.
- In the short run, firms aim to maximize profits by producing where marginal revenue equals marginal cost. In the long run, firms will exit if earning losses or normal profits and entry will occur if profits are above normal.
- The market equilibrium price is determined by the intersection of total industry demand and supply. Individual
This document provides an overview of production theory and costs. It defines production as the process of converting inputs into outputs. The relationship between inputs and outputs is represented by the production function. There are laws of variable proportions that describe how average and marginal productivity change with increasing input usage in the short-run. In the long-run, returns to scale can be increasing, constant, or decreasing. The document also defines different types of costs including fixed, variable, average, and marginal costs and how they change with output levels in the short-run.
This document discusses cardinal and ordinal utility analysis. It provides details on:
- Cardinal utility which holds that utility can be measured in units, while ordinal utility holds that utility can only be compared between options.
- The law of diminishing marginal utility which states that as consumption of a good increases, the marginal utility from each additional unit decreases.
- Total utility, marginal utility, and the relationship between the two. Total utility increases at a diminishing rate while marginal utility decreases.
- The law of equi-marginal utility which explains how a consumer allocates a limited budget across goods to maximize utility by equating marginal utility across goods. Indifference curves and indifference schedules are used to illustrate this
In Macroeconomics Income and Employment are interchangeable terms, since in the short-run National income depends on the total volume of employment or economic activity in the country. As income and employment are synonymous the employment theory is also called income theory.
It should be clear to readers that the classical economists did not formulate any specific theory of employment as such. They only laid down certain postulates which subsequently developed as a theory.
1. The firm is currently using 100 units of capital (K) and 121 units of labor (L) in production. Given the production function MPL = 10(K/L)^0.5, the marginal product of labor needs to be calculated to determine if the firm is operating efficiently.
2. The short run is defined as a period where at least one factor of production is fixed. In the short run, the law of diminishing returns states that adding more variable inputs (like labor) to fixed amounts of capital will initially increase total output, but at a decreasing rate.
3. Criticisms note that in the real world, businesses avoid diminishing returns through outsourcing and globalization,
This document discusses production costs and functions. It covers:
1. Short-run and long-run production, where factors of production are fixed in the short-run. Diminishing returns can occur in the short-run as adding more variable inputs yields lower marginal products.
2. Returns to scale in the long-run, where all factors are variable. Increasing, decreasing, and constant returns to scale depend on the relationship between input and output percentage changes.
3. Cost concepts including fixed, variable, average, marginal, and total costs. Fixed costs do not vary with output while variable costs do. Marginal cost is the change in total cost from one extra unit of output.
Monopolistic competition is a market structure with many small businesses that produce differentiated products. Each business has some control over price due to product differentiation but faces competition from substitutable products. Key features include differentiated but substitutable products, many sellers and buyers, free entry and exit, and profit maximization through product differentiation and non-price competition like advertising. In long run equilibrium, firms earn only normal profits as entry by new firms eliminates excess profits. Output is lower and prices higher under monopolistic competition compared to perfect competition.
The document discusses the concept of profit maximization for firms. It states that firms aim to maximize profits by producing at the quantity where marginal revenue equals marginal cost. Marginal revenue is the change in total revenue from selling one more unit, while marginal cost is the change in total cost from producing one more unit. The profit-maximizing level of output occurs when marginal revenue and marginal cost are equal, as this is where profits are highest.
Income elasticity of demand is the degree of responsiveness of quantity demanded of a commodity due to change in consumer’s income, other things remaining constant. In other words, it measures by how much the quantity demanded changes with respect ot the change in income.
This document discusses factors that affect demand, including price, income, prices of other goods, number of buyers, future prices, tastes, and quality. Price is the most important determinant of demand, as a change in price causes a shift along the demand curve. Changes in other factors like income, population, or tastes can cause the entire demand curve to shift. An increase in demand shifts the curve to the right, raising price and quantity demanded, while a decrease shifts it left, lowering price and quantity.
This document presents information about monopoly, including definitions, features, types, and price determination under short-run and long-run conditions. It was submitted by a group of students to Dr. Ashish Pareek. Monopoly is defined as a market situation where there is a single seller of a product without close substitutes. Key features include one seller facing many buyers, restrictions on entry of new firms, and the seller being a price maker. The document also discusses monopoly's demand and revenue curves, and how a monopolist may earn super normal profits, normal profits, or face minimum losses in the short-run depending on costs and revenues.
This document discusses the concepts of individual demand, market demand, and the assumptions of the law of demand. It provides examples of an individual demand schedule and curve for an individual named Adam. It then explains that market demand is the aggregate of individual demands. A market demand curve is created by horizontally summing individual demand curves. The market demand function is the horizontal summation of individual demand functions. Finally, it provides an example of how individual demand curves from three individuals (A, B, and C) can be summed to create a market demand curve.
Laws are rules that are recognized as binding by the governing authority in a society or state. They aim to guide behavior, and if broken, can result in punishment being enforced through the court system or other government agencies. The development of laws plays an important role in regulating human interactions and maintaining order, safety, and justice within a community.
This document discusses the concept of utility in economics. It defines utility as the capacity of a good or service to satisfy human wants. The document outlines several key characteristics of utility, including that it is psychological, individual, relative, and cannot be objectively measured. It also discusses different types of utility related to production and consumption, including form utility, place utility, time utility, service utility, marginal utility, total utility, and average utility. The relationship between marginal utility and total utility is explored, noting that total utility is maximized when marginal utility reaches zero.
This document discusses production functions and key concepts related to production including total product, average product, and marginal product. It defines production as the process of transforming inputs into outputs. The production function shows the relationship between physical inputs and physical output. It defines total product, average product, and marginal product. Total product is the total output from a given amount of an input. Average product is total output per unit of input. Marginal product is the change in total output from an additional unit of input. The document presents examples showing how total product, average product, and marginal product change as the amount of an input (labor) is increased.
Ram Kumar Phuyal presents on production theory and costs. He discusses production functions with one and two variable inputs and the concept of returns to scale. He explains the production function and differentiates between fixed and variable inputs. Total, average, and marginal products are defined for a single variable input. There are three stages of production as marginal product first increases, then decreases and becomes negative. Short-run costs include total fixed, variable, and total costs. Average and marginal costs are also analyzed.
1. The law of variable proportions examines production with one variable input while keeping other inputs fixed.
2. It describes three stages: initially increasing marginal returns, then diminishing marginal returns, and finally negative marginal returns.
3. An example is given of a farmer using increasing amounts of labor on a fixed amount of land, showing total product first rising at an increasing rate, then a diminishing rate, and eventually falling as marginal returns become negative.
This document provides an overview of demand, including definitions of demand and its key determinants. It discusses the demand function and how quantity demanded relates to factors like price, income, and prices of substitutes. The document also covers the law of demand and diminishing marginal utility, different types of demand curves, demand elasticity, and methods for demand forecasting that are useful for businesses. In summary, it is a comprehensive review of the basic economic concept of demand.
This document defines and explains the characteristics of a perfect competition market. Key points include:
- A perfect competition market is one where many small producers sell identical products, meaning buyers have many alternatives and no single seller can influence the market price.
- Main features include homogeneous products, many buyers and sellers, perfect information and mobility of factors of production. Agricultural markets are often used as examples.
- In the short run, firms aim to maximize profits by producing where marginal revenue equals marginal cost. In the long run, firms will exit if earning losses or normal profits and entry will occur if profits are above normal.
- The market equilibrium price is determined by the intersection of total industry demand and supply. Individual
This document provides an overview of production theory and costs. It defines production as the process of converting inputs into outputs. The relationship between inputs and outputs is represented by the production function. There are laws of variable proportions that describe how average and marginal productivity change with increasing input usage in the short-run. In the long-run, returns to scale can be increasing, constant, or decreasing. The document also defines different types of costs including fixed, variable, average, and marginal costs and how they change with output levels in the short-run.
This document discusses cardinal and ordinal utility analysis. It provides details on:
- Cardinal utility which holds that utility can be measured in units, while ordinal utility holds that utility can only be compared between options.
- The law of diminishing marginal utility which states that as consumption of a good increases, the marginal utility from each additional unit decreases.
- Total utility, marginal utility, and the relationship between the two. Total utility increases at a diminishing rate while marginal utility decreases.
- The law of equi-marginal utility which explains how a consumer allocates a limited budget across goods to maximize utility by equating marginal utility across goods. Indifference curves and indifference schedules are used to illustrate this
In Macroeconomics Income and Employment are interchangeable terms, since in the short-run National income depends on the total volume of employment or economic activity in the country. As income and employment are synonymous the employment theory is also called income theory.
It should be clear to readers that the classical economists did not formulate any specific theory of employment as such. They only laid down certain postulates which subsequently developed as a theory.
1. The firm is currently using 100 units of capital (K) and 121 units of labor (L) in production. Given the production function MPL = 10(K/L)^0.5, the marginal product of labor needs to be calculated to determine if the firm is operating efficiently.
2. The short run is defined as a period where at least one factor of production is fixed. In the short run, the law of diminishing returns states that adding more variable inputs (like labor) to fixed amounts of capital will initially increase total output, but at a decreasing rate.
3. Criticisms note that in the real world, businesses avoid diminishing returns through outsourcing and globalization,
This document discusses production costs and functions. It covers:
1. Short-run and long-run production, where factors of production are fixed in the short-run. Diminishing returns can occur in the short-run as adding more variable inputs yields lower marginal products.
2. Returns to scale in the long-run, where all factors are variable. Increasing, decreasing, and constant returns to scale depend on the relationship between input and output percentage changes.
3. Cost concepts including fixed, variable, average, marginal, and total costs. Fixed costs do not vary with output while variable costs do. Marginal cost is the change in total cost from one extra unit of output.
This document discusses production and costs at the firm level. It begins by defining firms and their objectives to maximize profits. It then explores the production process, explaining that firms use inputs like labor and capital to produce outputs. It discusses the economists' view of costs, distinguishing between explicit costs and implicit opportunity costs. It also explains the differences between accounting profits, economic profits, and normal profits. The document then examines production functions and the laws of diminishing and increasing returns to scale in both the short-run and long-run. It provides graphs and examples to illustrate these concepts.
1) The law of increasing returns, also called the law of diminishing costs, states that when more of a variable factor is employed while other factors remain fixed, production increases at a higher rate than the increase in the variable factor.
2) This occurs because large-scale production allows for division of labor, specialized machinery, and other economies of scale. Marginal productivity and returns increase until full plant capacity is reached.
3) Both agriculture and industry can experience increasing and diminishing returns depending on available resources and combinations of factors of production. In agriculture, diminishing returns tend to occur earlier than in industry.
This document discusses production functions and costs. It defines key concepts such as:
- Production functions show the relationship between inputs and maximum possible output. Short run production is fixed capital while variable inputs can change. Long run all inputs can vary.
- Cost concepts include total, average, and marginal costs. Total cost is the sum of total fixed and variable costs. Marginal cost is the change in total cost from a one unit change in output.
- Cost curves are U-shaped as average and marginal costs initially fall then rise due to diminishing returns. Minimum points indicate optimal output levels for firms.
Production function refers to the relationship between inputs used in production and the resulting outputs. It shows the technical relationship between inputs like labor, capital, land, and enterprise and the quantity of output.
There are short run and long run production functions. Short run production functions consider variable inputs while long run considers all inputs as variable.
Total, average, and marginal production are key concepts. Total production is the total output. Average production is output per unit of input. Marginal production is the change in output from a change in input.
There are laws like diminishing returns and returns to scale. Diminishing returns states that adding more of a variable input on fixed inputs initially increases output, then at a decreasing
This document provides an overview of production theory from microeconomics. It discusses the production function and how firms combine inputs like labor, capital, and materials to produce outputs. It explains the concept of total, average, and marginal product when using a single variable input like labor. Firms operate most efficiently in the stage where marginal product is positive but decreasing. The document also introduces isoquants, which represent combinations of multiple variable inputs (labor and capital) that produce the same level of output. Overall, the document provides foundational concepts for understanding firm production and costs.
Eco 101 - The producers theory is concerned with the behavior of firms in hiring and combining productive inputs to supply commodities at appropriate prices.The theory of production is based on the "short run" or a period of production that allows production to change the amount of variable input, in this case, labor. The "long run" is a period of production that is long enough for producers to adjust various inputs to analyze the best mix of the factors of production.
The document discusses key concepts in production theory and the theory of the firm. It explains the production function and how output responds to changes in variable inputs. It also discusses costs like fixed, variable, marginal and sunk costs. The document covers revenue, profit maximization, and how firms can grow through reinvestment of profits or mergers and acquisitions.
Australian mining magazine turning mining performance aroundHendrik Lourens
The new paradigm requires a
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Unit - IV discusses production functions and the laws of production. It explains that a production function shows the relationship between inputs like labor, capital, land and the output produced. The laws of variable proportions and returns to scale are then covered. The law of variable proportions explains how output changes when one input is varied while others stay fixed. Returns to scale looks at what happens to output when all inputs change proportionately. Economies and diseconomies of scale are also discussed.
This document discusses production and costs in both the short-run and long-run. In the short-run, at least one factor of production is fixed, while in the long-run all factors are variable. The factors of production are land, labor, capital, and entrepreneurship. Laws of returns to scale describe how output responds to changing variable inputs. Short-run costs include total, fixed, and variable costs. Long-run average costs depend on whether there are increasing, constant, or decreasing returns to scale. Economies of scale from specialization, bulk purchasing, and other factors can lower long-run average costs.
4 the theory of the firm and the cost of productionMalinga Perera
The document discusses the theory of the firm and the cost of production. It defines the production function as the relationship between inputs and outputs. It classifies inputs as land, labor, and capital. It then discusses the mathematical representation of the production function and analyzes production in the short run and long run. It also discusses concepts like marginal product, diminishing marginal returns, total cost, average cost, marginal cost, revenue, and profit.
This document discusses production functions and the differences between short-run and long-run production. In the short-run, at least one input is fixed, leading to diminishing returns. The long-run allows all inputs to vary, and economies of scale can result in decreasing, constant, or increasing returns. Specifically, decreasing returns occur when output grows less than inputs; constant returns when both grow equally; and increasing returns when output grows more than inputs due to factors like specialization and large-scale machinery.
The document discusses production functions and costs. It defines production functions as relating physical output to inputs like labor and capital. Production functions can be expressed as short-run or long-run depending on whether inputs are fixed or variable. The document also discusses laws of returns like increasing, decreasing, and constant returns. Isoquants and isocost curves are presented, where isoquants show input combinations for a given output and isocost curves show input combinations at a given cost.
This document discusses the theory of production and costs. It covers short and long run production functions, the behavior of costs including fixed and variable costs, and the laws of diminishing returns and returns to scale. It defines economic and accounting costs, including explicit and implicit costs. Production functions show the relationship between inputs and outputs. Total cost curves are U-shaped on average, with average fixed costs falling and average variable costs typically rising due to diminishing marginal product. In the long run, economies and diseconomies of scale can cause long run average total costs to fall or rise with output.
04 theory of production and costs - 4.pptDipto Biswas
This document discusses the theory of production and costs. It covers short and long run production functions, the behavior of costs including fixed and variable costs, and the laws of diminishing returns and returns to scale. It also defines explicit and implicit costs, and how they relate to accounting profit and economic profit. Graphs are included to illustrate concepts like the production function, total cost curve, and how average fixed cost, average variable cost, and average total cost vary with output. The key differences between short run and long run costs are also explained.
The document discusses key concepts related to production analysis including inputs, outputs, the production function, factors of production, and the concepts of total product, average product, and marginal product. It explains that production transforms inputs into outputs through processes of changing form, place, or time. The production function deals with the maximum output achievable given limited inputs. Total product is the total output, average product is output per input, and marginal product is the change in output from an additional input.
Production involves transforming inputs into outputs. There are three types of transformation: change in form, place, or time. A production function relates the maximum output to a given quantity of inputs. There are three stages of production based on diminishing returns. In the short run, one factor is fixed while in the long run all factors are variable, leading to different types of returns to scale. Isoquants represent combinations of inputs that produce the same output level, with their properties determining the optimal input mix.
Similar to Economics - Long run & short run Production (20)
The document discusses the social and economic impacts of communism and capitalism in four nations: Vietnam and Laos as communist nations, and England and Canada as capitalist nations. It provides background on each nation's economic system and history, and discusses how communism influenced Vietnam and Laos through collectivization of farms and industries after they came to power in 1975. Theories like Marx's labor theory of value are used to explain how communism transformed the previously agrarian economies into centralized, state-run systems focused on production rather than international trade.
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বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
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Assessment and Planning in Educational technology.pptxKavitha Krishnan
In an education system, it is understood that assessment is only for the students, but on the other hand, the Assessment of teachers is also an important aspect of the education system that ensures teachers are providing high-quality instruction to students. The assessment process can be used to provide feedback and support for professional development, to inform decisions about teacher retention or promotion, or to evaluate teacher effectiveness for accountability purposes.
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Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
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This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
1. Economics
Short Run and Long Run Production
As part of our introduction to the theory of the firm, we first consider the nature of production of
different goods and services in the short and long run.
The concept of a production function
The production function is a mathematical expression which relates the quantity of factor inputs to
the quantity of outputs that result. We make use of three measures of production / productivity.
• Total product is simply the total output that is generated from the factors of production
employed by a business. In most manufacturing industries such as motor vehicles, freezers and
DVD players, it is straightforward to measure the volume of production from labour and capital
inputs that are used. But in many service or knowledge-based industries, where much of the
output is “intangible” or perhaps weightless we find it harder to measure productivity
• Average product is the total output divided by the number of units of the variable factor of
production employed (e.g. output per worker employed or output per unit of capital employed)
• Marginal product is the change in total product when an additional unit of the variable factor
of production is employed. For example marginal product would measure the change in output
that comes from increasing the employment of labour by one person, or by adding one more
machine to the production process in the short run.
The Short Run Production Function
The short run is defined in economics as a period of time where at least one factor of production is
assumed to be in fixed supply i.e. it cannot be changed. We normally assume that the quantity of
capital inputs (e.g. plant and machinery) is fixed and that production can be altered by suppliers
through changing the demand for variable inputs such as labour, components, raw materials and energy
inputs. Often the amount of land available for production is also fixed.
The time periods used in textbook economics are somewhat arbitrary because they differ from industry
to industry. The short run for the electricity generation industry or the telecommunications sector
varies from that appropriate for newspaper and magazine publishing and small-scale production of
foodstuffs and beverages. Much depends on the time scale that permits a business to alter all of the
inputs that it can bring to production.
In the short run, the law of diminishing returns states that as we add more units of a variable input
(i.e. labour or raw materials) to fixed amounts of land and capital, the change in total output will at
first rise and then fall. Diminishing returns to labour occurs when marginal product of labour starts to
fall. This means that total output will still be rising – but increasing at a decreasing rate as more
workers are employed. As we shall see in the following numerical example, eventually a decline in
marginal product leads to a fall in average product.
What happens to marginal product is linked directly to the productivity of each extra worker
employed. At low levels of labour input, the fixed factors of production - land and capital, tend to
be under-utilized which means that each additional worker will have plenty of capital to use and, as a
result, marginal product may rise. Beyond a certain point however, the fixed factors of production
2. become scarcer and new workers will not have as much capital to work with so that the capital input
becomes diluted among a larger workforce.
As a result, the marginal productivity of each worker tends to fall – this is known as the principle of
diminishing returns.
An example of the concept of diminishing returns is shown below. We assume that there is a fixed
supply of capital (e.g. 20 units) available in the production process to which extra units of labour are
added from one person through to eleven.
• Initially the marginal product of labour is rising.
• It peaks when the sixth worked is employed when the marginal product is 29.
• Marginal product then starts to fall. Total output is still increasing as we add more labour, but
at a slower rate. At this point the short run production demonstrates diminishing returns.
The Law of Diminishing Returns
Capital Input Labour Input Total Output Marginal Product Average Product of Labour
20 1 5 5
20 2 16 11 8
20 3 30 14 10
20 4 56 26 14
20 5 85 28 17
20 6 114 29 19
20 7 140 26 20
20 8 160 20 20
20 9 171 11 19
20 10 180 9 18
20 11 187 7 17
Average product will continue to rise as long as the marginal product is greater than the average – for
example when the seventh worker is added the marginal gain in output is 26 and this drags the average
up from 19 to 20 units. Once marginal product is below the average as it is with the ninth worker
employed (where marginal product is only 11) then the average will decline.
3. This marginal-average relationship is important to understanding the nature of short run cost curves.
It is worth going through this again to make sure that you understand it.
Criticisms of the Law of Diminishing Returns
How realistic is this notion of diminishing returns? Surely ambitious and successful businesses do what
they can to avoid such a problem emerging.
It is now widely recognised that the effects of globalisation, and in particular the ability of trans-
national corporations to source their factor inputs from more than one country and engage in rapid
transfers of business technology and other information, makes the concept of diminishing returns less
relevant in the real world of business. You may have read about the expansion of “out-sourcing” as a
means for a business to cut their costs and make their production processes as flexible as possible.
In many industries as a business expands, it is more likely to experience increasing returns. After all,
why should a multinational business spend huge sums on expensive research and development and
investment in capital machinery if a business cannot extract increasing returns and lower unit costs of
production from these extra inputs?
Long run production - returns to scale
In the long run, all factors of production are variable. How the output of a business responds to a
change in factor inputs is called returns to scale.
• Increasing returns to scale occur when the % change in output > % change in inputs
• Decreasing returns to scale occur when the % change in output < % change in inputs
• Constant returns to scale occur when the % change in output = % change in inputs
•
A numerical example of long run returns to scale
4. Units of Units of Total % Change in % Change in Returns to Scale
Capital Labour Output Inputs Output
20 150 3000
40 300 7500 100 150 Increasing
60 450 12000 50 60 Increasing
80 600 16000 33 33 Constant
100 750 18000 25 13 Decreasing
In the example above, we increase the inputs of capital and labour by the same proportion each time.
We then compare the % change in output that comes from a given % change in inputs.
• In our example when we double the factor inputs from (150L + 20K) to (300L + 40K) then the
percentage change in output is 150% - there are increasing returns to scale.
• In contrast, when the scale of production is changed from (600L + 80K0 to (750L + 100K) then
the percentage change in output (13%) is less than the change in inputs (25%) implying a
situation of decreasing returns to scale.
As we shall see a later, the nature of the returns to scale affects the shape of a business’s long run
average cost curve.
The effect of an increase in labour productivity at all levels of employment
Productivity may have been increased through the effects of technological change; improved
incentives; better management or the effects of work-related training which boosts the skills of the
employed labour force.
5. The length of time required for the long run varies from sector to sector. In the nuclear power
industry for example, it can take many years to commission new nuclear power plant and capacity.
This is something the UK government has to consider as it reviews our future sources of energy.
6. AS Markets & Market Systems
Theory of Supply
In this chapter we turn our attention to the decisions that producers make about how much of a
product to supply to a market at any given price. Once we have understood the basics of supply, we
can they put supply and demand together to consider the determination of equilibrium prices in a
market.
Definition of Supply
Supply is defined as the quantity of a product that a producer is willing and able to supply onto the
market at a given price in a given time period.
Note: Throughout this study companion, the terms firm, business, producer and seller have the same
meaning.
The basic law of supply is that as the price of a commodity rises, so producers expand their supply
onto the market. A supply curve shows a relationship between price and quantity a firm is willing and
able to sell.
7. A supply curve is drawn assuming ceteris paribus - ie that all factors influencing supply are being held
constant except price. If the price of the good varies, we move along a supply curve. In the diagram
above, as the price rises from P1 to P2 there is an expansion of supply. If the market price falls from
P1 to P3 there would be a contraction of supply in the market. Businesses are responding to price
signals when making their output decisions.
Explaining the Law of Supply
There are three main reasons why supply curves for most products are drawn as sloping upwards from
left to right giving a positive relationship between the market price and quantity supplied:
1. The profit motive: When the market price rises (for example after an increase in consumer
demand), it becomes more profitable for businesses to increase their output. Higher prices
send signals to firms that they can increase their profits by satisfying demand in the market.
2. Production and costs: When output expands, a firm’s production costs rise, therefore a higher
price is needed to justify the extra output and cover these extra costs of production.
3. New entrants coming into the market: Higher prices may create an incentive for other
businesses to enter the market leading to an increase in supply.
Shifts in the Supply Curve
The supply curve can shift position. If the supply curve shifts to the right (from S1 to S2) this is an
increase in supply; more is provided for sale at each price. If the supply curve moves inwards from S1
8. to S3, there is a decrease in supply meaning that less will be supplied at each price.
Changes in the costs of production
Lower costs of production mean that a business can supply more at each price. For example a
magazine publishing company might see a reduction in the cost of its imported paper and inks. A car
manufacturer might benefit from a stronger exchange rate because the cost of components and new
technology bought from overseas becomes lower. These cost savings can then be passed through
the supply chain to wholesalers and retailers and may result in lower market prices for consumers.
Conversely, if the costs of production increase, for example following a rise in the price of raw
materials or a firm having to pay higher wages to its workers, then businesses cannot supply as much at
the same price and this will cause an inward shift of the supply curve.
A fall in the exchange rate causes an increase in the prices of imported components and raw materials
and will (other factors remaining constant) lead to a decrease in supply in a number of different
markets and industries. For example if the pounds falls by 10% against the Euro, then it becomes more
expensive for British car manufacturers to import their rubber and glass from Western European
suppliers, and higher prices for paints imported from Eastern Europe.
Changes in production technology
9. Production technologies can change quickly and in industries where technological change is rapid we
see increases in supply and lower prices for the consumer.
Government taxes and subsidies
10. Changes in climate
For commodities such as coffee, oranges and wheat, the effect of climatic conditions can exert a
great influence on market supply. Favorable weather will produce a bumper harvest and will increase
supply. Unfavorable weather conditions will lead to a poorer harvest, lower yields and therefore a
decrease in supply.
Changes in climate can therefore have an effect on prices for agricultural goods such as coffee, tea and
cocoa. Because these commodities are often used as ingredients in the production of other products, a
change in the supply of one can affect the supply and price of another product. Higher coffee prices for
example can lead to an increase in the price of coffee-flavored cakes. And higher banana prices as we
see in the article below, will feed through to increased prices for banana smoothies in shops and cafes.
Cyclone destroys the Australian banana crop and sends prices soaring
Cyclone Larry has devastated Australia's banana industry, destroying fruit worth $300 million and
leaving up to 4,000 people out of work. Australians now face a shortage of bananas and likely price
rises after the cyclone tore through the heart of the nation's biggest growing region. Queensland
produces about 95 per cent of Australia's bananas. The storm ruined 200,000 tones of fruit and market
supply shortages will be severe because Australia does not allow banana imports because of the bio-
security risks in doing so. Bananas are grown throughout the year in north Queensland, with the fruit
having a growing cycle of around two months.
11. Source: Adapted from news reports, April 2006
Change in the prices of a substitute in production
A substitute in production is a product that could have been produced using the same resources. Take
the example of barley. An increase in the price of wheat makes wheat growing more financially
attractive. The profit motive may cause farmers to grow more wheat rather than barley.
The number of producers in the market and their objectives
The number of sellers (businesses) in an industry affects market supply. When new businesses enter a
market, supply increases causing downward pressure on price.
Competitive Supply
Goods and services in competitive supply are alternative products that a business could make with its
factor resources of land, labour and capital. For example a farmer can plant potatoes or maize.
Farmers can change their crops if there are sizeable changes in market prices and if expectations of
future price movements also change.
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