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Inventory Management : Every firm requires raw material. It would be stored in inventories. What would be the ideal stock of inventories ? How the stock of inventories should be maintained and controlled
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mccc.pptx
15. Stages in Law of variable proportion First Stage: Increasing return TP increase at increasing rate till the end of the stage. AP also increase and reaches at highest point at the end of the stage. MP also increase at it become equal to AP at the end of the stage. MP>AP Second Stage: Diminishing return TP increase but at diminishing rate and it reach at highest at the end of the stage. AP and MP are decreasing but both are positive. MP become zero when TP is at Maximum, at the end of the stage MP<AP. Third Stage: Negative return TP decrease and TP Curve slopes downward As TP is decrease MP is negative. AP is decreasing but positive
Theory of Production
Theory of production describes the relationship between inputs and outputs in the production process. A production function defines this relationship mathematically. In the short run, some inputs are fixed while others are variable. As the variable input increases, total output initially increases at an increasing rate (stage 1), then at a decreasing rate (stage 2), and eventually decreases (stage 3), following the law of variable proportions. In the long run, all inputs are variable. If all inputs increase proportionately, we can see increasing, constant, or decreasing returns to scale. Isoquants show the combinations of inputs that produce the same output level.
Theory of Production
Theory of production describes the relationship between inputs and outputs in the production process. A production function defines this relationship mathematically. In the short run, some inputs are fixed while others are variable. As the variable input increases, total output initially increases at an increasing rate (stage 1), then at a decreasing rate (stage 2), and eventually decreases (stage 3), following the law of variable proportions. In the long run, all inputs are variable. If all inputs increase proportionately, we can see increasing, constant, or decreasing returns to scale. Isoquants show the combinations of inputs that produce the same output level.
Theory of Production
Theory of production describes the relationship between inputs and outputs in the production process. A production function defines this relationship mathematically. In the short run, some inputs are fixed while others are variable. As the variable input increases, total output initially increases at an increasing rate (stage 1), then at a decreasing rate (stage 2), and eventually decreases (stage 3), following the law of variable proportions. In the long run, all inputs are variable. If all inputs increase proportionately, we can see increasing, constant, or decreasing returns to scale. Isoquants show the combinations of inputs that produce the same output level.
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Cost.ppt
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2. Key concepts discussed include the production function relating inputs like capital, labor, and land to output. The law of diminishing returns states that adding more of a variable input while holding others fixed initially increases output at a decreasing rate.
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mccc.pptx
15. Stages in Law of variable proportion First Stage: Increasing return TP increase at increasing rate till the end of the stage. AP also increase and reaches at highest point at the end of the stage. MP also increase at it become equal to AP at the end of the stage. MP>AP Second Stage: Diminishing return TP increase but at diminishing rate and it reach at highest at the end of the stage. AP and MP are decreasing but both are positive. MP become zero when TP is at Maximum, at the end of the stage MP<AP. Third Stage: Negative return TP decrease and TP Curve slopes downward As TP is decrease MP is negative. AP is decreasing but positive
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Theory of production describes the relationship between inputs and outputs in the production process. A production function defines this relationship mathematically. In the short run, some inputs are fixed while others are variable. As the variable input increases, total output initially increases at an increasing rate (stage 1), then at a decreasing rate (stage 2), and eventually decreases (stage 3), following the law of variable proportions. In the long run, all inputs are variable. If all inputs increase proportionately, we can see increasing, constant, or decreasing returns to scale. Isoquants show the combinations of inputs that produce the same output level.
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Theory of production describes the relationship between inputs and outputs in the production process. A production function defines this relationship mathematically. In the short run, some inputs are fixed while others are variable. As the variable input increases, total output initially increases at an increasing rate (stage 1), then at a decreasing rate (stage 2), and eventually decreases (stage 3), following the law of variable proportions. In the long run, all inputs are variable. If all inputs increase proportionately, we can see increasing, constant, or decreasing returns to scale. Isoquants show the combinations of inputs that produce the same output level.
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Theory of production describes the relationship between inputs and outputs in the production process. A production function defines this relationship mathematically. In the short run, some inputs are fixed while others are variable. As the variable input increases, total output initially increases at an increasing rate (stage 1), then at a decreasing rate (stage 2), and eventually decreases (stage 3), following the law of variable proportions. In the long run, all inputs are variable. If all inputs increase proportionately, we can see increasing, constant, or decreasing returns to scale. Isoquants show the combinations of inputs that produce the same output level.
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3. Isoquants illustrate combinations of inputs that produce the same output level, and the marginal rate of technical substitution measures how inputs can be substituted in production. The document also discusses short-run and long-run analysis and
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3. It explains that production theory applies the principles of constrained optimization, where firms aim to minimize costs or maximize output given constraints. This leads to the same rule for allocating inputs and technology choice.
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- Factors of production - Inputs used in the production process like labor, capital, land and technology. Inputs can be fixed or variable.
- Laws of production - The law of variable proportions explains short-run production with one variable input. The law of returns to scale explains long-run production with all inputs variable.
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- 1. ME FOR M.COM
- 2. • Production with One Variable Input Labour (L) Capital (K) Total Output (TP) Average Product (AP) 0 1 2 3 4 5 6 7 8 9 10 10 10 10 10 10 10 10 10 10 10 10 Marginal Product (MP) 0 10 30 60 80 95 108 112 112 108 100 Short run Production Function with Labour as Variable factor • 9. Production with One Variable Input Labour (L) Capital (K) Total Output (TP) Average Product (AP) 0 1 2 3 4 5 6 7 8 9 10 10 10 10 10 10 10 10 10 10 10 10 0 10 30 60 80 95 108 112 112 108 100 10 20 30 20 15 13 4 0 -4 -8 - 10 15 20 20 19 18 16 14 12 10 Marginal Product (MP) Short run Production Function with Labour as Variable factor
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