Productivity – meaning
•
1 like•96 views
In this video I talk about one of the most overlooked ways to increase productivity. It's not a task manager, calendar app or one of the many creative tricks that help you stay focused. It's about finding balance in a world that often discourages rest. I talk about three ways to set boundaries in your life and one of my new favorite activities: The Deep Break.
Report
Share
Report
Share
Download to read offline
Recommended
Law of returns to scale
The document discusses the laws of returns to scale, which explain how output responds when inputs increase proportionately. There are three possibilities: increasing returns to scale when output grows more than proportionately; constant returns to scale when output grows proportionately; and decreasing returns to scale when output grows less than proportionately. Increasing returns can occur due to technical and managerial indivisibilities, specialization, and dimensional relations, while constant returns are due to economies of scale. Decreasing returns are caused by diseconomies of scale like diminishing management returns and exhausting natural resources.
Law of returns
Among several laws of production, the law of Diminishing Returns is the oldest and universal law. This law establishes a relationship between input and output and points out that with increasing input, output has a tendency to decline under certain circumstances. The classical economists associated the law of Diminishing Returns with agriculture as they thought that this law manifested in agriculture as they thought that this law manifested in agriculture (land).
Theory of production
This unit discusses the theory of production. It defines production as converting resources into outputs that satisfy human wants. The key factors of production are land, labor, capital, and entrepreneurship. The production function shows the relationship between inputs like capital and labor, and the quantity of output produced. There are laws of variable proportions and returns to scale. Production optimization involves finding the least-cost combination of inputs using isoquants and isocost lines, where the tangency point indicates the producer's equilibrium.
Law of variable proportion and law of return to scale
This document discusses production and the laws of variable proportions and returns to scale. It contains the following key points:
1. The law of variable proportions explains short-run production and states that as one variable input is increased while others stay constant, total output initially increases at an increasing rate, then at a diminishing rate, and may eventually decrease.
2. There are three stages: increasing, diminishing, and negative returns to the variable input.
3. The law of returns to scale explains long-run production when all inputs change proportionally. There can be increasing, constant, or decreasing returns to scale depending on if output increases more than, equal to, or less than proportional to the input increase
Laws of returns to scale
1. Returns to scale refers to the change in total output resulting from a proportional change in all inputs.
2. There are three types of returns to scale: increasing, constant, and diminishing.
3. Increasing returns to scale occur when a 1% increase in all inputs leads to a more than 1% increase in output. Constant returns mean a proportional change in output, while diminishing returns mean output increases by less than the input increase.
Returns to scale and its implications
Returns to scale refers to changes in output from proportional changes in all inputs. There are three types of returns to scale:
1) Increasing returns to scale occurs when a proportional increase in inputs leads to a more than proportional increase in output.
2) Constant returns to scale occurs when a proportional increase in inputs leads to an equal proportional increase in output.
3) Decreasing returns to scale occurs when a proportional increase in inputs leads to a less than proportional increase in output.
EEFA - RETURN TO FACTOR - FINAL YEAR CS/IT - SRI SAIRAM INSTITUTE OF TECHNOL...
EEFA - RETURN TO FACTOR - FINAL YEAR CS/IT - SRI SAIRAM INSTITUTE OF TECHNOL...SRI SAIRAM INSTITUTE OF TECHNOLOGY, CHENNAI
This document discusses returns to factors, also known as factor productivity. It defines productivity as the ratio of output to input, and factor productivity as the short-run relationship between inputs and outputs. It then explains that productivity can be measured through total productivity, average productivity, and marginal productivity. Finally, it states that returns to factors are governed by laws of returns to scale, where total physical product increases with inputs but the rate of increase varies and eventually declines due to the laws of increasing and decreasing returns to scale.Returns to scale
Isoquant is also called as equal product curve or production indifference curve or constant product curve. Isoquant indicates various combinations of two factors of production which give the same level of output per unit of time.
Just as an indifference curve represents various combinations of two goods which give a consumer equal amount of satisfaction, an iso-product curve shows all possible combinations of two inputs physically capable of producing a given level of output. Since an iso-product curve represents those combinations which will result in the production of an equal quantity of output, the producer would be indifferent between them.
This law was given by Alfred Marshall in his book principle of economics.
It show particular pattern of change in output when some factor remain fixed.
Production depend upon factors of production , if factors of production are good, production may increase and vice-versa.
Production function show functional relationship between production and factors of production.
It refers to manner of change in output cost by the increase in all the input simultaneously and in the same proportion.
Returns refers to “change in physical output”
Scale refers to “quantity of input employed”
Change in scale means that all factors of production are increased or decreased in same proportion.
The cost advantage that arises with increased output of a product.
It arises because of the inverse relationship between the quantity produced and per-unit fixed cost.
Profit refers to the excess of receipts from the sale of goods over the expenditure incurred on producing them.
The amount received from the sale of goods is known as ‘revenue’ and the expenditure on production of such goods is termed as ‘cost’. The difference between revenue and cost is known as ‘profit’.
For example, if a firm sells goods for Rs. 10 crores after incurring an expenditure of Rs. 7 crores, then profit will be Rs. 3 crores.
Recommended
Law of returns to scale
The document discusses the laws of returns to scale, which explain how output responds when inputs increase proportionately. There are three possibilities: increasing returns to scale when output grows more than proportionately; constant returns to scale when output grows proportionately; and decreasing returns to scale when output grows less than proportionately. Increasing returns can occur due to technical and managerial indivisibilities, specialization, and dimensional relations, while constant returns are due to economies of scale. Decreasing returns are caused by diseconomies of scale like diminishing management returns and exhausting natural resources.
Law of returns
Among several laws of production, the law of Diminishing Returns is the oldest and universal law. This law establishes a relationship between input and output and points out that with increasing input, output has a tendency to decline under certain circumstances. The classical economists associated the law of Diminishing Returns with agriculture as they thought that this law manifested in agriculture as they thought that this law manifested in agriculture (land).
Theory of production
This unit discusses the theory of production. It defines production as converting resources into outputs that satisfy human wants. The key factors of production are land, labor, capital, and entrepreneurship. The production function shows the relationship between inputs like capital and labor, and the quantity of output produced. There are laws of variable proportions and returns to scale. Production optimization involves finding the least-cost combination of inputs using isoquants and isocost lines, where the tangency point indicates the producer's equilibrium.
Law of variable proportion and law of return to scale
This document discusses production and the laws of variable proportions and returns to scale. It contains the following key points:
1. The law of variable proportions explains short-run production and states that as one variable input is increased while others stay constant, total output initially increases at an increasing rate, then at a diminishing rate, and may eventually decrease.
2. There are three stages: increasing, diminishing, and negative returns to the variable input.
3. The law of returns to scale explains long-run production when all inputs change proportionally. There can be increasing, constant, or decreasing returns to scale depending on if output increases more than, equal to, or less than proportional to the input increase
Laws of returns to scale
1. Returns to scale refers to the change in total output resulting from a proportional change in all inputs.
2. There are three types of returns to scale: increasing, constant, and diminishing.
3. Increasing returns to scale occur when a 1% increase in all inputs leads to a more than 1% increase in output. Constant returns mean a proportional change in output, while diminishing returns mean output increases by less than the input increase.
Returns to scale and its implications
Returns to scale refers to changes in output from proportional changes in all inputs. There are three types of returns to scale:
1) Increasing returns to scale occurs when a proportional increase in inputs leads to a more than proportional increase in output.
2) Constant returns to scale occurs when a proportional increase in inputs leads to an equal proportional increase in output.
3) Decreasing returns to scale occurs when a proportional increase in inputs leads to a less than proportional increase in output.
EEFA - RETURN TO FACTOR - FINAL YEAR CS/IT - SRI SAIRAM INSTITUTE OF TECHNOL...
EEFA - RETURN TO FACTOR - FINAL YEAR CS/IT - SRI SAIRAM INSTITUTE OF TECHNOL...SRI SAIRAM INSTITUTE OF TECHNOLOGY, CHENNAI
This document discusses returns to factors, also known as factor productivity. It defines productivity as the ratio of output to input, and factor productivity as the short-run relationship between inputs and outputs. It then explains that productivity can be measured through total productivity, average productivity, and marginal productivity. Finally, it states that returns to factors are governed by laws of returns to scale, where total physical product increases with inputs but the rate of increase varies and eventually declines due to the laws of increasing and decreasing returns to scale.Returns to scale
Isoquant is also called as equal product curve or production indifference curve or constant product curve. Isoquant indicates various combinations of two factors of production which give the same level of output per unit of time.
Just as an indifference curve represents various combinations of two goods which give a consumer equal amount of satisfaction, an iso-product curve shows all possible combinations of two inputs physically capable of producing a given level of output. Since an iso-product curve represents those combinations which will result in the production of an equal quantity of output, the producer would be indifferent between them.
This law was given by Alfred Marshall in his book principle of economics.
It show particular pattern of change in output when some factor remain fixed.
Production depend upon factors of production , if factors of production are good, production may increase and vice-versa.
Production function show functional relationship between production and factors of production.
It refers to manner of change in output cost by the increase in all the input simultaneously and in the same proportion.
Returns refers to “change in physical output”
Scale refers to “quantity of input employed”
Change in scale means that all factors of production are increased or decreased in same proportion.
The cost advantage that arises with increased output of a product.
It arises because of the inverse relationship between the quantity produced and per-unit fixed cost.
Profit refers to the excess of receipts from the sale of goods over the expenditure incurred on producing them.
The amount received from the sale of goods is known as ‘revenue’ and the expenditure on production of such goods is termed as ‘cost’. The difference between revenue and cost is known as ‘profit’.
For example, if a firm sells goods for Rs. 10 crores after incurring an expenditure of Rs. 7 crores, then profit will be Rs. 3 crores.
Lecture 7
This document discusses the three laws of returns known to economists: the law of diminishing returns, the law of increasing returns, and the law of constant returns. It provides examples and explanations of each law, how they operate in different contexts like agriculture, and the assumptions behind each law. It also discusses returns to scale and how scale of production can result in increasing, constant, or diminishing returns depending on the phase of production.
Law of production
This document summarizes two laws of production: the law of variable proportions and the law of returns to scale.
(1) The law of variable proportions states that as variable inputs are increased within fixed inputs, marginal productivity initially increases at an increasing rate until a peak, after which it decreases. It applies in the short run when some inputs are fixed.
(2) The law of returns to scale describes how average and marginal productivity change as all inputs are increased proportionally. It includes the laws of increasing, constant, and diminishing returns.
Law of variable proportion
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.
Returns to scale
1. Returns to scale refers to how output changes when all factor inputs are increased or decreased by the same proportion. There are three possible phases: increasing returns, constant returns, and diminishing returns.
2. Increasing returns occur when output increases more than proportionately to the increase in inputs. Constant returns occur when output increases proportionately to inputs. Diminishing returns occur when output increases less than proportionately to inputs.
3. The three phases can be illustrated using production tables and diagrams showing the marginal product curve. Increasing returns are shown by an upward sloping curve initially, followed by a horizontal line for constant returns, and then a downward sloping line for diminishing returns.
Law of returns to scale
Returns to scale relates to the behavior of total output as all inputs are varied and is a long run concept
Law of variable proportion
Here are the key points regarding Mallikarjuna's problem and suggestions to improve the functioning of the shop:
1. Mallikarjuna's problem fits the law of variable proportions. As he increases the number of assistants (variable input) from 0 to 3, total output/customers served initially increases at an increasing rate as one assistant can help multiple customers. However, beyond 3 assistants, adding more in the limited space leads to diminishing returns as customers get inconvenienced in the crowded shop.
2. Suggestions to improve:
- Increase shop floor area to accommodate more customers comfortably without overcrowding. This allows employing more assistants without diminishing returns.
- Add more billing counters to reduce
Production function & law of variable proportion
This document provides an overview of production functions and the law of variable proportions. It defines key terms like production function, input, output, fixed factors, variable factors, short run and long run. It describes the three stages of the law of variable proportions: increasing returns, diminishing returns, and negative returns. It explains the causes and importance of each stage and concludes that improvements in technology can help overcome diminishing returns.
Law of variable proportion
Isoquant is also called as equal product curve or production indifference curve or constant product curve. Isoquant indicates various combinations of two factors of production which give the same level of output per unit of time.
Just as an indifference curve represents various combinations of two goods which give a consumer equal amount of satisfaction, an iso-product curve shows all possible combinations of two inputs physically capable of producing a given level of output. Since an iso-product curve represents those combinations which will result in the production of an equal quantity of output, the producer would be indifferent between them.
This law was given by Alfred Marshall in his book principle of economics.
It show particular pattern of change in output when some factor remain fixed.
Production depend upon factors of production , if factors of production are good, production may increase and vice-versa.
Production function show functional relationship between production and factors of production.
It refers to manner of change in output cost by the increase in all the input simultaneously and in the same proportion.
Returns refers to “change in physical output”
Scale refers to “quantity of input employed”
Change in scale means that all factors of production are increased or decreased in same proportion.
The cost advantage that arises with increased output of a product.
It arises because of the inverse relationship between the quantity produced and per-unit fixed cost.
Profit refers to the excess of receipts from the sale of goods over the expenditure incurred on producing them.
The amount received from the sale of goods is known as ‘revenue’ and the expenditure on production of such goods is termed as ‘cost’. The difference between revenue and cost is known as ‘profit’.
For example, if a firm sells goods for Rs. 10 crores after incurring an expenditure of Rs. 7 crores, then profit will be Rs. 3 crores.
Law of Variable Proportion By Mr. Prasant Kumar Behera
This document discusses the law of variable proportions, which examines how output is affected by changing one variable input while holding other inputs fixed in the short run. It describes how marginal and average product initially increase as the variable input is added (stage I of increasing returns), then diminish after reaching a maximum (stage II of diminishing returns), and eventually become negative (stage III of negative returns). The most profitable stage for a producer to operate is stage II where total product is maximized, even as marginal and average product decline. The law is particularly applicable to agriculture but less so to industry with more flexible, man-made inputs.
Law of constant returns
1. The law of constant returns states that when variable inputs like labor and capital are increased in fixed proportions to other factors, total output will increase proportionately.
2. It assumes some factors are variable while others are fixed, and that prices and supply of factors do not change.
3. The law is applicable in industries where human and natural factors work together at a constant rate of productivity, like blanket making using pure wool and human labor.
Law of Variable Proportions and Law of Returns to Scale
This presentation puts emphasis on
Law of Variable proportion and Law of Returns to Scale
It also puts light on production function, cost function, etc.
Weber's
Alfred Weber developed the theory of location which assumed fixed centers of consumption and labor supply. The theory states that transportation costs and labor costs are the primary factors influencing the location of industries. According to Weber, industries will locate near raw material sources if the material index is greater than 1, and near markets if the material index is less than 1. The optimal location is the point where transportation costs and labor costs are minimized.
Econ Ch4supply
The document summarizes key concepts related to supply in microeconomics. It defines supply as the quantity of goods producers are willing to offer at various prices. The law of supply states that producers will supply more goods at higher prices and fewer goods at lower prices, based on seeking profit. Supply is determined by factors like the prices of resources, government interventions, technology, competition from other producers, and producer expectations about the future. Firms analyze costs of production like fixed, variable, total, and marginal costs to determine optimal production levels.
Law Of Variable Proportions (Economics)
Car Fans Like This Page And Stay Updated
(http://www.facebook.com/pages/Insane-Mopar/102344943218879)
Law of variable proportion
The law of variable proportions states that when one variable input is increased while other inputs are held fixed, marginal productivity initially increases but eventually decreases. It assumes technology remains constant and one input can vary while others are fixed. Marginal productivity rises until the third worker is added, then falls, reaching zero at the sixth worker and becoming negative at the seventh worker. The law has three stages: increasing returns as marginal exceeds average productivity, diminishing returns as both fall but remain positive, and negative returns as marginal productivity declines below zero.
Presentation on law of variable proportion
This document summarizes the law of variable proportions from a production economics perspective. It discusses key concepts like production functions, total product, average product, and marginal product. The law states that there are three stages of production: 1) increasing returns as marginal product initially rises with each addition of a variable input, 2) diminishing returns as marginal product starts declining, and 3) negative returns when marginal product becomes negative. The law assumes one variable input is changed while all others stay fixed, and helps explain the relationship between inputs and outputs in physical production terms.
Law of variable properties and return to scale
The document discusses production in the short run and long run. It addresses the concepts of variable proportions and returns to scale. Specifically, it covers:
- The law of diminishing returns and how total, average, and marginal physical product change with increasing use of a variable input.
- The three stages of production: increasing, diminishing, and negative returns.
- Isoquants and how they represent different combinations of inputs producing the same output level.
- The concept of returns to scale and how output changes relative to input changes (increasing, constant, or decreasing).
Marginal Product of Labor
The document defines marginal product of labor and explains its importance for producers. The marginal product of labor is the change in output from adding one more worker. There are three forms: 1) Increasing marginal returns when adding workers increases per-worker output due to specialization. 2) Diminishing marginal returns when adding more workers decreases per-worker output as they compete for limited resources. 3) Negative marginal returns when adding more workers actually decreases total output by disrupting production. Analyzing the marginal product of labor helps producers determine the optimal workforce size.
01 Production_part_2.pdf
Dr. D. Sugumar discusses productivity, including its meaning, concept, formulas, techniques for improving it, and advantages. Productivity refers to the ratio of output to inputs in production. It can be increased by generating more output from the same inputs, reducing inputs while maintaining output, or a combination. Productivity is important as it can reduce costs, improve profits, allow lower prices or higher wages, and raise living standards. Various techniques can improve productivity, such as work study, research and development, incentive schemes, and automation.
Executive summary of production and productivity
This document discusses production and productivity in the apparel industry. It defines production as the process of turning raw materials into finished goods, while defining productivity as the ratio of output to inputs. The document outlines objectives like eliminating waste and increasing productivity. It discusses factors that affect productivity like human resources, technology, and government regulation. Production flow charts for apparel manufacturing and wet processing of woven fabrics are presented. Ways to improve productivity include product development, specialization, training, and production planning. The key difference between production and productivity is that production refers to absolute output, while productivity is a measure of efficiency.
Economicefficiency 131108083852-phpapp02
The document discusses different types of economic efficiency. It defines static efficiency as using available resources efficiently at a given point in time. This includes allocative efficiency, where the value consumers place on a good equals the cost of producing it, and productive efficiency, where output is maximized at minimum average total cost. The document also discusses Pareto optimality and how efficiency can be illustrated using a production possibility frontier. It notes there is often a trade-off between efficiency and equity in how resources and benefits are distributed.
Economic efficiency
There are several types of economic efficiency that relate to how well an economy uses its scarce resources. Static efficiency looks at efficiency at a single point in time and includes allocative and productive efficiency. Allocative efficiency is achieved when the price consumers pay equals the cost of production, maximizing total welfare. Productive efficiency is minimizing costs through producing at the lowest average total cost. Dynamic efficiency considers efficiency over time through innovation and improvements in productivity.
More Related Content
What's hot
Lecture 7
This document discusses the three laws of returns known to economists: the law of diminishing returns, the law of increasing returns, and the law of constant returns. It provides examples and explanations of each law, how they operate in different contexts like agriculture, and the assumptions behind each law. It also discusses returns to scale and how scale of production can result in increasing, constant, or diminishing returns depending on the phase of production.
Law of production
This document summarizes two laws of production: the law of variable proportions and the law of returns to scale.
(1) The law of variable proportions states that as variable inputs are increased within fixed inputs, marginal productivity initially increases at an increasing rate until a peak, after which it decreases. It applies in the short run when some inputs are fixed.
(2) The law of returns to scale describes how average and marginal productivity change as all inputs are increased proportionally. It includes the laws of increasing, constant, and diminishing returns.
Law of variable proportion
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.
Returns to scale
1. Returns to scale refers to how output changes when all factor inputs are increased or decreased by the same proportion. There are three possible phases: increasing returns, constant returns, and diminishing returns.
2. Increasing returns occur when output increases more than proportionately to the increase in inputs. Constant returns occur when output increases proportionately to inputs. Diminishing returns occur when output increases less than proportionately to inputs.
3. The three phases can be illustrated using production tables and diagrams showing the marginal product curve. Increasing returns are shown by an upward sloping curve initially, followed by a horizontal line for constant returns, and then a downward sloping line for diminishing returns.
Law of returns to scale
Returns to scale relates to the behavior of total output as all inputs are varied and is a long run concept
Law of variable proportion
Here are the key points regarding Mallikarjuna's problem and suggestions to improve the functioning of the shop:
1. Mallikarjuna's problem fits the law of variable proportions. As he increases the number of assistants (variable input) from 0 to 3, total output/customers served initially increases at an increasing rate as one assistant can help multiple customers. However, beyond 3 assistants, adding more in the limited space leads to diminishing returns as customers get inconvenienced in the crowded shop.
2. Suggestions to improve:
- Increase shop floor area to accommodate more customers comfortably without overcrowding. This allows employing more assistants without diminishing returns.
- Add more billing counters to reduce
Production function & law of variable proportion
This document provides an overview of production functions and the law of variable proportions. It defines key terms like production function, input, output, fixed factors, variable factors, short run and long run. It describes the three stages of the law of variable proportions: increasing returns, diminishing returns, and negative returns. It explains the causes and importance of each stage and concludes that improvements in technology can help overcome diminishing returns.
Law of variable proportion
Isoquant is also called as equal product curve or production indifference curve or constant product curve. Isoquant indicates various combinations of two factors of production which give the same level of output per unit of time.
Just as an indifference curve represents various combinations of two goods which give a consumer equal amount of satisfaction, an iso-product curve shows all possible combinations of two inputs physically capable of producing a given level of output. Since an iso-product curve represents those combinations which will result in the production of an equal quantity of output, the producer would be indifferent between them.
This law was given by Alfred Marshall in his book principle of economics.
It show particular pattern of change in output when some factor remain fixed.
Production depend upon factors of production , if factors of production are good, production may increase and vice-versa.
Production function show functional relationship between production and factors of production.
It refers to manner of change in output cost by the increase in all the input simultaneously and in the same proportion.
Returns refers to “change in physical output”
Scale refers to “quantity of input employed”
Change in scale means that all factors of production are increased or decreased in same proportion.
The cost advantage that arises with increased output of a product.
It arises because of the inverse relationship between the quantity produced and per-unit fixed cost.
Profit refers to the excess of receipts from the sale of goods over the expenditure incurred on producing them.
The amount received from the sale of goods is known as ‘revenue’ and the expenditure on production of such goods is termed as ‘cost’. The difference between revenue and cost is known as ‘profit’.
For example, if a firm sells goods for Rs. 10 crores after incurring an expenditure of Rs. 7 crores, then profit will be Rs. 3 crores.
Law of Variable Proportion By Mr. Prasant Kumar Behera
This document discusses the law of variable proportions, which examines how output is affected by changing one variable input while holding other inputs fixed in the short run. It describes how marginal and average product initially increase as the variable input is added (stage I of increasing returns), then diminish after reaching a maximum (stage II of diminishing returns), and eventually become negative (stage III of negative returns). The most profitable stage for a producer to operate is stage II where total product is maximized, even as marginal and average product decline. The law is particularly applicable to agriculture but less so to industry with more flexible, man-made inputs.
Law of constant returns
1. The law of constant returns states that when variable inputs like labor and capital are increased in fixed proportions to other factors, total output will increase proportionately.
2. It assumes some factors are variable while others are fixed, and that prices and supply of factors do not change.
3. The law is applicable in industries where human and natural factors work together at a constant rate of productivity, like blanket making using pure wool and human labor.
Law of Variable Proportions and Law of Returns to Scale
This presentation puts emphasis on
Law of Variable proportion and Law of Returns to Scale
It also puts light on production function, cost function, etc.
Weber's
Alfred Weber developed the theory of location which assumed fixed centers of consumption and labor supply. The theory states that transportation costs and labor costs are the primary factors influencing the location of industries. According to Weber, industries will locate near raw material sources if the material index is greater than 1, and near markets if the material index is less than 1. The optimal location is the point where transportation costs and labor costs are minimized.
Econ Ch4supply
The document summarizes key concepts related to supply in microeconomics. It defines supply as the quantity of goods producers are willing to offer at various prices. The law of supply states that producers will supply more goods at higher prices and fewer goods at lower prices, based on seeking profit. Supply is determined by factors like the prices of resources, government interventions, technology, competition from other producers, and producer expectations about the future. Firms analyze costs of production like fixed, variable, total, and marginal costs to determine optimal production levels.
Law Of Variable Proportions (Economics)
Car Fans Like This Page And Stay Updated
(http://www.facebook.com/pages/Insane-Mopar/102344943218879)
Law of variable proportion
The law of variable proportions states that when one variable input is increased while other inputs are held fixed, marginal productivity initially increases but eventually decreases. It assumes technology remains constant and one input can vary while others are fixed. Marginal productivity rises until the third worker is added, then falls, reaching zero at the sixth worker and becoming negative at the seventh worker. The law has three stages: increasing returns as marginal exceeds average productivity, diminishing returns as both fall but remain positive, and negative returns as marginal productivity declines below zero.
Presentation on law of variable proportion
This document summarizes the law of variable proportions from a production economics perspective. It discusses key concepts like production functions, total product, average product, and marginal product. The law states that there are three stages of production: 1) increasing returns as marginal product initially rises with each addition of a variable input, 2) diminishing returns as marginal product starts declining, and 3) negative returns when marginal product becomes negative. The law assumes one variable input is changed while all others stay fixed, and helps explain the relationship between inputs and outputs in physical production terms.
Law of variable properties and return to scale
The document discusses production in the short run and long run. It addresses the concepts of variable proportions and returns to scale. Specifically, it covers:
- The law of diminishing returns and how total, average, and marginal physical product change with increasing use of a variable input.
- The three stages of production: increasing, diminishing, and negative returns.
- Isoquants and how they represent different combinations of inputs producing the same output level.
- The concept of returns to scale and how output changes relative to input changes (increasing, constant, or decreasing).
Marginal Product of Labor
The document defines marginal product of labor and explains its importance for producers. The marginal product of labor is the change in output from adding one more worker. There are three forms: 1) Increasing marginal returns when adding workers increases per-worker output due to specialization. 2) Diminishing marginal returns when adding more workers decreases per-worker output as they compete for limited resources. 3) Negative marginal returns when adding more workers actually decreases total output by disrupting production. Analyzing the marginal product of labor helps producers determine the optimal workforce size.
What's hot (18)
Law of Variable Proportion By Mr. Prasant Kumar Behera
Law of Variable Proportion By Mr. Prasant Kumar Behera
Law of Variable Proportions and Law of Returns to Scale
Law of Variable Proportions and Law of Returns to Scale
Similar to Productivity – meaning
01 Production_part_2.pdf
Dr. D. Sugumar discusses productivity, including its meaning, concept, formulas, techniques for improving it, and advantages. Productivity refers to the ratio of output to inputs in production. It can be increased by generating more output from the same inputs, reducing inputs while maintaining output, or a combination. Productivity is important as it can reduce costs, improve profits, allow lower prices or higher wages, and raise living standards. Various techniques can improve productivity, such as work study, research and development, incentive schemes, and automation.
Executive summary of production and productivity
This document discusses production and productivity in the apparel industry. It defines production as the process of turning raw materials into finished goods, while defining productivity as the ratio of output to inputs. The document outlines objectives like eliminating waste and increasing productivity. It discusses factors that affect productivity like human resources, technology, and government regulation. Production flow charts for apparel manufacturing and wet processing of woven fabrics are presented. Ways to improve productivity include product development, specialization, training, and production planning. The key difference between production and productivity is that production refers to absolute output, while productivity is a measure of efficiency.
Economicefficiency 131108083852-phpapp02
The document discusses different types of economic efficiency. It defines static efficiency as using available resources efficiently at a given point in time. This includes allocative efficiency, where the value consumers place on a good equals the cost of producing it, and productive efficiency, where output is maximized at minimum average total cost. The document also discusses Pareto optimality and how efficiency can be illustrated using a production possibility frontier. It notes there is often a trade-off between efficiency and equity in how resources and benefits are distributed.
Economic efficiency
There are several types of economic efficiency that relate to how well an economy uses its scarce resources. Static efficiency looks at efficiency at a single point in time and includes allocative and productive efficiency. Allocative efficiency is achieved when the price consumers pay equals the cost of production, maximizing total welfare. Productive efficiency is minimizing costs through producing at the lowest average total cost. Dynamic efficiency considers efficiency over time through innovation and improvements in productivity.
chatre three(1).pptx
This document discusses the theory of the firm from an economics perspective. It begins by defining a business firm as an economic unit that combines resources to produce goods or services for the purpose of making a profit. It then poses questions about how firms make production and pricing decisions.
The document goes on to explain the concepts of production, costs, and profit. It defines inputs, outputs, and the relationship between them via the production function. It also discusses the different types of costs firms face from inputs. Finally, it introduces key concepts from production theory, including the production possibility frontier, laws of variable proportions and returns to scale, marginal analysis, and isoquants.
Productivity & work force unit 2
This document discusses productivity and ways to measure and improve it. It defines productivity as the relationship between output and inputs. Productivity can be measured in various ways, including partial productivity (output to a single input like labor), total factor productivity (output to multiple inputs like labor and capital), and total productivity (output to all inputs). Improving productivity involves factors within a company's control like equipment, technology, materials, and methods as well as external factors like the economy, resources and policies.
Production theory ECO 101
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.
theory of production and cost
The document discusses key concepts related to production theory and cost analysis. It defines production as transforming inputs into outputs. Inputs can be fixed or variable, and production functions are classified as short-run or long-run depending on whether inputs are fixed or variable. The law of diminishing returns and returns to scale are explained. Cost concepts like total, average, fixed and variable costs are introduced. Break-even analysis is defined as a technique to understand the relationship between sales, costs and profits. Key assumptions and applications of break-even analysis are also outlined.
Production mgt(productivity ppt)
This document discusses different types and measures of productivity. It begins by defining productivity as a ratio of output to inputs used. There are three main types of productivity measures discussed: partial factor productivity, which looks at output relative to a single input; multi-factor productivity, which considers multiple inputs; and total factor productivity, which incorporates all inputs. The document then examines factors that can impact productivity and different productivity indexes used for comparison purposes over time. Productivity is an important metric for monitoring organizational performance and identifying areas for improvement.
Production function [ management ]
The document discusses the production function in economics. It begins by defining a production function as showing the relationship between inputs like capital, labor, and other factors and the outputs of goods and services. It then provides more details on:
- The factors included in a production function and how it represents the maximum output that can be produced from different input combinations.
- The difference between long-run and short-run production functions, with the long-run allowing variability in plant size and the short-run keeping plant size fixed.
- Ways to measure labor productivity, including total productivity, marginal productivity, and average productivity.
Production and cost
This document discusses key concepts related to production including: transforming inputs like capital, labor, land and entrepreneurship into outputs; different categories of production activities; production functions; analysis of production processes; concepts of total, average and marginal products; short-run and long-run costs; and production involving multiple variable inputs. Production aims to create goods/services for sale and converts inputs into outputs through technological processes.
Presentation1 econo.pptx
This document provides an introduction to key economic concepts. It defines economics as the study of how societies use scarce resources to produce goods and services. It discusses concepts like wealth, welfare, scarcity, production possibility frontiers, opportunity cost, accounting profit vs. economic profit, and the business cycle. It also defines important economic terms and outlines factors that influence concepts like demand, supply, and wealth creation.
Introduction and elementary analysis of Engineering Economics
The document provides an introduction to economics and engineering economics. It defines economics as dealing with production, exchange, and consumption of commodities using scarce resources. Engineering is applying knowledge to develop ways to utilize materials and forces of nature for humanity's benefit.
It describes the four factors of production as capital, labor, land, and entrepreneurship. The four sectors of the economy are outlined as business, households, government, and rest-of-the-world. Key economic concepts like supply and demand, costs, efficiency, and elementary analysis are defined and explained over multiple chapters.
Productivity
Productivity is a ratio that relates the quantity of output to the quantity of inputs. It can be measured in different ways depending on the sector, such as the number of hours to produce a good in a factory or revenue per employee in a service sector. Productivity growth is important for nations and refers to the increase in productivity from one period to the next relative to the preceding period. Productivity can be measured based on a single input, multiple inputs, or all inputs. Formulas are provided to calculate labor, machine, capital, and energy productivity.
Theoryofproduction
Production involves transforming inputs like labor, machines, and raw materials into outputs. There are two types of inputs: fixed inputs whose supply is inelastic in the short run, and variable inputs whose supply is elastic. A firm's production function describes its output as a function of inputs and can be expressed as short run or long run. The law of diminishing returns states that as one variable input is increased while others stay fixed, marginal product initially increases but eventually decreases. Returns to scale refers to output changes from proportional input changes, and can exhibit increasing, constant, or diminishing returns based on the relationship between input and output changes.
Chap4 production
This Chapter 4 was taken from the book; ECONOMICS by Feliciano Fajardo.
This is for classroom instruction purposes.
Engineering Economics
Flow in economy, Laws of supply and demand, Factors influencing supply , Factors influencing demand, Technical efficiency,
Theory of Production and Cost, Break-even Analysis
This document summarizes a presentation on management topics including production theory, costs, and break-even analysis. It was created by three students - Kumar Pawar, Rangat Mehta, and Jay Kheni. The presentation covers the meaning of production, production functions, factors of production, laws of variable proportions and returns to scale. It also defines fixed and variable costs, total and average costs, marginal and opportunity costs. Finally, it explains break-even analysis including the objective to find the production volume where a firm will make a profit.
Theory of production by Raj Naik
The document discusses Philips' brand repositioning strategy around "sense and simplicity". It outlines that Philips' products had become too complex, so the company refocused on simplicity through customer research. Key aspects of the new strategy include advanced yet easy-to-use technologies, a consistent message communicated globally, and products like Senseo coffee makers that embody the brand promise.
Ch06
1. Firms combine inputs to produce outputs in order to make a profit. They face production decisions like how much to produce and which production methods to use.
2. In perfect competition, firms are price takers and face homogeneous goods and many competitors. They produce at the minimum of average total cost to maximize profits.
3. A firm's production function shows the relationship between inputs like labor and capital, and total output. It exhibits diminishing marginal returns as more inputs are added.
Similar to Productivity – meaning (20)
Introduction and elementary analysis of Engineering Economics
Introduction and elementary analysis of Engineering Economics
Theory of Production and Cost, Break-even Analysis
Theory of Production and Cost, Break-even Analysis
Recently uploaded
-- June 2024 is National Volunteer Month --
Check out our June display of books on voluntary organisations
How MJ Global Leads the Packaging Industry.pdf
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
The Heart of Leadership_ How Emotional Intelligence Drives Business Success B...
Leaders who possess self-awareness deeply understand their emotions, strengths, and weaknesses.
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdf
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Štancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Sch...
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Schedule Unveiled
一比一原版新西兰奥塔哥大学毕业证（otago毕业证）如何办理
一模一样【微信：A575476】【新西兰奥塔哥大学毕业证（otago毕业证）成绩单Offer】【微信：A575476】（留信学历认证永久存档查询）采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信：A575476】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信：A575476】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
→ 【关于价格问题（保证一手价格）
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：可来公司面谈，可签订合同，会陪同客户一起到教育部认证窗口递交认证材料，客户在教育部官方认证查询网站查询到认证通过结果后付款，不成功不收费！
How to Implement a Strategy: Transform Your Strategy with BSC Designer's Comp...
The Strategy Implementation System offers a structured approach to translating stakeholder needs into actionable strategies using high-level and low-level scorecards. It involves stakeholder analysis, strategy decomposition, adoption of strategic frameworks like Balanced Scorecard or OKR, and alignment of goals, initiatives, and KPIs.
Key Components:
- Stakeholder Analysis
- Strategy Decomposition
- Adoption of Business Frameworks
- Goal Setting
- Initiatives and Action Plans
- KPIs and Performance Metrics
- Learning and Adaptation
- Alignment and Cascading of Scorecards
Benefits:
- Systematic strategy formulation and execution.
- Framework flexibility and automation.
- Enhanced alignment and strategic focus across the organization.
3 Simple Steps To Buy Verified Payoneer Account In 2024
Buy Verified Payoneer Account: Quick and Secure Way to Receive Payments
Buy Verified Payoneer Account With 100% secure documents, [ USA, UK, CA ]. Are you looking for a reliable and safe way to receive payments online? Then you need buy verified Payoneer account ! Payoneer is a global payment platform that allows businesses and individuals to send and receive money in over 200 countries.
If You Want To More Information just Contact Now:
Skype: SEOSMMEARTH
Telegram: @seosmmearth
Gmail: seosmmearth@gmail.com
Mastering B2B Payments Webinar from BlueSnap
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
United States as of 2022. The stylish puppy has ascended the
rankings in rapid time despite having health concerns and limited
color choices.”
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
Satta Matka Dpboss Matka Guessing Kalyan Chart Indian Matka Kalyan panel Chart
Satta Matka Dpboss Matka Guessing Kalyan Chart Indian Matka Kalyan panel Chart➒➌➎➏➑➐➋➑➐➐Dpboss Matka Guessing Satta Matka Kalyan Chart Indian Matka
SATTA MATKA SATTA FAST RESULT KALYAN TOP MATKA RESULT KALYAN SATTA MATKA FAST RESULT MILAN RATAN RAJDHANI MAIN BAZAR MATKA FAST TIPS RESULT MATKA CHART JODI CHART PANEL CHART FREE FIX GAME SATTAMATKA ! MATKA MOBI SATTA 143 spboss.in TOP NO1 RESULT FULL RATE MATKA ONLINE GAME PLAY BY APP SPBOSSThe APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
Company Valuation webinar series - Tuesday, 4 June 2024
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Creative Web Design Company in Singapore
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Creative Web Design Company in Singapore
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
The Genesis of BriansClub.cm Famous Dark WEb Platform
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
Recently uploaded (20)
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...
The Heart of Leadership_ How Emotional Intelligence Drives Business Success B...
The Heart of Leadership_ How Emotional Intelligence Drives Business Success B...
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdf
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdf
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Sch...
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Sch...
How to Implement a Strategy: Transform Your Strategy with BSC Designer's Comp...
How to Implement a Strategy: Transform Your Strategy with BSC Designer's Comp...
3 Simple Steps To Buy Verified Payoneer Account In 2024
3 Simple Steps To Buy Verified Payoneer Account In 2024
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
Satta Matka Dpboss Matka Guessing Kalyan Chart Indian Matka Kalyan panel Chart
Satta Matka Dpboss Matka Guessing Kalyan Chart Indian Matka Kalyan panel Chart
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...
Company Valuation webinar series - Tuesday, 4 June 2024
Company Valuation webinar series - Tuesday, 4 June 2024
The Genesis of BriansClub.cm Famous Dark WEb Platform
The Genesis of BriansClub.cm Famous Dark WEb Platform
Productivity – meaning
- 1. Productivity – Meaning Productivity refers to the physical relationship between the quantity produced (output) and the quantity of resources used in the course of production (input). “It is the ratio between the output of goods and services and the input of resources consumed in the process of production.” Output implies total production while input means land, labour, capital, management, etc. Productivity measures the efficiency of the production system. The efficiency with which resources are utilized is called productive efficiency. Higher productivity means producing more from a given amount of inputs or producing a given amount with lesser inputs. At the level of a plant or an industry productivity is an output-input ratio. But at the macro level, productivity is a measure of performance of an economy or country. From a nation’s viewpoint productivity is the ratio of available goods and services to the potential resources of the country. Productivity means an economic measure of output per unit of input. Output refers to the total production in terms of units or in terms of revenues while input refers to all the factors of production used like
- 2. capital, labour, equipment, etc. Productivity is a good indicator of the efficiency with which a factory is operating. If a firm has higher productivity, i.e. it produces more with a given amount of inputs, it means it is utilising the resources properly. Similarly, a lower productivity indicates wastage of resources and time. It is vital to have a high productivity rate because resources like capital and time are scarce and should be exploited in the best possible way. Productivity can be calculated as the ratio of the volume of output to the volume of inputs. Productivity = Output/Input Productivity can be increased by: i. Generating more outputs from same level of inputs. ii. Producing same level of outputs with reduced level of inputs. iii. A combination of both. For the long term growth of the firm and the economy as a whole, it is impertinent that a high level of productivity is maintained. A high productivity means that the resources are utilised to the optimum, while minimizing wastage. This leads to reduction in cost of production, and subsequently availability of quality products to customers at lower price. Profitability of the firm is also related to its
- 3. productivity. More profits mean that more retained earnings which would ultimately increase shareholders’ wealth. Learn more hear: https://linktr.ee/hadojeremiah