Theory of Production
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This document discusses the theory of production. It defines production as transforming inputs into outputs using factors of production like land, labor, capital and entrepreneurship. It describes different types of production functions including short run and long run. In the short run, some factors are fixed while in the long run all factors are variable. The document also discusses concepts in production like total product, average product, marginal product, isoquants, isocosts, and the production possibility frontier which shows all combinations of goods and services an economy can produce given its resources.
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Production function
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.
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.
Production function
This document discusses production theory and different types of production functions. It explains the law of variable proportions, which describes how total product increases at an increasing rate with one variable input initially, then at a decreasing rate. There are three stages: increasing, constant, and decreasing returns. The law of returns to scale explains how total output responds to proportional changes in all inputs. There can be increasing, constant, or diminishing returns to scale depending on whether output increases proportionately more, the same, or less than the increase in inputs.
Meeting 8 - Keynesian model of unemployment (Macroeconomics)
The document discusses key concepts of the Keynesian model of unemployment including:
- Keynes rejected the idea of full employment and wage flexibility, instead arguing wages are rigid which can cause involuntary unemployment.
- Equilibrium in the labor market occurs at less than full employment when the demand for labor intersects the horizontal portion of the rigid wage supply curve.
- Keynes argued that government intervention through fiscal and monetary policies can help remedy unemployment by increasing aggregate demand.
- New Keynesian and neo-Keynesian models build on Keynes' ideas incorporating rational expectations and imperfect competition to explain why prices and wages adjust slowly.
PRODUCTION& PRODUCTION FUNCTION
This document discusses production functions and the law of diminishing returns. It begins by defining production as the process of transforming resources into goods or services using inputs like land, labor, capital and entrepreneurship. It then discusses short-run and long-run production functions. The short-run production function treats one input like capital as fixed and analyzes how output changes with varying levels of the variable input, labor. It demonstrates diminishing marginal returns to labor through a hypothetical example. The long-run production function considers how output changes with two variable inputs, capital and labor, as demonstrated using the Cobb-Douglas production function.
Aggregate Demand and Aggregate Supply and Curves
The document discusses aggregate demand and aggregate supply. It defines aggregate demand as the total demand for final goods and services in an economy at a given time and price level. The key components of aggregate demand are consumption, investment, government spending, exports and imports. It also discusses how aggregate demand is downward sloping. The document then defines aggregate supply as the total supply of goods and services in an economy. It describes how the aggregate supply curve slopes upward in the short-run but is vertical in the long-run.
Production function
The document discusses production functions and their classification. It defines a production function as showing the maximum output that can be produced from alternative input combinations. Production functions are classified as short-run or long-run depending on whether one input is fixed. The short-run production function describes output with one fixed input, like capital, while the long-run allows variation in both inputs. Total, average and marginal products are also discussed and their relationships explained.
Theory of Production
This document discusses the theory of production. It defines production as a process that creates or adds value by converting inputs into outputs. The key inputs are factors of production like land, labor, capital and technology.
It then covers the concept of a production function, which expresses the relationship between inputs and outputs. Production functions can be short-run or long-run depending on whether inputs are variable or fixed. The laws of variable proportions and returns to scale govern these different types of production functions. Isoquants and the marginal rate of technical substitution are also discussed as ways to depict input combinations.
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Production function
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.
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.
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This document discusses production theory and different types of production functions. It explains the law of variable proportions, which describes how total product increases at an increasing rate with one variable input initially, then at a decreasing rate. There are three stages: increasing, constant, and decreasing returns. The law of returns to scale explains how total output responds to proportional changes in all inputs. There can be increasing, constant, or diminishing returns to scale depending on whether output increases proportionately more, the same, or less than the increase in inputs.
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The document discusses key concepts of the Keynesian model of unemployment including:
- Keynes rejected the idea of full employment and wage flexibility, instead arguing wages are rigid which can cause involuntary unemployment.
- Equilibrium in the labor market occurs at less than full employment when the demand for labor intersects the horizontal portion of the rigid wage supply curve.
- Keynes argued that government intervention through fiscal and monetary policies can help remedy unemployment by increasing aggregate demand.
- New Keynesian and neo-Keynesian models build on Keynes' ideas incorporating rational expectations and imperfect competition to explain why prices and wages adjust slowly.
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This document discusses production functions and the law of diminishing returns. It begins by defining production as the process of transforming resources into goods or services using inputs like land, labor, capital and entrepreneurship. It then discusses short-run and long-run production functions. The short-run production function treats one input like capital as fixed and analyzes how output changes with varying levels of the variable input, labor. It demonstrates diminishing marginal returns to labor through a hypothetical example. The long-run production function considers how output changes with two variable inputs, capital and labor, as demonstrated using the Cobb-Douglas production function.
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The document discusses aggregate demand and aggregate supply. It defines aggregate demand as the total demand for final goods and services in an economy at a given time and price level. The key components of aggregate demand are consumption, investment, government spending, exports and imports. It also discusses how aggregate demand is downward sloping. The document then defines aggregate supply as the total supply of goods and services in an economy. It describes how the aggregate supply curve slopes upward in the short-run but is vertical in the long-run.
Production function
The document discusses production functions and their classification. It defines a production function as showing the maximum output that can be produced from alternative input combinations. Production functions are classified as short-run or long-run depending on whether one input is fixed. The short-run production function describes output with one fixed input, like capital, while the long-run allows variation in both inputs. Total, average and marginal products are also discussed and their relationships explained.
Theory of Production
This document discusses the theory of production. It defines production as a process that creates or adds value by converting inputs into outputs. The key inputs are factors of production like land, labor, capital and technology.
It then covers the concept of a production function, which expresses the relationship between inputs and outputs. Production functions can be short-run or long-run depending on whether inputs are variable or fixed. The laws of variable proportions and returns to scale govern these different types of production functions. Isoquants and the marginal rate of technical substitution are also discussed as ways to depict input combinations.
Microeconomics: Production Theory
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The production function shows the relationship between inputs used in production (capital, labor, land, etc.) and the maximum output that can be produced from those inputs. There are two types of production functions: fixed proportions, where inputs must be used in specific quantities, and variable proportions, where inputs can be varied. The law of variable proportions states that as one variable input is increased, at some point marginal product will increase, then decrease, and eventually become negative. A production function with one variable input graphs total product, marginal product, and average product against the input level. A production function with two variable inputs uses isoquants to show combinations of inputs that produce the same output level.
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Law of variable proportions
The law of variable proportions states that as the quantity of one variable input (such as labor) is increased, while holding fixed inputs (such as land and capital) constant, marginal product and average product will initially increase but will eventually decrease. There are three stages: 1) initially increasing returns as variable inputs are optimally combined with fixed inputs, 2) diminishing returns as variable inputs become excessive relative to fixed inputs, and 3) negative returns with too many variable inputs. Producers will operate in the stage of diminishing returns to maximize total output from their fixed resources.
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The document defines the investment multiplier as the ratio of change in national income due to a change in investment. It explains that an initial increase in investment can lead to an even greater increase in national income through subsequent rounds of spending. The multiplier effect is dependent on the marginal propensity to consume. The document also outlines the assumptions, workings, and limitations of the multiplier model.
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The document discusses returns to scale in production. It defines returns to scale as the degree to which output changes with a change in all input factors. There are three types of returns to scale: constant, where a change in inputs leads to a proportional change in output; increasing, where more output is generated than the input change; and decreasing, where less output results than the input change. The document provides examples of each type of returns to scale and notes the assumptions needed for the law of returns to scale to apply, such as all inputs being variable and technology remaining constant.
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This document discusses production functions and isoquants. It defines a production function as a relationship between inputs like labor, capital, materials and time, and the output they produce. Isoquants represent combinations of two inputs that produce the same output amount. The key properties of isoquants are that they have a negative slope, are convex, do not intersect, and higher isoquants represent more output. The slope of the isoquant indicates the rate of technical substitution between inputs. The shape and spacing of isoquants can also show if a production process exhibits increasing, decreasing, or constant returns to scale.
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This document discusses production analysis and the theory of production costs from the perspective of a firm. It covers key concepts such as:
- The three stages of production as defined by total, average, and marginal product curves. In stage one, average product is increasing. In stage two, average product is decreasing while marginal product turns negative in stage three.
- Laws of variable proportions which state that as a variable input increases, total product initially increases at an increasing rate, then at a decreasing rate, due to diminishing marginal returns.
- Long run production functions which consider all inputs as variable. Returns to scale can be increasing, constant, or diminishing based on how total output responds to a proportional increase
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The document defines the substitution effect, income effect, and price effect. The substitution effect refers to changes in quantity demanded from a change in relative price holding income constant. The income effect refers to changes from a change in real income holding price constant. The price effect is the total change from a price change and equals the substitution effect plus the income effect. A price decrease can lead to an increase, decrease, or no change in quantity demanded depending on whether the good is normal or inferior and the relative magnitude of the substitution and income effects.
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This document discusses theories of production and cost concepts. It defines production as the conversion of raw materials into goods and services to satisfy consumer demand. It identifies the four factors of production as land, labor, capital, and entrepreneurship. It then explains various cost concepts like fixed, variable, total, average, and marginal costs. Finally, it describes break-even analysis, including how to calculate the break-even point using graphs and equations. It shows the break-even point as the level of output where total revenue and total costs are equal.
Costs functions
Okay, let's solve this step-by-step:
Given: TC = 4000 + 5Q + 10Q2
Quantity (Q) = 10 units
1) Total Fixed Cost (TFC) = 4000 (Given fixed cost)
2) Average Fixed Cost (AFC) = TFC/Q
= 4000/10 = 400
3) Total Variable Cost (TVC) = 5Q + 10Q2
= 5(10) + 10(10)2 = 50 + 1000 = 1050
4) Average Variable Cost (AVC) = TVC/Q
= 1050/10 = 105
5) Average Total Cost (ATC) = TC/Q
Unit 3 multiplier & super multiplier
The document discusses the Keynesian multiplier theory and the concept of the multiplier. It explains that the multiplier captures the cumulative effect of a change in investment on national income through induced consumption. The value of the multiplier depends on the marginal propensity to consume (MPC) and is determined as 1/(1-MPC). The document provides an example of the multiplier process showing how an initial investment leads to increasing rounds of consumption and income. It also discusses some assumptions and limitations of the multiplier model.
Isoquants
The document discusses isoquant curves and isocost curves.
1. An isoquant curve shows all the combinations of two inputs that can produce the same level of output. It assumes inputs are substitutable to some degree in production.
2. An isocost curve connects all combinations of two inputs that can be purchased with a given budget or expenditure level, based on the prices of the inputs.
3. Firms use isoquant and isocost curves to determine the most cost-effective combination of inputs to achieve a given output level.
Relation between production and cost
This is an Economics project which will help in understanding the concept of production, the costs involved in it, and the contributing factors associated with both.
Profit theories
Managerial economics applies economic principles and methodologies to business decision-making. It seeks to establish rules and principles to help businesses attain their economic goals. The key aspects of managerial economics are decision-making, using economic methodology, and achieving the economic goals of the firm like maximizing profits from scarce resources. While economic theories are too general, managerial economics adds business logic and analytical tools to make the theories useful for rational managerial decision-making.
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The document discusses different theories of cost, including traditional and modern theories. Under traditional theory, costs are categorized as total, average, and marginal in both the short-run and long-run. Total cost equals total fixed cost plus total variable cost. Average cost depends on average fixed and average variable cost. Marginal cost is the change in total cost from producing one additional unit. In the long-run, all costs are variable. Modern theory proposes cost curves are L-shaped rather than U-shaped as traditionally thought.
LONG RUN PRODUCTION FUNCTION
The document discusses key economic concepts related to production including:
- Production is the process of transforming inputs like labor, capital, materials into outputs that are goods or services.
- The long-run production function describes the maximum output that can be produced from a set of inputs, assuming firms can adjust all input levels. It is represented mathematically as Q=F(K,L) where Q is output, K is capital, and L is labor.
- Isoquants show combinations of two inputs, like capital and labor, that produce the same level of output. The slope of an isoquant indicates how quantities of inputs can be substituted while maintaining constant output.
- Iso-cost
Microeconomics: Income and Substitution Effects
Consumer Behavior: Income and Substitution Effects
The Consumer’s Reaction to a Change in Income
Engel Curve or Engel’s Law
The Consumer’s Reaction to a Change in Price
The Consumer’s Demand Function
Cobb-Douglas Utility Function
The Slutsky Substitution Effect
The Hicks substitution effect
Philip's Curve
The Phillips curve describes an inverse relationship between unemployment and inflation, such that lower unemployment is associated with higher inflation. While observed to be stable in the short-run, it does not hold in the long-run. The document discusses the origins of the Phillips curve from William Phillips' 1958 paper and subsequent modifications by economists like Friedman and Phelps who argued it does not reflect long-run economic realities. It also examines shifts to the Phillips curve from supply shocks and how the relationship between unemployment and inflation is now understood with incorporation of inflation expectations.
Theory of production 2
The document discusses production theory, which forms the foundation of supply theory. It covers key concepts such as:
1) Short-run vs long-run production and the fixed and variable nature of inputs.
2) Production functions and the relationship between total, average, and marginal product.
3) The law of diminishing marginal returns and the three stages of production.
4) Isoquants, isocost lines, and how firms determine optimal input combinations to minimize costs.
Production function
This document discusses production and production functions. It defines production as the process of transforming inputs like land, labor, and capital into outputs. A production function represents the relationship between inputs used in production and the maximum output possible. There are two types of production functions: one that considers only variable inputs in the short-run, and one that considers all inputs in the long-run. The document outlines the stages and graphical representations of the laws of variable proportions and returns to scale.
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
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Microeconomics: Production Theory
Production Theory
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Production function
The production function shows the relationship between inputs used in production (capital, labor, land, etc.) and the maximum output that can be produced from those inputs. There are two types of production functions: fixed proportions, where inputs must be used in specific quantities, and variable proportions, where inputs can be varied. The law of variable proportions states that as one variable input is increased, at some point marginal product will increase, then decrease, and eventually become negative. A production function with one variable input graphs total product, marginal product, and average product against the input level. A production function with two variable inputs uses isoquants to show combinations of inputs that produce the same output level.
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Isoquants, MRTS, Concept of Total Product, Average & Marginal Product, Short Run and Long Run analysis of production, The Law of Variable proportion, Returns to scale,
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Law of variable proportions
The law of variable proportions states that as the quantity of one variable input (such as labor) is increased, while holding fixed inputs (such as land and capital) constant, marginal product and average product will initially increase but will eventually decrease. There are three stages: 1) initially increasing returns as variable inputs are optimally combined with fixed inputs, 2) diminishing returns as variable inputs become excessive relative to fixed inputs, and 3) negative returns with too many variable inputs. Producers will operate in the stage of diminishing returns to maximize total output from their fixed resources.
Multiplier analysis
The document defines the investment multiplier as the ratio of change in national income due to a change in investment. It explains that an initial increase in investment can lead to an even greater increase in national income through subsequent rounds of spending. The multiplier effect is dependent on the marginal propensity to consume. The document also outlines the assumptions, workings, and limitations of the multiplier model.
Returns to scale
The document discusses returns to scale in production. It defines returns to scale as the degree to which output changes with a change in all input factors. There are three types of returns to scale: constant, where a change in inputs leads to a proportional change in output; increasing, where more output is generated than the input change; and decreasing, where less output results than the input change. The document provides examples of each type of returns to scale and notes the assumptions needed for the law of returns to scale to apply, such as all inputs being variable and technology remaining constant.
production function with 2 variable inputs return to scale
This document discusses production functions and isoquants. It defines a production function as a relationship between inputs like labor, capital, materials and time, and the output they produce. Isoquants represent combinations of two inputs that produce the same output amount. The key properties of isoquants are that they have a negative slope, are convex, do not intersect, and higher isoquants represent more output. The slope of the isoquant indicates the rate of technical substitution between inputs. The shape and spacing of isoquants can also show if a production process exhibits increasing, decreasing, or constant returns to scale.
Production function
This document discusses production analysis and the theory of production costs from the perspective of a firm. It covers key concepts such as:
- The three stages of production as defined by total, average, and marginal product curves. In stage one, average product is increasing. In stage two, average product is decreasing while marginal product turns negative in stage three.
- Laws of variable proportions which state that as a variable input increases, total product initially increases at an increasing rate, then at a decreasing rate, due to diminishing marginal returns.
- Long run production functions which consider all inputs as variable. Returns to scale can be increasing, constant, or diminishing based on how total output responds to a proportional increase
Effects ppt
The document defines the substitution effect, income effect, and price effect. The substitution effect refers to changes in quantity demanded from a change in relative price holding income constant. The income effect refers to changes from a change in real income holding price constant. The price effect is the total change from a price change and equals the substitution effect plus the income effect. A price decrease can lead to an increase, decrease, or no change in quantity demanded depending on whether the good is normal or inferior and the relative magnitude of the substitution and income effects.
Theory of Production and Costs & Cost Concepts
This document discusses theories of production and cost concepts. It defines production as the conversion of raw materials into goods and services to satisfy consumer demand. It identifies the four factors of production as land, labor, capital, and entrepreneurship. It then explains various cost concepts like fixed, variable, total, average, and marginal costs. Finally, it describes break-even analysis, including how to calculate the break-even point using graphs and equations. It shows the break-even point as the level of output where total revenue and total costs are equal.
Costs functions
Okay, let's solve this step-by-step:
Given: TC = 4000 + 5Q + 10Q2
Quantity (Q) = 10 units
1) Total Fixed Cost (TFC) = 4000 (Given fixed cost)
2) Average Fixed Cost (AFC) = TFC/Q
= 4000/10 = 400
3) Total Variable Cost (TVC) = 5Q + 10Q2
= 5(10) + 10(10)2 = 50 + 1000 = 1050
4) Average Variable Cost (AVC) = TVC/Q
= 1050/10 = 105
5) Average Total Cost (ATC) = TC/Q
Unit 3 multiplier & super multiplier
The document discusses the Keynesian multiplier theory and the concept of the multiplier. It explains that the multiplier captures the cumulative effect of a change in investment on national income through induced consumption. The value of the multiplier depends on the marginal propensity to consume (MPC) and is determined as 1/(1-MPC). The document provides an example of the multiplier process showing how an initial investment leads to increasing rounds of consumption and income. It also discusses some assumptions and limitations of the multiplier model.
Isoquants
The document discusses isoquant curves and isocost curves.
1. An isoquant curve shows all the combinations of two inputs that can produce the same level of output. It assumes inputs are substitutable to some degree in production.
2. An isocost curve connects all combinations of two inputs that can be purchased with a given budget or expenditure level, based on the prices of the inputs.
3. Firms use isoquant and isocost curves to determine the most cost-effective combination of inputs to achieve a given output level.
Relation between production and cost
This is an Economics project which will help in understanding the concept of production, the costs involved in it, and the contributing factors associated with both.
Profit theories
Managerial economics applies economic principles and methodologies to business decision-making. It seeks to establish rules and principles to help businesses attain their economic goals. The key aspects of managerial economics are decision-making, using economic methodology, and achieving the economic goals of the firm like maximizing profits from scarce resources. While economic theories are too general, managerial economics adds business logic and analytical tools to make the theories useful for rational managerial decision-making.
theory of cost
The document discusses different theories of cost, including traditional and modern theories. Under traditional theory, costs are categorized as total, average, and marginal in both the short-run and long-run. Total cost equals total fixed cost plus total variable cost. Average cost depends on average fixed and average variable cost. Marginal cost is the change in total cost from producing one additional unit. In the long-run, all costs are variable. Modern theory proposes cost curves are L-shaped rather than U-shaped as traditionally thought.
LONG RUN PRODUCTION FUNCTION
The document discusses key economic concepts related to production including:
- Production is the process of transforming inputs like labor, capital, materials into outputs that are goods or services.
- The long-run production function describes the maximum output that can be produced from a set of inputs, assuming firms can adjust all input levels. It is represented mathematically as Q=F(K,L) where Q is output, K is capital, and L is labor.
- Isoquants show combinations of two inputs, like capital and labor, that produce the same level of output. The slope of an isoquant indicates how quantities of inputs can be substituted while maintaining constant output.
- Iso-cost
Microeconomics: Income and Substitution Effects
Consumer Behavior: Income and Substitution Effects
The Consumer’s Reaction to a Change in Income
Engel Curve or Engel’s Law
The Consumer’s Reaction to a Change in Price
The Consumer’s Demand Function
Cobb-Douglas Utility Function
The Slutsky Substitution Effect
The Hicks substitution effect
Philip's Curve
The Phillips curve describes an inverse relationship between unemployment and inflation, such that lower unemployment is associated with higher inflation. While observed to be stable in the short-run, it does not hold in the long-run. The document discusses the origins of the Phillips curve from William Phillips' 1958 paper and subsequent modifications by economists like Friedman and Phelps who argued it does not reflect long-run economic realities. It also examines shifts to the Phillips curve from supply shocks and how the relationship between unemployment and inflation is now understood with incorporation of inflation expectations.
Theory of production 2
The document discusses production theory, which forms the foundation of supply theory. It covers key concepts such as:
1) Short-run vs long-run production and the fixed and variable nature of inputs.
2) Production functions and the relationship between total, average, and marginal product.
3) The law of diminishing marginal returns and the three stages of production.
4) Isoquants, isocost lines, and how firms determine optimal input combinations to minimize costs.
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This document discusses production and production functions. It defines production as the process of transforming inputs like land, labor, and capital into outputs. A production function represents the relationship between inputs used in production and the maximum output possible. There are two types of production functions: one that considers only variable inputs in the short-run, and one that considers all inputs in the long-run. The document outlines the stages and graphical representations of the laws of variable proportions and returns to scale.
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
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- Returns to scale, measuring how output changes relative to proportional changes in all inputs, with cases of increasing, constant, and decreasing returns.
- The production function and its stages of increasing, then diminishing, and eventually negative returns as inputs are added without limit.
Chapter 6 production theory 24022013
This document discusses concepts related to microeconomic production including:
1. Short run production analyzes production when at least one input is fixed and examines the relationship between total product, average product and marginal product under conditions of increasing, diminishing and negative returns.
2. Long run production occurs when all inputs are variable and is governed by the law of returns to scale which addresses how output changes as inputs change proportionately.
3. Key microeconomic concepts like firms, industries, time periods, factors of production and the stages of production are introduced and defined.
Production function
Shyness (also called diffidence) is the feeling of apprehension, lack of comfort, or awkwardness especially when a person is around other people. This commonly occurs in new situations or with unfamiliar people. Shyness can be a characteristic of people who have low self-esteem.
We’ve both experienced different variations of shyness, and through practice and increased awareness we have both overcome this. The following are tips that have helped us overcome this uncomfortable feeling.
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The document discusses the importance of management information systems (MIS) for observing the external environment and satisfying customer needs. It explains that MIS involves collecting, organizing, analyzing, and distributing timely and accurate information to marketing decision makers. The document also lists several methods that can be used to gather customer intelligence, such as training salespeople to report new developments, motivating distributors to share information, networking externally, setting up an advisory panel, using government data, and purchasing external data.
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This document discusses the key elements of a marketing information system, including transaction processing data, marketing research data, marketing intelligence data, external environment data, and strategic plans. It also outlines the main components of marketing decisions - product planning, place planning, promotion, price, budget allocation, and sales forecasting. The marketing information system works with other functional systems to support problem solving related to marketing a firm's products.
Mis
Marketing information systems collect internal records and marketing intelligence to analyze information about target markets, competitors, and the macro environment. The objectives of marketing research are to understand customer needs and responses to products and promotions, as well as to forecast sales and anticipate competition. Marketing research provides benefits like sales forecasting, product testing, effective promotion strategies, new market insights, and guidance for business decisions. However, it also has disadvantages such as high costs, potential for biased data, unpredictability, and needing to quickly implement findings. The marketing research process involves defining the problem, selecting a method, sampling, data collection, analysis, interpretation, and reporting.
Production management
EVERY ORGANIZATION HAS A PRODUCTION FUNCTION WHERE IT IS CALLED PRODUCTION OR OPERATIONS
THOSE ACTIVITEIES WHICH IS CONCERNED WITH THE ACQUISTION OF RAW MATERIALS,THEIR CONVERSION INTO FINISHED PRODUCT,AND THE SUPPLY OF THE FINISHED PRODUCT TO THE CUSTOMER
Production Theory
The document discusses production theory concepts including factors of production, production terminologies, production functions, stages of production, and the law of diminishing marginal returns. It defines key terms like firms, industries, time periods, total product, average product, and marginal product. Tables show how total product, average product, and marginal product change as capital is held constant and labor is increased. Graphs plot the relationships between these production concepts. Stages of production are outlined showing how total product, average product, and marginal product behave at different levels of input.
Marketing information system
Caesars Entertainment Corp is the largest casino company in the world with over 50 properties across 5 continents. They have a sophisticated loyalty program with 5 membership tiers that tracks customer interactions across their properties. Caesars gathers extensive customer data through their TotalRewards program to deliver personalized service and targeted promotions. They maintain customer databases, data warehouses, and conduct data mining to analyze customer segments and purchase trends to inform marketing decisions. Caesars also gathers external marketing intelligence from various sources to monitor opportunities and threats in their dynamic marketing environment.
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This document discusses key concepts in production analysis including the production possibility curve (PPC), inputs and outputs, fixed and variable inputs, and short and long run time periods. It also explains the production function and how total product, marginal product, and average product are determined by the quantity of labor input based on the law of variable proportions. Finally, it covers the different types of returns to scale including increasing, constant, and diminishing returns based on how total output changes with proportional increases in all factor inputs in the long run.
Production analysis by Neeraj Bhandari ( Surkhet.Nepal )
This document discusses key concepts in production analysis including the production possibility curve (PPC), inputs and outputs, fixed and variable inputs, and short and long run time periods. It also explains the production function and how total product, marginal product, and average product are determined by the quantity of labor input based on the law of variable proportions. Finally, it covers the concept of returns to scale and how total output can increase more than, equal to, or less than proportionately based on increasing, constant, and diminishing returns to scale respectively in the long run.
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This document defines key concepts related to production analysis, including:
1. Production functions relate inputs like labor, capital, and technology to the quantity of output. They show the technical relationship between inputs and maximum possible output.
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This document discusses production functions and cost analysis concepts. It begins by defining a production function as expressing the relationship between inputs and outputs of a firm. It then discusses isoquants and isocosts, marginal rate of technical substitution, laws of variable proportions and returns to scale. It also covers Cobb-Douglas production functions and economies of scale. Key points covered include the three stages of the law of variable proportions, definitions of internal and external economies of scale, and types of internal economies such as technical, managerial, marketing, and financial economies.
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The document provides information on production functions and factors of production. It discusses:
1) The production function expresses the relationship between inputs (land, labor, capital, entrepreneurship) and output. It can be expressed as a formula showing output as a function of inputs.
2) There are three stages in the law of variable proportions: increasing, diminishing, and negative returns as the variable input is increased with fixed inputs.
3) Isoquants show combinations of two inputs (e.g. capital and labor) that produce the same level of output. They have properties like being downward sloping and convex to the origin.
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The document discusses theories of production, including:
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2. It summarizes the law of variable proportions and returns to scale, and how they relate to costs via concepts like economies and diseconomies of scale.
3. It provides an overview of oligopoly market structure and models for price and output determination under conditions like collusion, price leadership, and kinked demand curves.
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Production involves using inputs like capital, labor, and machinery to produce outputs. There are fixed and variable inputs. The production function expresses the relationship between inputs and outputs, showing the maximum output possible given inputs. It can take various forms like linear or cubic. There are assumptions for production functions like constant technology. In the short run, there are three stages of production depending on input levels. The long run production function shows returns to scale like increasing, decreasing, or constant based on output changes from input changes. Economies of scale can result from larger scale production.
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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.
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This document discusses production and production functions. It begins by defining production as the process of converting inputs into outputs. The key inputs or factors of production are land, labor, capital, and entrepreneurship. A production function expresses the relationship between a firm's inputs and its output. It then examines production functions with one variable input, two variable inputs, and all variable inputs. Specifically, it analyzes the concepts of total, average, and marginal physical product when varying levels of a single input while holding others fixed. The document also introduces economies of scale and scope.
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The document discusses production analysis and key concepts including:
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2. The law of diminishing returns explains that as one variable input is increased while others stay fixed, marginal and then average product will eventually diminish.
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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.
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1. The production function expresses the relationship between inputs like labor, capital, land, etc. and the quantity of output produced. It defines output as a function of various inputs.
2. Cobb-Douglas production functions take the form Y=(AK^x L^(1-x)) and model output (Y) as a function of capital (K) and labor (L). They assume constant returns to scale and that factors are substitutable up to a limit.
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The document discusses the theory of production and production functions. It defines production as the process of converting inputs into outputs. The four main factors of production are land, labor, capital, and organization.
The production function refers to the technical relationship between quantities of inputs (factors of production) and the quantity of output. It shows the maximum output attainable from different combinations of inputs. Inputs can be fixed or variable depending on the time period.
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This document provides an introduction to production concepts and analysis. It defines key terms like production function, inputs, outputs, isoquants, and marginal rate of technical substitution.
The production function expresses the relationship between various inputs (like labor, capital, land) and the level of output. Isoquants show the different combinations of two inputs (like labor and capital) that can produce the same level of output. The marginal rate of technical substitution measures how much one input must be reduced to compensate for an increase in another input while maintaining the same output level.
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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.
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The document discusses production analysis and production functions. It defines production as the creation of goods and services that have exchange value by transforming inputs into outputs. [It then discusses key aspects of production functions including]:
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- Isoquants show the different combinations of two inputs, like capital and labor, that can produce the same level of output. Isoquants are downward sloping and convex to the origin.
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原版制作(Humboldt毕业证书)柏林大学毕业证学位证一模一样
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IEEE Aerospace and Electronic Systems Society as a Graduate Student Member
Theory of Production
- 1. THEORY OF PRODUCTION Presented By: Sameer Kumar Sahoo (sl no - 62) Ajit Kumar Singh (sl no - 18) Birbal Kumar Mahto (sl no - 16)
- 2. CONTENTS Introduction Factor of production Production functions Types of production functions 1. Short run 2. Long run a) Iso-quant line b) Iso-cost line Production possibility frontier
- 3. INTRODUCTION In ordinary sense, production means the process to produce something. In economics production means any activity that transforms inputs into outputs. These inputs are some times referred as factors of production. Input Processing Output
- 4. FACTORS OF PRODUCTION Production of goods & services requires the use of factors of production which are also called agents of factors of production. Fixed Variable Land, Capital, Entrepreneurship labour
- 5. PRODUCTION FUNCTION The relation between inputs & outputs of a firm has been called as a production function. “The functional relationship between physical inputs and physical output of a firm is known as production function.” In mathematically, Q = F (L, K, M) Where Q stands for quantity of output L stands for labour K stands for capital M stands for material
- 6. Law of variable proportion: “The production function of a firm can be studied by holding the quantities of some factors while varying the amount of other factors.” for ex: a = variable ; b,c,d…= fixed Law of return to scale: “The production function of a firm can also be studied by varying the amounts of all the factors.” for ex: a,b,c,d… = variable
- 7. Types of Production Function: Short run: It is defined as a period of time over which the inputs of some factors of production cannot be varied. Factors which cannot be altered in the short run are called fixed factors. Thus in short period some factors are fixed and some factors are variable. Elements of capital such as plant, machinery and equipment are generally fixed in short run. In the short run there are three main concepts of production these are : (1) Total Product (2) Average Product (3) Marginal product For example: FACTOR TP MP AP 1 20 20 20 2 50 30 25 3 87 37 29 4 128 41 32
- 8. CONTD… Total Product : Total product of a factor is the amount of total output produced by a given amount of the factors, other factors held constant. As the amount of a factor increases the total output increases. After a certain point it reaches the maximum than falls. It means first rises in increasing rate, than diminishing rate than falls. Average Product: Average product of a factor is the total output per unit of the factor employed. Thus Average product = Q/L Where , Q = Quantity or total output L = No of variable factor employed Marginal Product: Marginal product of a factor is the addition to the total production by employment of an extra unit of a factor. The marginal product of labour increases in the beginning and then diminishes. Marginal product of 8th unit of labour is zero and beyond that it becomes negative. In mathematically, MP = Change in quantity Change in factor
- 9. LONG RUN The time period when all factors are variable is called the long run. the study is the subject of returns to scale. In the long run there are two relative concepts of production i.e. 1.Iso-quant / Product 2.Iso-cost line
- 10. ISO-QUANT/PRODUCT: An isoquant may be defined as a curve showing all the various combinations of two factors that can produce a given level of output. The isoquant shows the whole range of alternative ways of producing the same level of output. The following table shows the five combinations of labour and capital which are equally efficient to produce 200 units of output. Combination of Units of Units of Output Labour & capital Labour capital Meters A 1 14 200 B 2 10 200 C 3 7 200 D 4 5 200 E 5 4 200
- 11. ISOCOST: An isocost line is also called outlay line or price line or factor cost line. An iscost line shows all the combinations of labor and capital that are available for a given total cost to-the producer.
- 12. Production Possibility Frontier The collection of all possible combinations of goods & services that can be produced from a given amount of resources and a given stock of technological knowledge is called the production possibility set Ex: Consider an economy which can produce corn or cotton by using its resources. Table gives some of the combinations of corn andcotton that the economy can produce. Possibilities butter gun A 0 10 B 1 9 C 2 7 D 3 4 E 4 0