In this article we will discuss about:- 1. Periods of Production 2. Measures of Productivity 3. Laws of Variable Proportions 4. Laws of Returns to Scale 5. Production Function with Two Variable Inputs 6. Diminishing Marginal Rate of Technical Substitution 7. Isoquant Map or Equal Product Map 8. Optimum Input Combination (Least Cost Combination or […]
Production Function: Variable Proportions, Isoquant, Iso-Cost Curve and Returns to Scale
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Short Run and Long Run Cost Curves (With Graphs)
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In this article we will discuss about the short run and long run cost curves with the help of graphs. Short Run Cost Curves: We initiate our discussion on the short run cost curves in this article. We start with the marginal cost. (i) Marginal Cost: Marginal cost (MC) is the extra cost of producing […]
Labour in Economics: Notes, Characteristics, Importance and Supply | Economics
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In this article we will discuss about:- 1. Meaning of Labour 2. Types of Labour 3. Characteristics 4. Labour- The Most Important Factor of Production 5. Entrepreneur—Special Type of Labour 6. Supply of Labour in an Economy 7. Division. Notes on Labour: Labour is the human resource of production. It indicates the aggregate of all […]