Factors of Production
August 15, 2020Cournot Model
August 16, 2020
This presentation covers the following concepts:
- Concept of Production Function
- Features of Production Function
- Short and Long run Production Function
- Concept of Total, Average & Marginal Product
- Law of Variable Proportions or The Law of Diminishing Marginal Returns: Assumptions (Fixed Factors, Variable Factors, Homogeneity of Variable Factors, State of Technology, Short-run period & Physical units), Explanation with the help of diagram and schedule
