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Production Theory

Production Theory

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Published by Rajveer Singh

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Categories:Types, School Work
Published by: Rajveer Singh on Dec 19, 2009
Copyright:Attribution Non-commercial


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Chapter 7
Production Theory
Lecture Plan
ObjectivesProductionTypes of inputsFactors of productionProduction function
 –Production function with one variable input –Production function with two variable inputs –Isoquants
Producer’s equilibriumReturns to scaleCobb Douglas and CES production functionsTechnical progressSummary
Chapter Objectives
To examine the economic analysis of a firm’stechnology, different types of inputs and the process of production.To help develop an understanding of the distinctionbetween short run and long run production functions.To build up a critical appraisal of the law of variableproportions and returns to scale.To introduce the concepts of isoquant, isocost line,marginal rate of technical substitution, elasticity of substitution and expansion path.To develop an understanding of technical progress andits nuances.

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