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Laws of Production

Laws of Production

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Published by manojkumar024

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Published by: manojkumar024 on Sep 02, 2010
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01/11/2013

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Laws of Production
by
Balaji K
 
2
Overview
L
aws of Variable Proportions
Stages of Production function
Returns to Scale and its Types
Economies of Scale
Types of Economies of Scale
Factors/Causes of Internal and external economiesof scale
Diseconomies of small scale and large scaleproduction
 
3
L
aw of Variable Proposition
It is also known as ³Law of DiminishingReturns´
Assumption:A firm¶s production function consists of fixedquantities of all inputs (land,equipmentetc)except labour which is a variableinput.When the firm expands output byemploying more and more labour,it alters theproportion between fixed and the variableinputs.

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