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Tanima Dutta, Lovely Professional University Unit-8: Production Function and Law of Production
Notes
Unit-8: Production Function and Law of Production
CONTENTS
Objectives
Introduction
8.1 Production Function
8.2 Fixed and Variable Inputs or Factors of Production
8.3 Time Period
8.4 Concepts of Output or Product
8.5 Laws of Production
8.6 Returns to a Factor: Law of Variable Proportions
8.7 Conditions of Applicability or Causes of Application
8.8 Postponement of the Law
8.9 Returns to a Factor – A Detailed Study of Different Situations
8.10 Causes of Diminishing Returns to a Factor
8.11 Three Stages of Production
8.12 Significance of the Stage of Production
8.13 Stage of Rational Decision
8.14 Returns to Scale
8.15 Three Different Situations of Returns to Scale
8.16 Economies of Scale or Causes of Increasing Returns to Scale
8.17 Internal Economies
8.18 Summary
8.19 Keywords
8.20 Review Questions
8.21 Further Readings
LOVELY PROFESSIONAL UNIVERSITY 151
