theory production costs micro economoics finance business etc.
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Description : 2nd part of the book "Jazz Theory - A Creative Approach" by Kenneth Stanton. Great book about jazz music theory. Out of print for many years. I tried all ways to contact/find the author or publi...
2nd part of the book "Jazz Theory - A Creative Approach" by Kenneth Stanton. Great book about jazz music theory. Out of print for many years. I tried all ways to contact/find the author or publi...
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Syed Nusrat Shah
ASSI AS SIGN GNME MENT NT
3105
1st
Theory of Production
Production theory is the economic process of producing outputs from the inputs. inputs.
Inputs •
Land
Transformation •
Economic
Outputs •
Goods
•
Production is a creation of bundle of satisfaction.. satisfaction
Three Aspects to Production Processes 1. The quantity of the good or service produced.
2. The form form of of the good or service created. 3. The distribution distribution of the good or service
1. Land:
Land is the economic resource encompassing natural resources found within the economy.
This resource includes timber, land, fisheries, farms and other similar natural resources.
Land is a limited resource for any economies.
3.Capital: 3.Capital:
Capital has two economic definitions as a factor of
production.
1. Capital
can
represent
the
financial
resources
companies use to purchase natural resources, land
4. Entrepreneur:
Entrepreneur is a person who sets up a business and takes financial risks in the hope of profit.
Entrepreneurs usually have an idea for creating a valuable good or service.
It is a mathematical function that relates output with the number of inputs.
Production function Q = F(K, L) •
Q = quantity of output, K = capital, and L = labor
Basic Concepts of Production Theory INPUT •
An input is a good or service that goes into the production process. As economists refer to it, an input is simply anything which a firm buys for use in its production process.
–
An input for which the level of usage cannot readily be changed
- In economic sense, sense, a fixed input is one whose supply is inelastic in the short run. - In technical sense, sense, a fixed input is one that remains fixed (or constant) for certain level of output. •
•
Variable input
A variable input is one whose supply in the short run is elastic, example, labour, raw materials, and the like. Users of such inputs can employ a larger quantity in the short run.
Technically, a variable input is one that changes with
