Lesson – 17 Production Function Summary The concept of production function is the subject matter of producers` behaviour who play an important role in the production of goods and service ...
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...Lesson production function summary the concept of is subject matter producers behaviour who play an important role in goods and service by establishing physical relationship between input output this evident from fact that no single commodity can be produced without help any one these four factors therefore producer combines all i e land labour capital entrepreneur for producing variety services a technical proportion which turn provides basis studying concepts cost different market forms supply etc let us discuss about various like tpp app mpp short run long law variable topic meaning it increase only level increasing defined as quantity factor process creating making intensive use with existing fixed or inputs refers to time satisfaction human period firms wants scale other words transformation into whereby value simultaneously added broadly called same related b are those whose not hanged firm does change have sufficient learner s guide sr sec economics example machinery under given...