Production Function in Economics - Microeconomics

Description

In this course series, we will be covering up the Production Function in detail. We will be talking about Total Product, Average Product, Marginal Product, Law of Variable Proportion, some important relationships and lastly HOTS from examination and interview point of view.
This course is highly beneficial for students currently having economics in their study curriculum.

In economics, a production function relates the physical output of a production process to physical inputs or factors of production. It is a mathematical function that relates the maximum amount of output that can be obtained from a given number of inputs – generally capital and labour. The production function, therefore, describes a boundary or frontier representing the limit of output obtainable from each feasible combination of inputs.

In this course we will cover:

• Production Function: What is Production? Factors of Production and Total Physical Product

• Average Physical Product

• Marginal Physical Product

• Types of Production Functions

• The Law of Variable Proportions

• The Law of Variable Proportions: Explanation of Schedule and Diagram and Assumptions to the Law

• Difference between Law of Variable Proportions and Returns to Scale

• Production Function: Some Important Relationships

• High Order Thinking Skills Questions

This course is self-paced, designed for all levels in the English language.

This is Sanchit Gupta currently working as a Program Manager in Bangalore, India. I'm working as a verified educator for the past 3 years on Unacademy (India's Largest Learning Platform) now. There I teach several topics (Competitive Exams, CAT, GMAT, GRE Preparation, Economics, UPSC Preparation, Programming, Personal Development and many more).

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