Chapter-5 Production Function

Chapter-5 Production Function

12th English Medium
CONCEPT OF PRODUCTION FUNCTION Production function is an expression of the technological relationship between physical inputs and physical output of a commodity.   PERIOD IN PRODUCTION   VERY SHORT PERIOD: In this period producer does not have sufficient time to make fresh adjustment at the factor of production. SHORT PERIOD: Short run refers to a period in which output can be changed by changing only variable factors. LONG PERIOD: Long run refers to period in which output can be changed by changing all factors of production. Variable factors and Fixed factors Variable factors Variable factors refers to those factors, which can be changed in the short run, for example raw material, casual labour, power fuel etc. Variable factors very directly with the level of output . As output increase, requirement…
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Chapter- 4 Demand

12th English Medium
  DEMAND:   Demand is the quantity of a commodity that a consumer is willing and able to buy, at each possible price during a given  period of time.”       DEMAND SCHEDULE:   A demand schedule is a tabular is a statement showing different quantities of a commodity demanded at different prices during a given period of time.”     DEMAND SCHEDULE         Price  Quantity 50 100 40 200 30 300 20 400 10 500   DEMAND CURVE: A demand curve is graphical representation showing different quantities of a commodity demanded at different prices during a given period of time.           MARKET DEMAND:  Market demand is the total quantity for a commodity which all the individual buyers in the market are…
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