By TopicBin .
Updated .
10 min read .
0 comments
If you are a beginner and have just started to study production theories of microeconomics, so then you are in the right place to start from. After studying this article, you will learn the concepts of production, production function, and the concepts of total, average,
By TopicBin .
Updated .
6 min read .
0 comments
In our earlier post, we discussed the profit-maximizing conditions of a single-product firm. But in the real world, the business firm produces more than one product. In this post, we will discuss the profit-maximizing conditions of a multi-product firm. Also, note that the equilibrium of
By TopicBin .
Updated .
6 min read .
0 comments
In economic literature, we consider profit maximization is the main goal of any business firm or a rational producer. When we talk about the profit maximization objective, we are implicitly referring to the economic efficiency rather than technical efficiency. Technical efficiency does not consider the
By TopicBin .
Updated .
4 min read .
0 comments
In our earlier posts, we have explain about the production function and law of variable production. If you are yet to read, then you can find them here - meaning of production function and law of variable production. Now here in this post, we
By TopicBin .
Updated .
9 min read .
0 comments
This article tries to explain the meaning of the isoquant curve, its assumptions, and its properties. Also, it will describe the marginal rate of technical substitution and economic region of production possibly in a detailed and obvious manner. In addition, I request you to
By TopicBin .
Updated .
6 min read .
0 comments
This is an article on what the law of variable proportion is all about. You will learn the core concept of this very famous production theory in economics. Before reading this article, we recommend you read through the fundamental concept regarding production and production function,