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CBSE - Class 11 - Economics - Production Function & Returns to a Factor

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Production Function & Returns to a Factor

Production function –Short-Run and Long-Run Total Product, Average Product and Marginal Product. Returns to a Factor Cost: Short run costs - total cost, total fixed cost, total variable cost; Average cost; Average fixed cost, average variable cost and marginal cost-meaning and their relationships. Revenue - total, average and marginal revenue - meaning and their relationships. Producer's equilibrium-meaning and its conditions in terms of marginal revenue-marginal cost. Supply, market supply, determinants of supply, supply schedule, supply curve and its slope, movements along and shifts in supply curve, price elasticity of supply; measurement of price elasticity of supply - (a) percentage-change method and (b) geometric method.



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