Please enable JavaScript.
Coggle requires JavaScript to display documents.
Theory of Production, Cost of Production - Coggle Diagram
Theory of Production, Cost of Production
What are Costs
-
-
-
-
Firms react to incentive. Here, we say profit
-
-
-
-
-
Production and Costs
The Production Function
shows the relationship between quantity of inputs used to make a good and the quantity of output of that good
Marginal Product
The marginal product of any input in the production process is the increase in output that arises from an additional unit of that input
-
-
-
-
-
-