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TOPIC 5 : PRODUCTION THEORY - Coggle Diagram
TOPIC 5 : PRODUCTION THEORY
PRODUCTION THEORY IN MICROECONOMICS
INPUT OF PRODUCTION
FIXED INPUT
VARIABLE INPUT
DEFINITION OF FACTORS OF PRODUCTION
LABOUR
WAGES
CAPITAL
DIVIDEND
LAND
RENT
ENTREPRENEUR
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PROFIT
TECHNOLOGY
INCREASE PRODUCTIVITY
TERMINOLOGIES OF PRODUCTION
FIRM
INDUSTRIES
TIME PERIOD
CONCEPTS OF PRODUCTION IN A FORM OF TABLE & GRAPH
LAW OF MARGINAL RETURN
INCREASING MARGINAL RETURN
DECREASING MARGINAL RETURN
NEGATIVE MARGINAL RETURN
STAGES OF PRODUCTION
STAGE 1
STAGE 2
STAGE 3
PRODUCTION FORMULA
TOTAL PRODUCTION
TP = AP / TL
MARGINAL PRODUCTION
MP = CHANGES IN TP / CHANGES IN TL
AVERAGE PRODUCTION
AP = TP/TL