Production function
Production function expresses the technological relationship between physical inputs and physical quantities of output (yeh to yaad kar lo)
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Short run
Short run refers to a period in which output can be changed by changing only variables factors.(variable factors jaise numbers of worker ,raw material etc. inko badane se production badana is short run.
Long run
Long run refers to period in which output can be changed by changing all factors of production.(sabhi kuch badal ke production badana like factory size, new techniques of production, new machines etc.)
Difference b/w short and long run
Short run mai alag se fixed (machines,land) aur variable (labour,material) ko classify karte hai.
Long run mai saare factors of production hote hai.
Short run mai product ki demand bahut zaada hoti hai par supply dheere dheere badti hai.
Long run mai demand aur supply ek saath badti hai.
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Now we all know what is variable factor and fixed factor. In another words we can say that
Variable factor refers to those factors which can be changed in short run. They vary directly with output
Fixed factor refers to those factors which cannot be changed in short run. They do not vary directly with output
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Concept of product
Main concept toh simple hai kitna volume goods ek firm banata hai ek specific time pe. ( example- winwat company ne 1 mahine mai 500 mobiles banaye)
Total products
It refers to total quantity of goods jo ek firm ne banaye at give period of time.
Average products
Average products refers to output per unit of variable input.( matlab output/variables hua 500 mobiles made by 10 labours. so average is 500/10 #50 mobiles.
Marginal products
Marginal products refers to addition to total products.(simple kitna additional total production bada
example 500 mobile pehle mahine bne phir ek labour ko bada dia. agle mahine 550 mobile bane
to marginal 550-500=50 mobiles ho gya.
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Short run
Short run refers to a period in which output can be changed by changing only variables factors.(variable factors jaise numbers of worker ,raw material etc. inko badane se production badana is short run.
Long run
Long run refers to period in which output can be changed by changing all factors of production.(sabhi kuch badal ke production badana like factory size, new techniques of production, new machines etc.)
Difference b/w short and long run
Short run mai alag se fixed (machines,land) aur variable (labour,material) ko classify karte hai.
Long run mai saare factors of production hote hai.
Short run mai product ki demand bahut zaada hoti hai par supply dheere dheere badti hai.
Long run mai demand aur supply ek saath badti hai.
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Now we all know what is variable factor and fixed factor. In another words we can say that
Variable factor refers to those factors which can be changed in short run. They vary directly with output
Fixed factor refers to those factors which cannot be changed in short run. They do not vary directly with output
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Concept of product
Main concept toh simple hai kitna volume goods ek firm banata hai ek specific time pe. ( example- winwat company ne 1 mahine mai 500 mobiles banaye)
Total products
It refers to total quantity of goods jo ek firm ne banaye at give period of time.
Average products
Average products refers to output per unit of variable input.( matlab output/variables hua 500 mobiles made by 10 labours. so average is 500/10 #50 mobiles.
Marginal products
Marginal products refers to addition to total products.(simple kitna additional total production bada
example 500 mobile pehle mahine bne phir ek labour ko bada dia. agle mahine 550 mobile bane
to marginal 550-500=50 mobiles ho gya.
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law of variable proportion
Jab ham ek hi input ko badate hai (labour etc) baaki sabi ko constant rakhte hai. TP(total product) badega increasing rate se Phir badega decreasing rate se Last mai negative rate se decrease hoga.
isme marginal product pehle badega. phir ghatega aur phir last mai negative ho jayega
Reasons for LVP
1stage pe incerese islia hota hai bcoz increase in variable factor causes increase in production.
2stage pe increase hota hai pe becz variable factor aur fixed factor mai combination ni ban paata.
3stage pe decrease islia hota hai kyuki fixed factor kam ho jaata hai aur jadda variable factor khali waste hota hai.
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Law of diminishing return
it states thet when more and more unit of variable factor are employed with a fixed factor, the marginal products of variable factor must fall.
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Relation b/w TP and MP
TP increase hota hai increasing rate se to MP bhi increase hota hai.
TP increase hota hai decreasing rate se to MP decrease hota hai.
Last mai TP decrease hota hai to MP negative ho jaata hai.
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