In this article we will discuss about the meaning and types of production function. Meaning of Production Function: Production is a process whereby some goods and services, called inputs are transformed into other goods and services called output. The production function refers to the relationship between the input of factor services and the output of the resultant product. The production [...]
In this article we will discuss about the meaning of a production possibility curve. Suppose a farmer has one input with which he can produce two products namely Y1 and Y2. We assume that the other inputs are highly specialized and can be used for producing a specific crop only. So, problem of their allocation over various crops does not [...]
In this article we will discuss about the demand curve for agricultural products. The conditions determining the shape of the demand curve for agricultural products do not differ very materially from those determining the demand curve for other products. There is much less to be said about the demand curve than about the supply curve. This does not mean that [...]