# Tag Archives | Production Theory

## Isoquant and Isocost Lines (With Diagram) | Economics

Get the answer of: What is Isoquant and Isocost Line in Production Theory? A firm's bank objective is profit maximisation. If, in the short run, its total output remains fixed (due to capacity constraint) and if it is a price-taker (i.e., cannot fix the price or change price on its own as in a purely competitive market) its total revenue [...]

By |2017-01-13T05:58:22+05:30January 13, 2017|Isoquants|Comments Off on Isoquant and Isocost Lines (With Diagram) | Economics

## Cost and Iso-Cost Equations of a Firm

In this article we will discuss about the cost and iso-cost equations of a firm. Cost Equations of a Firm: Cost Equation in the Short Run: If the firm uses two variable inputs, X and Y, along with one or more fixed inputs, to produce its output, then we may express its total cost of production (TC) as: TC = [...]

By |2016-09-17T15:58:29+05:30September 17, 2016|Production|Comments Off on Cost and Iso-Cost Equations of a Firm

## Production in the Short Run with One Variable Input

In this article we will discuss about the Production in the Short Run with One Variable Input:- 1. Total, Average and Marginal Product of a Variable Input 2. Total Product of Labour (TPL) Curve and the Law of Variable Proportions 3. The Average Product of Labour (APL) and the Marginal Product of Labour (MPL) Curves—Derivation of the APL and MPL [...]

By |2016-09-17T15:58:24+05:30September 17, 2016|Production|Comments Off on Production in the Short Run with One Variable Input
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