Production Function in Economics - Microeconomics

Name: Production Function in Economics - Microeconomics
Rating: 5.0 (1 reviews)

Production Function and Returns to a Factor

Created bySanchit Gupta

Last updated 4/2020

English

What you'll learn

Production Function in detail
Total Product
Marginal Product
Average Product
Law of Variable Proportion
High Order Thinking Skills questions
Competitive Exams and Interview Preparation Resources

Course content

2 sections • 10 lectures • 1h 11m total length

Overview of the Course and Author7:38
Hi. This video is short and sweet. Overview of two things: What's there in the course and Who's teaching the course?

What is Production? Factors of Production and Total Physical Product8:10
In this lecture, we will be talking about what Is Production, factors of production and total production in full detail.
You can reach out to me on my Instagram or Twitter handles for the notes also.
Twitter: twitter.com/Sanc_Gupta
Instagram: https://www.instagram.com/asksanc
Average Physical Product5:00
In this lecture, we'll be talking about Average Physical Product and numerical on the same.

You can reach out to me on my Instagram or Twitter handles for the notes and doubts also.
Twitter: twitter.com/Sanc_Gupta
Instagram: https://www.instagram.com/asksanc
Marginal Physical Product4:32
In this lecture, we'll be talking about Marginal Physical Product and numerical on the same.

You can reach out to me on my Instagram or Twitter handles for the notes and doubts also.
Twitter: twitter.com/Sanc_Gupta
Instagram: https://www.instagram.com/asksanc
Types of Production Functions5:58
In this lecture, we'll be talking about mathematical expression of production function and the types of production function.

You can reach out to me on my Instagram or Twitter handles for the notes and doubts also.
Twitter: twitter.com/Sanc_Gupta
Instagram: https://www.instagram.com/asksanc
The Law of Variable Proportions9:16
In this lecture, we'll be talking about the law of variable proportions. This law occupies an important place in economic theory.

You can reach out to me on my Instagram or Twitter handles for the notes and doubts also.
Twitter: twitter.com/Sanc_Gupta
Instagram: https://www.instagram.com/asksanc
Explanation of Schedule and Diagram and Assumptions to the Law9:40
In this lecture, we'll be discussed the law of variable proportions through schedule and curve. Assumptions to the law are also discussed.

You can reach out to me on my Instagram or Twitter handles for the notes and doubts also.
Twitter: twitter.com/Sanc_Gupta
Instagram: https://www.instagram.com/asksanc
Difference between Law of Variable Proportions and Returns to Scale5:51
In this lecture, we'll be talking about Differences between the law of variable proportions and return to scale.

You can reach out to me on my Instagram or Twitter handles for the notes and doubts also.
Twitter: twitter.com/Sanc_Gupta
Instagram: https://www.instagram.com/asksanc
Production Function: Some Important Relationships8:13
In this lecture, we'll be talking about important relationships between TPP, APP, and MP.

You can reach out to me on my Instagram or Twitter handles for the notes and doubts also.
Twitter: twitter.com/Sanc_Gupta
Instagram: https://www.instagram.com/asksanc
High Order Thinking Skills Questions7:07
In this lecture, we'll be talking High Order Thinking Skills Questions.

You can reach out to me on my Instagram or Twitter handles for the notes and doubts also.
Twitter: twitter.com/Sanc_Gupta
Instagram: https://www.instagram.com/asksanc

Requirements

Basic Economics Understanding
Basic Macroeconomics

Description

In this course series, we will be covering up the Production Function in detail. We will be talking about Total Product, Average Product, Marginal Product, Law of Variable Proportion, some important relationships and lastly HOTS from examination and interview point of view.
This course is highly beneficial for students currently having economics in their study curriculum.

In economics, a production function relates the physical output of a production process to physical inputs or factors of production. It is a mathematical function that relates the maximum amount of output that can be obtained from a given number of inputs – generally capital and labour. The production function, therefore, describes a boundary or frontier representing the limit of output obtainable from each feasible combination of inputs.

In this course we will cover:

Production Function: What is Production? Factors of Production and Total Physical Product
Average Physical Product
Marginal Physical Product
Types of Production Functions
The Law of Variable Proportions
The Law of Variable Proportions: Explanation of Schedule and Diagram and Assumptions to the Law
Difference between Law of Variable Proportions and Returns to Scale
Production Function: Some Important Relationships
High Order Thinking Skills Questions

This course is self-paced, designed for all levels in the English language.

This is Sanchit Gupta currently working as a Program Manager in Bangalore, India. I'm working as a verified educator for the past 3 years on Unacademy (India's Largest Learning Platform) now. There I teach several topics (Competitive Exams, CAT, GMAT, GRE Preparation, Economics, UPSC Preparation, Programming, Personal Development and many more).

Who this course is for:

Class 11 and 12 students
Engineering Students
Business Students

Production Function in Economics - Microeconomics

What you'll learn

Explore related topics

Course content

Introduction1 lecture • 8min

Production Function and Understanding of Laws9 lectures • 1hr 4min

Requirements

Description

Who this course is for: