About this document
Production Theory in Managerial Economics by Yusuf Hartoyo is a document available to read on EtoBox.
The chapter discusses the theory and estimation of production. It defines the production function as relating inputs to maximum output given a technology. Production is examined in both the short run, where at least one input is fixed, and long run, where all inputs can adjust. In the short run, total, marginal, and average product are defined. Marginal product is the change in output from a one unit change in an input. Average product is output per input unit. Diminishing marginal returns is also discussed
- Author
- Yusuf Hartoyo
- Language
- EN