Class prodctn i retail

The Production Function ,[object Object]

[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object]

Production in Retailing ,[object Object],[object Object]

Distribution Services ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Short run function vs Long Run function ,[object Object],[object Object]

[object Object],[object Object],[object Object]

---- 7.00 9.00 11.00 11.50 11.00 11.00 9.00 8.13 7.33 6.60 5.82 5.00 ----- 7 11 15 13 9 5 3 2 1 0 -1 -4 0 7 18 33 46 55 60 63 65 66 66 64 60 0 1 2 3 4 5 6 7 8 9 10 11 12 AP MP TP of labor No. of employees

[object Object],[object Object],[object Object],Relationship between the TP,MP and AP

Three Stages of Production ,[object Object],[object Object],[object Object]

Production in the Long Run ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Production in the Long Run ,[object Object],Q X,Y IRTS Q X,Y CRTS Q X,Y DRTS

Law of Diminishing Returns ,[object Object]

The law of diminishing marginal product ,[object Object],[object Object]

ISOQUANT An Isoquant is a curve representing the various combinations of two inputs that produce the same amount of output. Q = f( L ,K) Example- diff combinations of L n k ,required to produce 45 units of goods X, join the points by a curve……

P roperties of isoquants ,[object Object],[object Object],[object Object],[object Object],[object Object]

An isoquant map Units of capital ( K ) Units of labour (L) I 1 I 2 I 3 I 4 I 5

Class prodctn i retail

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