Theory of Production and Cost helps us understand the relationship between the price and output of a particular commodity. It is crucial to minimize risks and maximize profits for a profit in business. Multiple factors are responsible for determining Theory of Production and Cost. Various theories are discussed in economics showing a relationship between a product’s price and output. Theory of Production and Cost For SEBI Grade A Exam is asked in Paper 2 Economics. Candidates can expect questions can come from this topic. We provide SEBI Grade A Non Video Course consisting of Phase 1 and 2 Mock Tests, Paper 2 Study, and Revision Notes. Take the course to improve your knowledge of Economics topic i.e. Theory of Production and Cost.
Law of Diminishing Returns operates in the short studies of the change in output by varying the quantity of input. It is applicable only when we cannot change the production. The Law of Diminishing Returns states that if an increase in the quantity of one input happens in combination with other fixed inputs. The Marginal Physical Productivity of the variable input declines with time. Assumptions Related to Law Of Diminishing Returns are discussed below.
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