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Page 1 Part 1 Part 2 Part 3 Part 4 Part 5 Part 6 Contents Introduction Concept of production function – Isoquants, MRTS Concept of Total Product, Average & MarginalProduct Short Run and Long Run analysis of production The Law of Variable proportion – Returns to scale Production Cost – Concept of Cost, Classification of Short run cost – Longrun cost Page 2 Part 1 Part 2 Part 3 Part 4 Part 5 Part 6 Contents Introduction Concept of production function – Isoquants, MRTS Concept of Total Product, Average & MarginalProduct Short Run and Long Run analysis of production The Law of Variable proportion – Returns to scale Production Cost – Concept of Cost, Classification of Short run cost – Longrun cost Introduction Part 1 Part 2 Part 3 Part 4 Part 5 ? Production is a very important economic activity. ? It is important both from the individual as well as the social points of view. ? The standard of living of a people is the ultimate analysis which depends on the volume and variety of production. ? The performance of an economy is judged by the level of its production. i.e. Those countries which produce goods in large quantities are rich and those which produce little of them are poor. ? The process of growth or development consists of increasing level of production in the economy. The term ‘Production’ in economics refers to the creation of those goods and services which have exchange value. The process by which man utilises or converts the resources of nature, working upon them so as to make them satisfy the human wants. “Production as any activity whether physical or mental, which is directed to the satisfaction of other people’s wants through exchange.” – Prof. J. R. Hicks Part 6 Page 3 Part 1 Part 2 Part 3 Part 4 Part 5 Part 6 Contents Introduction Concept of production function – Isoquants, MRTS Concept of Total Product, Average & MarginalProduct Short Run and Long Run analysis of production The Law of Variable proportion – Returns to scale Production Cost – Concept of Cost, Classification of Short run cost – Longrun cost Introduction Part 1 Part 2 Part 3 Part 4 Part 5 ? Production is a very important economic activity. ? It is important both from the individual as well as the social points of view. ? The standard of living of a people is the ultimate analysis which depends on the volume and variety of production. ? The performance of an economy is judged by the level of its production. i.e. Those countries which produce goods in large quantities are rich and those which produce little of them are poor. ? The process of growth or development consists of increasing level of production in the economy. The term ‘Production’ in economics refers to the creation of those goods and services which have exchange value. The process by which man utilises or converts the resources of nature, working upon them so as to make them satisfy the human wants. “Production as any activity whether physical or mental, which is directed to the satisfaction of other people’s wants through exchange.” – Prof. J. R. Hicks Part 6 Introduction Part 3 Part 4 Part 5 Production consists of various processes to add utility to natural resources for gaining greater satisfaction from them by: 1. Changing the form of natural resources. 2. Changing the place of the resources. 3. Making available materials at times when they are not normally available. 4. Making use of personal skills in the form of services. Part 6 Thus the entire process of production is nothing but creation of form utility, place utility and/or personal utility. Assumptions: a) Specified period of time. b) Technical knowledge does not change. c) Most efficient technique available. d) Factors of production are divisible into units. Part 2 Part 1 Page 4 Part 1 Part 2 Part 3 Part 4 Part 5 Part 6 Contents Introduction Concept of production function – Isoquants, MRTS Concept of Total Product, Average & MarginalProduct Short Run and Long Run analysis of production The Law of Variable proportion – Returns to scale Production Cost – Concept of Cost, Classification of Short run cost – Longrun cost Introduction Part 1 Part 2 Part 3 Part 4 Part 5 ? Production is a very important economic activity. ? It is important both from the individual as well as the social points of view. ? The standard of living of a people is the ultimate analysis which depends on the volume and variety of production. ? The performance of an economy is judged by the level of its production. i.e. Those countries which produce goods in large quantities are rich and those which produce little of them are poor. ? The process of growth or development consists of increasing level of production in the economy. The term ‘Production’ in economics refers to the creation of those goods and services which have exchange value. The process by which man utilises or converts the resources of nature, working upon them so as to make them satisfy the human wants. “Production as any activity whether physical or mental, which is directed to the satisfaction of other people’s wants through exchange.” – Prof. J. R. Hicks Part 6 Introduction Part 3 Part 4 Part 5 Production consists of various processes to add utility to natural resources for gaining greater satisfaction from them by: 1. Changing the form of natural resources. 2. Changing the place of the resources. 3. Making available materials at times when they are not normally available. 4. Making use of personal skills in the form of services. Part 6 Thus the entire process of production is nothing but creation of form utility, place utility and/or personal utility. Assumptions: a) Specified period of time. b) Technical knowledge does not change. c) Most efficient technique available. d) Factors of production are divisible into units. Part 2 Part 1 Introduction Part 3 Part 4 Part 5 Part 6 0 20 40 60 80 100 120 140 160 180 200 1 2 3 4 5 6 7 8 9 10 © TheYoungIndianEconomists.com Labor (in millions) GDP (in billions) Y= (L) f Part 2 Part 1 Page 5 Part 1 Part 2 Part 3 Part 4 Part 5 Part 6 Contents Introduction Concept of production function – Isoquants, MRTS Concept of Total Product, Average & MarginalProduct Short Run and Long Run analysis of production The Law of Variable proportion – Returns to scale Production Cost – Concept of Cost, Classification of Short run cost – Longrun cost Introduction Part 1 Part 2 Part 3 Part 4 Part 5 ? Production is a very important economic activity. ? It is important both from the individual as well as the social points of view. ? The standard of living of a people is the ultimate analysis which depends on the volume and variety of production. ? The performance of an economy is judged by the level of its production. i.e. Those countries which produce goods in large quantities are rich and those which produce little of them are poor. ? The process of growth or development consists of increasing level of production in the economy. The term ‘Production’ in economics refers to the creation of those goods and services which have exchange value. The process by which man utilises or converts the resources of nature, working upon them so as to make them satisfy the human wants. “Production as any activity whether physical or mental, which is directed to the satisfaction of other people’s wants through exchange.” – Prof. J. R. Hicks Part 6 Introduction Part 3 Part 4 Part 5 Production consists of various processes to add utility to natural resources for gaining greater satisfaction from them by: 1. Changing the form of natural resources. 2. Changing the place of the resources. 3. Making available materials at times when they are not normally available. 4. Making use of personal skills in the form of services. Part 6 Thus the entire process of production is nothing but creation of form utility, place utility and/or personal utility. Assumptions: a) Specified period of time. b) Technical knowledge does not change. c) Most efficient technique available. d) Factors of production are divisible into units. Part 2 Part 1 Introduction Part 3 Part 4 Part 5 Part 6 0 20 40 60 80 100 120 140 160 180 200 1 2 3 4 5 6 7 8 9 10 © TheYoungIndianEconomists.com Labor (in millions) GDP (in billions) Y= (L) f Part 2 Part 1 Iso-quant or Equal product curves Part 3 Part 4 Part 5 ? A production function with two variable inputs can be represented by a family of isoproduct curves or isoquants. ? They are also known as equal product curves or production indifference curves. ? It is a curve along which the maximum achievable rate of production is constant. ? It represents all possible combinations of the two factors that will give the same total product per unit of time. Properties of isoquants: 1. Slope downwards from left to the right( Negative slope) 2. Convex to the origin 3. Isoquants to the right represent a larger output 4. Never cut each other 5. Units of output shown on isoquants are purely arbitrary 6. Between two isoquants there can be a number of isoquants 7. No isoquants can touch either axis. Part 6 Part 2 Part 1Read More
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FAQs on PPT - Production and Costs - Economics Class 11 - Commerce
| 1. What are production costs in commerce? |  |
Ans. Production costs in commerce refer to the expenses incurred by a business in the process of creating and manufacturing goods or providing services. These costs include the cost of raw materials, labor, machinery, utilities, and any other expenses directly related to production.
| 2. How do production costs affect the pricing of goods in commerce? | |
Ans. Production costs play a crucial role in determining the pricing of goods in commerce. Higher production costs typically result in higher prices for the final products, as businesses aim to cover their expenses and make a profit. Conversely, lower production costs can allow for more competitive pricing strategies.
| 3. What are fixed costs in production and commerce? | |
Ans. Fixed costs in production and commerce are expenses that do not vary with the level of production output. Examples of fixed costs include rent, salaries of permanent employees, insurance premiums, and equipment depreciation. These costs must be paid regardless of the quantity of goods or services produced.
| 4. How do variable costs affect overall production costs in commerce? | |
Ans. Variable costs in commerce are expenses that change in direct proportion to the level of production output. These costs include raw materials, direct labor, and utilities that increase or decrease based on the volume of goods or services produced. The higher the level of production, the greater the variable costs incurred.
| 5. What is the relationship between economies of scale and production costs in commerce? | |
Ans. Economies of scale refer to the cost advantages that businesses can achieve by increasing their production output. As production volume increases, businesses can spread their fixed costs over a larger number of units, resulting in lower average production costs per unit. This allows businesses to benefit from economies of scale and potentially increase their profitability.
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