Production Theory and Estimation

Learning Concept(s)

Production, Inputs, Fixed Inputs, Variable Inputs, Short Run, Long Run, Production Function, Total Product (TP), Marginal Product (MP), Average Product (AP), Output Elasticity, Law of Diminishing Returns, Stages of Production, Marginal Revenue Product, Marginal Resource Cost, Isoquant, Ridge Lines, Marginal Rate of Technical Substitution, Isocost Line, Expansion Path, Constant Returns to Scale, Increasing Returns to Scale, Decreasing Returns to Scale, Cobb-Douglas production function, Product Innovation, Process Innovation, Closed Innovation Model, Open Innovation Model, Product Cycle Model, Just-in-time Production System, Competitive Benchmarking, Computer-aided Design, Computer-aided Manufacturing

Covered in Course(s)

BUSS230 - Managerial Economics