postgraduate diploma in business management 2014/15 theory of production and cost dr. m....
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Postgraduate Diploma in Business Management 2014/15
THEORY OF PRODUCTION AND COST
Dr. M. Ganeshamoorthy,B.A (Hons) PDN, PgDED CMB, M.A CMB, Ph.D The Netherlands
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THEORY OF PRODUCTION AND COST• Production is an activity which transforms
inputs into output. Production may also include changing space (transportation) or changing time (storage).
• Production can be divided into two distinctive periods:
1. Short run production and2. Long run productionShort run is the period of production where at least one input of production remains fixed
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THEORY OF PRODUCTION AND COSTLong run is the period where all inputs of production are variable.
Typically, in the short run labor is considered as the variable input and capital as the fixed factor
The different concepts of production in the short runs as follows:
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and CostExample 1
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost
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Theory of Production and Cost