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Concept and Types of Production Function

Total, Average & Marginal Product of Labor

If you are a beginner and have just started to study production theories of microeconomics, so then you are on the right place to start from. After studying this article, you will learn the concepts of production, production function, and the concepts of total, average

Ricardian Theory of Rent

This article resorts to explain in much clear manner the Ricardian theory of rent. Before starting this article, we recommend first be familiar with the concept of land rent and economic rent (Click Here to Read), which will make your learning journey more easy and

What is Economic Rent?

Before explaining economic rent, it is better to explain the different uses of term rent in different time phases. I think it will be more helpful to fully understand the meaning of land as used in economic profession. So, let's first know what the term

Profit Maximization Theory of Single-Product Firm

Least-cost Combination of Inputs

In economic literature, we consider profit maximization is the main goal of any business firm or a rational producer. When we talk about the profit maximization objective, we are implicitly referring to the economic efficiency rather than technical efficiency. Technical efficiency does not consider the

Law of Variable Proportion: Its Explanation

Law of Variable Proportion Example

This is an article what law of variable proportion is all about. You will learn the core concept of this very famous production theory in economics. Before reading this article, we recommend you to read through the fundamental concept regarding production and production function, which

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