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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

Explanation of Law of Returns to Scale

In our earlier posts, we have explain about the production function and law of variable production. If you are yet to read, then you can find them here - meaning of production function and law of variable production. Now here in this post, we

Meaning of Isoquant Curve and its General Properties

Isoquants

After reading this article, I hope you will able to understand the meaning of isoquant curve, marginal rate of technical substitution and economic region of production. Also, you will learn the general properties of isoquants in detail and obvious manner. However, before reading this article,

Explanation of Law of Variable Proportion

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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