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Production and cost — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsProduction and cost4 Marks
Question
What type of production function is this in which only one input is increased and others kept constant? State the behaviour of total product in this production function.
✓

Answer

Short run production function.
  • Initially, TP increases at increasing rate.
  • After a certain level of output, TP increases at decreasing rate.
  • Ultimately TP falls.

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