Marginal Utility, Production - Factors & Types of Production: Microeconomics

Описание: Dr. Manishika in this session explains Marginal Utility, Production - Factors & Types of Production: Microeconomics
Production is the process by which inputs are transformed into ‘output’. Production is carried out by producers or firms. A firm acquires different inputs like labor, machines, land, raw materials etc. It uses these inputs to produce output.
Production is instantaneous: in our very simple model of production, no time elapses between the combination of the inputs and the production of the output.
Price for input = Cost of production
Inputs of firm = production factors
Output sold in market = revenue
Profit = revenue – cost (aim is maximize profit)

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#IndianEconomicServices #NTANET #Economics
Behavior of Consumer @0:02
Total Utility & Marginal Utility @0:21
Production @1:58
Capital @2:45
Land @2:49
Machine @2:51
Price of Input @4:44
Input of Firm @4:55
Output Sold in Market @5:02
Revenue @5:53
Maximization of Profit @6:11
Types of Production @6:31
#Firm #Revenue #Producer #Labour #Machine #Capital #Production #Marginal #Utility #Consumer #Manishika #Examrace #examrace #upsc #ugcnet