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Theory of Production

12 Lessons 27 mins

Explore the concepts and principles of production including the Law of Diminishing Returns and Returns to Scale, learn about Division of Labour and its advantages and disadvantages, as well as internal and external economies and diseconomies of scale.

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Tutorial Lessons

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1

Meaning and Types of Production

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Concepts of Production

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3

The Law of Diminishing Returns

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4

Introduction to Division of Labour

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5

Advantages of Division of Labour

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6

Disadvantages of Division of Labour

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7

Internal Economies of Scale

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8

External Economies of Scale

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9

Internal Diseconomies of Scale

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10

External Diseconomies of Scale

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11

Production Function

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12

Returns to Scale

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