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Theory of Production

12 Lessons 27 mins


a. Meaning and types of production
b. Concepts of production and their interrelationships (TP, AP, MP and the law of variable proportion).
c. Division of labour and specialization
d. Scale of Production:
Internal and external economies of scale and their implications.
e. Production functions and returns to scale
f. Producers’ equilibrium isoquant-isocost and marginal analyses.
g. Factors affecting productivity.


Candidates should be able to:
(i) relate TP, AP and MP with the law of variable proportion;
(ii) compare internal and external economies of scale in production and their effects;
(iii) identify the types of production functions
(iv) compare the different types of returns to the scale and their implications;
(v) determine the firm’s equilibrium position using the isoquant-isocost and marginal analyses.
(vi) identify the factors affecting productivity.

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