Production and Costs: Cost Curves, Production Functions, Type, Examples

The compilation of these Economics Notes makes students exam preparation simpler and organised.

Production and Costs

In economics, we also deal with the behaviour of the producers. The two important functions of a producer are production and costs. We will look at the different aspects of production and the cost structure of the firm. Let us begin!

• Production Function
• Total Product, Average Product and Marginal Product
• Shapes of Total Product, Average Product and Marginal Product
• Return to scale and Cobb Douglas Function
• Behaviour of Cost in the Short Run
• Long-Run Cost Curves