Relationships between Inputs and Outputs

Order Description

– use approach like DISCUSSION and use simple way to understand
-Don’t need references

-The book I study is : Jeffrey M. Perloff, and James A. Brander, (2013). Managerial Economics and Strategy. Prentice Hall.

Relationships between Inputs and Outputs:
In this unit we explore the concept of a production function and the concepts of average and marginal (incremental) productivity. Understanding how the productivity if inputs changes as more and less of them are used to produce a good or service is the foundation for understanding how costs of production change as the amount produced of a good or service changes.