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Production and cost — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsProduction and cost3 Marks
Question
What type of production function is this in which only one input is increased and others kept constant? State the behaviour of total product in this production function.
✓

Answer

Short run production function.
  • Initially, TP increases at increasing rate.
  • After a certain level of output, TP increases at decreasing rate.
  • Ultimately TP falls.

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