shaalaa.com | Revenue Part 1
- Meaning of Production function - Short-Run and Long-Run
- Total Product, Average Product and Marginal Product. Returns to a Factor Cost: Short run costs - total cost, total fixed cost, total variable cost; Average cost; Average fixed cost, average variable cost and marginal cost-meaning and their relationships.
- Revenue - total, average and marginal revenue - meaning and their relationships.
- Producer's equilibrium-meaning and its conditionsin terms of marginal revenue-marginal cost.
- Supply, market supply, determinants of supp y, supply schedule, supply curve andits slope, movements along and shifts in supply curve, price elasticity of supply; measurement of price elasticity of supply - (a) percentage-change method and (b) geometric method.