factors of production sentence in Hindi
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- With two factors of production, say, K and L, it is a measure of the curvature of a production isoquant.
- The inputs to the production function are commonly termed factors of production and may represent primary factors, which are stocks.
- The key factor is that the variable input is being changed while all other factors of production are being held constant.
- The primary concept is that there is exploitation towards a factor of production if it receives less than its marginal product.
- Within the framework of the neoclassical theory of the factors of production, there does also exist a law of diminishing returns.
- He claimed that all firms are cost savers; therefore under competitive equilibrium regime factors of production are paid its marginal value.
- The elasticity of substitution between factors of production is a measure of how easily one factor can be substituted for another.
- For example, a shock increase in the price of oil is felt by producers as an increase in the factors of production.
- Similarly, it is difficult to measure the income accruing to factors of production ( labour and capital ) within a given state.
- Factor availability : International trade is based on the specialization and a country specializes depending upon the availability of factors of production.
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