17 PRODUCTION FUNCTION
Notes 81Production FunctionECONOMICSMODULE - 7Producer's Behaviour17PRODUCTION FUNCTIONWhen you go to the market to buy commodities such as note-books, fountain pens,shirts, bread, butter, fruits, vegetables etc. do you ever think about how thesethings came into the market. In previous lessons, you have studied aboutconsumers, who constitute one part of the market and demand goods and servicesto satisfy their wants. Now, you will study the other part of the market - theproducers or firms who produce goods and services for the satisfaction ofconsumers wants. A producer or firm combines various factors inputs like land,labours, capital, entrepreneurship and other inputs like raw material, fuel etc.
Production Function ECONOMICS MODULE - 7 Producer's Behaviour 17 PRODUCTION FUNCTION When you go to the market to buy commodities such as note-books, fountain pens, shirts, bread, butter, fruits, vegetables etc. do you ever think about how these things came into the market. In previous lessons, you have studied about
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