The second in a series of Microeconomics study resources that looks at*** firm theory***, also known as the theory of the firm, a fundamental concept in economics that seeks to understand the behavior and decision-making processes of firms within an economy. It is a crucial part of microeconomics and provides insights into how businesses operate, produce goods and services, and interact with the market and other economic agents.
This resource looks at the short run, a certain time period within the future where at least one input is fixed while others are variable. It looks at:
- Production function (Total, average and marginal product)
- Short-run production function (Law of diminishing returns)
Something went wrong, please try again later.
This resource hasn't been reviewed yet
To ensure quality for our reviews, only customers who have purchased this resource can review it
Report this resourceto let us know if it violates our terms and conditions.
Our customer service team will review your report and will be in touch.
£1.50