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3.16: The Theory of Production

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The Theory of Production

The theory of production examines the relationship between the factors of production (land, labor, capital, entrepreneur) and the output of goods and services. The theory of production is based on the "short run" or a period of production that allows production to change the amount of variable input, in this case, labor. The "long run" is a period of production that is long enough for producers to adjust various inputs to analyze the best mix of the factors of production.

Universal Generalizations

• The theory of production deals with the relationship between the factors of production and the output of goods and services.
• The law of variable proportions can explain how increasing units of a single input will cause the output to vary.

Guiding Questions

• Why is it important for an owner of a company to understand the theory of production?
• What is the easiest factor of production to change in order to vary total product output?

Video: Diminishing Marginal Returns

Video: Economies of Scale

Law of Variable Proportion

The Law of Variable Proportion can be best illustrated by using the "production function" for the concept that describes the relationship between changes in output to different amounts of a single input while all other inputs are held constant. This concept helps a producer determine the best use of resources to effect output. The basic model used by economists is the hypothetical production schedule to determine output when the number of workers changes. In this scenario, the company can calculate the total product, or total output, that the firm will produce.

Generally, there are three stages of production. Each stage impacts returns. Stage 1 begins when the first worker is hired, but there are not enough workers to produce efficiently enough to create a positive return. Until the company hires enough workers to run all of the machinery, this stage results in increasing returns. As long as each new worker contributes to the total output than the worker before, total output rises faster and faster.

Unfortunately, a company cannot continue in Stage 1 because as soon as it is discovered that adding additional workers increases output, the company continues to hire additional employees. By Stage 2 production output continues to rise, but at small and smaller increments. Soon additional workers hired may be needed to do things other than produce, like stock shelves or answer phones. The total production is slowing down so this stage is no longer producing increasing returns, but now it is diminishing returns.

At Stage 3 the company has hired too many workers and now the output is considered producing in negative returns. Too many workers get in each other's way and do not produce as much as in Stage 1 or even Stage 2. By Stage 3 the marginal output becomes negative and the total factory output decreases. The exact number of workers needed by a company can only be ascertained when the cost of adding each new worker is calculated. If the cost is low, then more workers can be hired. If the cost is high, the factory will need to consider how to produce the highest output amount in Stage 2 for the least amount of money.

Once the output has been calculated the measure is known as "marginal product". Marginal product is the extra output or change in the total product caused by the addition of one more unit of variable input, in this case, the number of workers. In order to determine the optimal input used in production, the changes in marginal product are examined in the various stages of production. The stages of production analyze the increasing returns, diminishing returns, and the negative returns, to calculate the best use of resources and inputs to produce at an optimal level.

How Production Costs Affect Supply

A supply curve shows how quantity supplied will change as the price rises and falls, assuming ceteris paribus so that no other economically relevant factors are changing. If other factors relevant to supply do change, then the entire supply curve will shift. Just as a shift in demand is represented by a change in the quantity demanded at every price, a shift in supply means a change in the quantity supplied at every price.

In thinking about the factors that affect supply, remember what motivates firms: profits, which are the difference between revenues and costs. Goods and services are produced using combinations of labor, materials, and machinery, or what we call inputs or factors of production. If a firm faces lower costs of production while the prices for the good or service the firm produces remain unchanged, a firm’s profits go up. When a firm’s profits increase, it is more motivated to produce output, since the more it produces the more profit it will earn. So, when costs of production fall, a firm will tend to supply a larger quantity at any given price for its output. This can be shown by the supply curve shifting to the right.

Take, for example, a messenger company that delivers packages around a city. The company may find that buying gasoline is one of its main costs. If the price of gasoline falls, then the company will find it can deliver messages more cheaply than before. Since lower costs correspond to higher profits, the messenger company may now supply more of its services at any given price. For example, given the lower gasoline prices, the company can now serve a greater area and increase its supply.

Conversely, if a firm faces higher costs of production, then it will earn lower profits at any given selling price for its products. As a result, a higher cost of production typically causes a firm to supply a smaller quantity at any given price. In this case, the supply curve shifts to the left.

Consider the supply of cars, shown by curve S 0 in Figure 1. Point J indicates that if the price is $20,000, the quantity supplied will be 18 million cars. If the price rises to $22,000 per car, ceteris paribus, the quantity supplied will rise to 20 million cars, as point K on the S 0 curve shows. The same information can be shown in table form, as in Table 1.

Shifts in Supply: A Car Example

Decreased supply means that at every given price, the quantity supplied is lower, so that the supply curve shifts to the left, from S 0 to S 1 . Increased supply means that at every given price, the quantity supplied is higher, so that the supply curve shifts to the right, from S 0 to S 2 .

Imagine that the price of steel, an important ingredient in manufacturing cars, rises. Now producing a car has become more expensive. At any given price for selling cars, car manufacturers will react by supplying a lower quantity. This can be shown graphically as a leftward shift of supply, from S 0 to S 1 , which indicates that at any given price, the quantity supplied decreases. In this example, at a price of $20,000, the quantity supplied decreases from 18 million on the original supply curve (S 0 ) to 16.5 million on the supply curve S 1 , which is labeled as point L.

Conversely, if the price of steel decreases, producing a car becomes less expensive. At any given price for selling cars, car manufacturers can now expect to earn higher profits, so they will supply a higher quantity. The shift of supply to the right, from S 0 to S 2 , means that at all prices, the quantity supplied has increased. In this example, at a price of $20,000, the quantity supplied increases from 18 million on the original supply curve (S 0 ) to 19.8 million on the supply curve S 2 , which is labeled M.

Economists often use the ceteris paribus or “other things being equal” assumption: while examining the economic impact of one event, all other factors remain unchanged for the purpose of the analysis. Factors that can shift the demand curve for goods and services, causing a different quantity to be demanded at any given price, include changes in tastes, population, income, prices of substitute or complement goods, and expectations about future conditions and prices. Factors that can shift the supply curve for goods and services, causing a different quantity to be supplied at any given price, include input prices, natural conditions, changes in technology, and government taxes, regulations, or subsidies.

Self Check Questions

• What is the theory of production?
• The theory of production is generally based on the "short run". Which input is the variable that is changed? Why this one?
• What does the Law of Variable Proportions state? Give an example of this law.
• What is the production function? How can it be illustrated?
• How many stages of production are there? Which stage is the best one to produce in?
• Explain how marginal product changes in the stages of production.
• What are diminishing returns?

Theory of Production and Cost

In economics, the theory of production and cost states that the cost of a product is determined by the sum total of the cost of all the resources that went into making it. There are multiple factors to be considered when determining the cost of a product. The various theories and types of costs that come under this topic are given as follows. Let’s study them in a more detailed manner.

• Factors of Production
• Theory of Production
• Law of Variable Proportions
• Returns to Scale
• Producers Equilibrium
• Theory of Costs
• Short Run Costs
• Long Run Costs
• Internal Economies and Diseconomies of Scale
• External Economies and Diseconomies of Scale

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The Articulation of Modes of Production

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First published in 1980, The Articulation of Modes of Production is primarily concerned with the concept of articulation of modes of production and with the analysis of a number of different social formations utilizing this concept. The emphasis is on the relationship between capitalist and other modes of production and on accounts of specific social formations which demonstrate the analytical power of the concept, but at the same time reveal a number of as yet unresolved problems. The introduction to the collection takes these problems at its starting point, and through a discussion of the theoretical literature, provides the basis for a more rigorous and complete analysis of social formations. This book will be of interest to students of economics, social policy, and history.

TABLE OF CONTENTS

Chapter | 44  pages, introduction, chapter 1 | 48  pages, summary of selected parts of kautsky's, chapter 2 | 35  pages, the destruction of natural economy, chapter 3 | 33  pages, reflections on the pertinence of a theory of the history of exchange *, chapter 4 | 28  pages, the contemporary bourgeois conception of absolute monarchy *, chapter 5 | 13  pages, from reproduction to production: a marxist approach to economic anthropology, chapter 6 | 52  pages, the development of capitalism in south african agriculture: class struggle in the countryside *, chapter 7 | 35  pages, the marginal pole of the economy and the marginalised labour force, chapter 8 | 32  pages, capitalism and cheap labour-power in south africa: from segregation to apartheid 1.

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Theory of Production (Frequently asked Questions)

Read this article to learn about the most frequently asked questions on the Theory of Production.

Q.1. Define Average Product (AP) and Marginal Product (MP).

Ans. AP is the total product per unit of a variable input. MP is the change in total product consequent upon a change in variable input.

Q.2. What is meant by ‘Short Run’ and ‘Long Run’ in the analysis of a firm.

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Distinguish between ‘short-run’ and ‘long run’ in the context of production.

Ans. Short run is that time period when a firm cannot change all its inputs; some are held fixed. Output can, therefore, be increased by changing only variable inputs. Long period is that time period when the firm can change all its inputs including fixed inputs. In the long run, all inputs are, therefore, variable.

Q.3. How do total product, average product and marginal product change due to a change in the use of one input, keeping other inputs constant?

Ans. For simplicity, we are assuming that labour is the only variable input while other inputs are constant. Now, if number of labourers is increased with fixed inputs, initially total product (TP), average product (AP) and marginal product (MP) will increase as TP increases at an increasing rate.

Further employment of labour will cause TP to increase at a diminishing rate. Consequently, AP and MP will decline. When TP becomes maximum, MP becomes zero. Now, more employment of labour will lead to a fall in TP and MP will be negative.

Q.4. What is meant by production function?

Ans. A production function is a technological or an engineering relationship between inputs and output.

A production function is usually written as:

Q = f(a, b, c, d…)

where Q is the amount of output; and a, b, c, d, etc., are inputs.

Though production function refers to a technological relationship, the concept is useful in economic theory as it is related to the costs of production of a unit.

Q.5. What is the difference between returns to an input and returns to scale?

Ans. By returns to an input we mean the laws of change in output following a change in one or two inputs, keeping other inputs constant. Thus, this law remains valid in the short run. If all inputs are changed and output changes then we obtain laws of returns to scale which is a long-run phenomenon.

Q.6. What is meant by scale of production?

Ans. In the long run there are no fixed inputs; all inputs are variable. A firm can install a new machine or build up a new factory shade or switch over from one technique of production to another in the long run. This means that a firm can change its scale of operations or scale of output by changing all its inputs. This is called a change in scale of production.

Q.7. Define increasing returns to scale (IRS), constant returns to scale (CRS) and diminishing returns to scale (DRS).

IRS is characterised by a situation where doubling or trebling of all inputs causes output to increase more than proportionately then we say that the returns to scale are increasing.

If a given percentage increase in inputs causes output to increase by the same percentage, then CRS is said to have occurred. If output is doubled following the doubling of inputs then output growth is subject to CRS.

Output growth is subject to DRS if a given percentage increase in inputs leads to a smaller percentage increase in output. This means that doubling of inputs causes output to increase less than double.

Q.8. What is an isoquant?

Ans. An isoquant shows different combinations of two inputs that produces a specified amount of output. On an isoquant, same level of output is obtained by using different combinations of two inputs. That is why an isoquant is called production indifference curve.

Q. 9. Define marginal rate of technical substitution (MRTS).

Ans. MRTS of labour for capital is the amount of capital that can be replaced by a 1 unit increase in labour, so that output remains constant. That is

MRTS K for L = -∆K/∆L

or MRTS L for K = -∆L/∆K

Q.10. What is an iso-cost line?

Ans. An iso-cost line shows various combinations of two inputs, say, labour and capital, that can be purchased for a given amount of expenditure. The slope of the iso-cost line is equal to the negative price ratio of two inputs.

Q. 11. What do you mean by output expansion path?

Ans. By joining various points of tangency between isoquants and parallely shifted iso-cost lines, one obtains output expansion path. It shows how input combinations change when output changes, keeping input prices constant.

Q.12. What do you mean by economies of large scale production?

Ans. By scale of production we mean the size of a business or production unit. When a business unit expands its size of production (by increasing all the factors of productions), it secures certain advantages. These are known as economies of large scale production.

Q. 13. Define internal and external economies of large scale production.

What is the internal economy of a firm?

Ans. Internal economies of production arise when the benefits or advantages of a firm’s expansion are enjoyed by the firm itself. Thus, internal economies accrue only to the individual firm by its own organisational ability and effort. These are called internal because the scale economies are within the control of the firm.

External economies arise when an increase in a firm’s expansion produces favourable effects on other firms. In other words, benefits of increased production spread to other firms in the industry or in the region. Thus, external economies are available to all firms in the industry, irrespective of their sizes. These are called external because the scale economies are outside the control of the firm.

Q.14. Name different types of internal and external economies of large scale production.

Ans. Internal economies of large scale production can be grouped into:

(a) Technological,

(b) Managerial,

(c) Marketing,

(d) Financial, and

(e) Risk Distributional Economies.

External economies are of the following types:

(a) Economies of localisation,

(b) Economies of research and information, and

(c) Economies of specialisation.

Q.15. What are diseconomies of scale?

Ans. Economies of scale can never be unlimited. As a result, expansion beyond a certain stage will not cause costs to decline. Instead, it will rise as the firm expands. In other words, when the size of a firm becomes large, possibilities for economies get exhausted and diseconomies set in.

Related Articles:

• Theory of Cost : Frequently Asked Questions
• Factor Pricing Theory: Frequently Asked Questions
• Laws of Returns to Scale | Production
• Theory of Production: Short Run and Long Run

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Chapter one. introduction: themes in historical materialism, chapter two. modes of production in a materialist conception of history, chapter three. historical arguments for a ‘logic of deployment’ in ‘precapitalist’ agriculture, chapter four. workers before capitalism, chapter five. the fictions of free labour: contract, coercion, and so-called unfree labour, chapter six. agrarian history and the labour-organisation of byzantine large estates, chapter seven. late antiquity to the early middle ages: what kind of transition (a discussion of chris wickham’s magnum opus), chapter eight. aristocracies, peasantries and the framing of the early middle ages, chapter nine. islam, the mediterranean and the rise of capitalism, chapter ten. capitalist domination and the small peasantry: the deccan districts in the late nineteenth century, chapter eleven. trajectories of accumulation or ‘transitions’ to capitalism, chapter twelve. modes of production: a synthesis, publications of jairus banaji, biographical note, review quotes, table of contents, share link with colleague or librarian, product details.

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50 Important Theory of Production Questions and Answers [With PDF]

The 7th chapter of our economics learning course is “ Theory of Production .” In this article, we’ll learn the 50 most important “theory of production” questions and their answers.

These simple questions and answers will help you quickly understand the basic concepts of the theory of production, such as what production is, what is the theory of production, factors of production, production functions, the law of variable proportions, different types of iso-quant and iso-cost, returns of scale, and much more.

By reading this post, you can quickly prepare for economics courses and other competitive exams such as Vivas, job interviews, and school and college exams.

Theory of Production Questions and Answers

The 50 most important “theory of production” questions and answers are as follows:

Question 01: What is production?

For example, man has increased the utility of things provided by nature by creating chairs, tables, and other furniture out of trees and clothing out of cotton.

Question 02: What is the theory of production?

Answer: All of the components that go into making a product is referred to as “factors of production.” The following are important production factors:

Answer: The first and most important component of production is the land. The term “land” generally refers to the earth’s surface. 

As a result, land includes land surface, soil fertility, light, air, heat, weather, climate, rainfall, rivers, streams, mountains, mines, forests, and fisheries, among other things.

Question 06: What is labor?

Answer: In general, the term “labor” refers only to physical labor. However, in economics, the term “labor” has a broader meaning. In economics, labor refers to both physical and mental labor. Labor is a necessary component of production. 

Answer: The following are the key features of labor in economics:

Answer: Capital is another factor in production. In general, “capital” means money invested in a business. 

Answer: following are the key features of capital:

Answer: The organization is the fourth and final component of production. An organization is a person or group of people who plan and manage a business, acquire other means of production, engage in the business, pay their shares, and bear all of the business’s risks.

Question 12: What are fixed factors or inputs?

Question 14: What is the production function?

Answer: The production function is a set of rules that shows how the inputs and outputs of factors are related. It talks about the laws of proportion, or how the inputs (factors) change into the product (output) at any given time.

Q = quantity of output

Question 16: What is the short-run production function?

Answer: The term “long run” refers to the period of time during which a company can change the quantities of all production factors, switching scales in the process. In the case of a long-run production function, all inputs are variables.

Answer: Some of the assumptions that the analysis of the production function is based on are:

Question 21: What are the key features of isoquant?

Answer: The kinked isoquant curve indicates that the production factors are only partially interchangeable. 

The isoquant’s kinks, which represent the fact that there are only a few production methods for each commodity, show how limited substitution is. 

Question 25: What is a convex isoquant?

Answer: The marginal product is the amount by which the total product goes up when one more unit of a variable factor is used. 

Average product = (Total product/Inputs of variable factors)

Answer: The law of variable proportions works under the following assumptions:

Answer: There are three types of returns to a factor, which are as follows:

Answer: Diminishing returns to a factor happen when the increase in marginal product from each additional unit of a variable factor starts to go down but stays positive.

Answer: Negative returns to factors are when an increase in a variable factor causes the total output to go down. As a firm’s variable inputs go up, the output changes in a negative way.

Every unit of a fixed factor, like capital, needs the best number of units of a variable factor. If the amount of variable factor used is less than what is best, the fixed factor isn’t being used to its full potential, which lowers the productivity of the variable factor.

Answer: Returns to scale are the changes in total output that happen when all of the factors of production change in a certain way. In this way, the relationship between inputs and outputs is tested by changing all the factors of production at the same time and in the same way.

Question 38: What are the types of returns to scale?

Answer: There are many things that cause increasing returns to scale. 

Answer: Constant returns to scale happen when the quantity of the factors of production is increased while keeping the ratio of the factors constant. Because of this, output goes up by the same amount as the number of factors of production.

Question 43: What are the diminishing returns to scale?

Answer: Producer equilibrium is when a producer makes a certain amount of output by putting together the factors that cost the least.

Question 48: What is the slope of the isocost line?

Question 50: What is the least cost combination?

I hope you have a good understanding of the “ Theory of Production “ chapter by the end of this post.

Don’t forget to leave a comment for us if you have any questions or if you would like to find out more information.

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• The Monetary Theory of Production

The Monetary Theory of Production

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In mainstream economic theory money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth. In neither case is it considered fundamental to the production of goods or the distribution of income. Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flows. He argues that market asset configuration depends not upon consumer preferences and available technologies but on how money and credit are managed. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument that will stimulate debate on the topic.

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Frontmatter pp i-vi

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Contents pp vii-viii

Acknowledgements pp ix-x, 1 - introduction pp 1-32, 2 - neoclassical monetary theory pp 33-57, 3 - a monetary economy pp 58-81, 4 - the creation of bank money pp 82-95, 5 - the distribution of income pp 96-113, 6 - the role of financial markets pp 114-128, 7 - real and monetary interest pp 129-137, 8 - implications for monetary policy pp 138-143, 9 - concluding remarks pp 144-158, references pp 159-169, index pp 170-176, altmetric attention score, full text views.

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Essays on the Theory of Joint Production

• © 1980
• Luigi L. Pasinetti (Professor of Econometrics) 0

Faculty of Economics and Commerce, Università Cattolica del Sacro Cuore, Milan, Italy

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Table of contents (8 chapters)

Front matter, sraffa’s model for the joint production of commodities by means of commodities.

• Carlo Felice Manara

The Notion of Vertical Integration in Economic Analysis

Luigi L. Pasinetti

Basics, Non-Basics and Joint Production

• Ian Steedman

A Note on Basics, Non-Basics and Joint Production

Prices, rate of profit and life of machines in sraffa’s fixed-capital model.

• Paolo Varri

Fixed Capital in Sraffa’s Theoretical Scheme

• Salvatore Baldone

Fixed Capital as a Joint Product and the Analysis of Accumulation with Different Forms of Technical Progress

• Bertram Schefold

Rent, Income Distribution, and Orders of Efficiency and Rentability

• Alberto Quadrio-Curzio

Back Matter

Editors and affiliations, bibliographic information.

Book Title : Essays on the Theory of Joint Production

Editors : Luigi L. Pasinetti

DOI : https://doi.org/10.1007/978-1-349-05201-1

Publisher : Palgrave Macmillan London

eBook Packages : Palgrave Business & Management Collection , Business and Management (R0)

Copyright Information : Palgrave Macmillan, a division of Macmillan Publishers Limited 1980

eBook ISBN : 978-1-349-05201-1 Published: 18 June 1980

Edition Number : 1

Number of Pages : XVII, 243

Topics : Industries

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Theory As History: Essays on Modes of Production and Exploitation (Historical Materialism) Paperback – December 6, 2011

The essays collected herein deal with the Marxist notion of a "mode of production," the emergence of medieval relations of production, the origins of capitalism, the dichotomy between free and unfree labor, and essays in agrarian history. They demonstrate the importance of reintegrating theory with history and of bringing history back into historical materialism.

• Part of series Historical Materialism
• Print length 408 pages
• Language English
• Publisher Haymarket Books
• Publication date December 6, 2011
• Dimensions 6 x 1 x 9 inches
• ISBN-10 1608461432
• ISBN-13 978-1608461431
• See all details

Editorial Reviews

About the author.

Jairus Banaji spent most of his academic life at Oxford. He has been a Research Associate in the Department of Development Studies, SOAS, University of London, for the past several years. He is the author of Agrarian Change in Late Antiquity (Oxford, 2007), Theory as History (Haymarket Books, 2011) — for which he won the prestigious Isaac and Tamara Deutsche Memorial Prize — and numerous other volumes and articles.

Product details

• Publisher ‏ : ‎ Haymarket Books; First Trade Paper edition (December 6, 2011)
• Language ‏ : ‎ English
• Paperback ‏ : ‎ 408 pages
• ISBN-10 ‏ : ‎ 1608461432
• ISBN-13 ‏ : ‎ 978-1608461431
• Item Weight ‏ : ‎ 1.46 pounds
• Dimensions ‏ : ‎ 6 x 1 x 9 inches
• #2,109 in Communism & Socialism (Books)
• #4,268 in Political Philosophy (Books)
• #6,065 in History & Theory of Politics

About the author

Jairus banaji.

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Reference Examples

More than 100 reference examples and their corresponding in-text citations are presented in the seventh edition Publication Manual . Examples of the most common works that writers cite are provided on this page; additional examples are available in the Publication Manual .

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