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  • February 11, 2022
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Theory of Production and Cost

5. CES Production function and Elasticity of Substitution (IES 2012, 2017, 2018) And Laws of Variable Proprtions and Laws of Returns to Scale

Topic discussed:

Constant Elasticity of Substitution Production Functions

Elasticity of Substitution

linear Production Function

Fixed Proportions Production Function

Cobb-Douglas Production Function

Comparison of Law of Variable Proportions and Law of returns to Scale

Increasing Returns to Scale

Constant Return to Scale

Decreasing returns to scale

Past Year Ques Discussed:

Q 3 (a) IES 2017

Q3 (b) IES 2017

Q 7 IES 2012

Q1 (b) IES 2018

6. Cost Minimization | Expansion Path |

Topic discussed:

Optimal Combination of inputs

The Firms Expansion Path

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