by Marjan Arbab | Mar 18, 2014 | Development Economics, Economics, Macroeconomics, Microeconomics, Production
A shot summary of Malthus Food Crisis: Thomas Malthus (1766-1834) published An essay on the Principle of Population which was considered to be the most influential book of its era. Where Matlhus has its central point over the law of diminishing Returns. A law that... by Marjan Arbab | Mar 8, 2014 | Economics, Microeconomics, Production
A production function indicates the highest output Y that a firm can produce for specific combination of input. We have many factors of production used as inputs but for simplicity we will focus only on labor and capital as a factor of production. Keeping this...