Page 1 - Mind map- production function
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Total Product






                                                                                                                                                                                                                                                                                    Assumptions


               Average Product                                      Concepts of product








                                                                                                                                                                                                                                   Law of variable                                                                               Increasing returns to a

              Marginal Product                                                                                                                                                                 Short run                                                                                                                                             factor
                                                                                                                                                                                                                                        proportion









                                                                       Law of diminishing                                                                                                      Long run                                                                                                                          Diminishing returns to



                                                                                     returns                                                                                                                                                                                        Three phases                                                   a factor
                                                                                                                                 Production Function






                                                                                                                                                                                               Fixed Factor
                                                                Relationship between                                                                                                                                                                                                                                             Negative returns to a



                                                                                 TP & MP                                                                                                                                                                                                                                                            factor



                                                                                                                                                                                               Variable Factor





                                                              Relation between AP &



                                                                                      MP
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