June 2011
Intermediate to advanced
150 pages
4h 22m
English
Content preview from Managerial EconomicsBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Productivity and the Learning Curve
The resource view of production management is to make sure that all resources employed in the creation of goods and services are used as effectively as possible. Smart businesses assess the productivity of key production resources as a means of tracking improvements and in comparing their operations to those of other firms.
Earlier in this chapter we introduced the concept of marginal product. This measure reflects how productive an additional unit of that input would be in creating additional output. However, for some inputs, there are differences in marginal productivity across units. For example, in agriculture an acre of land in one location may be capable of better yields than an acre in another location. ...
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