Session 7-9: Production and Optimal Choice of Inputs: Production

Function; Law of Diminishing Returns; Long Run and Short Costs of

Firm
As a result of increasing production cost, suppliers may increase the price of their product.
This is presented in the attached reference – where rise in chip cost results in Apple raising
costs for iPhone 13.

https://gadgets.ndtv.com/mobiles/news/iphone-13-series-price-increase-tsmc-chip-
production-rise-report-2519444

Submission By:
Vivek Patodia
PGP/25/309