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Explain the Theory of Production
Cost and Production analysis is central for the unhampered functioning of the production process and for project planning. Production is an economic activity which makes goods available for consumption. Production is also described as a sum of all economic activities except consumption. It is the process of creating services or goods by utilising numerous available resources. Achieving a certain profit needs the production of a certain amount of goods. To attain such production levels, some costs have to be incurred. At this point, management is faced with the task of determining an optimal level of production where average cost of production will be minimum. Production function displays the relationship between quantity of a service/good produced (output) and resources or factors (inputs) used. The inputs used for producing these services and goods are known as factors of production.
Strategic Reasons For political or strategic reasons, a country may not wish to be dependent upon imports and so may protect a home industry even if it is inefficient. Many co
Effects of Fluctuations in Exchange Rates When a country's currency depreciates, exporting firms may have competitive advantage but businesses which rely on imports for raw ma
Consider an economy with two individuals. Individual 1 has (inverse) demand curve for a public good given by P1=60-2Q1, While individual 2 has (inverse) demand curve for the public
explain the law of demand. briefly discuss the exception to the law of demand
INDIRECT TAXES These are imposed on an individual mostly producers or traders but they can be passed on to be borne by others usually the final consumers. They can also be de
points and its explanation
what is the importance of demand forecasting to managers
The demand for good X is estimated to be: where p x price of X in dollars M = personal disposable income in trillions of dollars per year P y = price of a competitive in do
State the Fixed factor of production Input level of a fixed factor can't be varied in the short run. Capital falls under the category of fixed factor. Capital alludes to resour
Q. Explain about Delphi method? Delphi method: This is a systematic, interactive forecasting method that depends on a panel of experts. Experts answer questionnaires in two o
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