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THEORY OF PRODUCTION:
Production activities related to goods and services require inputs. Typically, the set of inputs includes labour, capital equipments and raw materials. The producing unit usually has to solve the choice problem as a given amount of output can be produced from various combinations of inputs. Firms, therefore, look for production possibilities that are technologically feasible. A production function describes the relation between input and output with a given the technology. More formally, it shows the maximum amount of output that can be produced from any specified set of inputs, given the existing technology. If we assume that there are only two factors of production - labour (L), capital (K) and a single output q, mathematically a production function can be written as,
q = F(L, K)
Suppose Jean Splicer, an investor, buys $300,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $315,000. Assume the
Quality Control: Standards and standardisation, quality systems, certification and inspections, measurement systems, testing laboratories, their accreditation and calibration
my q is dat how can we find mathematically dat a production function is concave?
Problem 1: Write short notes on all of the following: (a) Log Linear regression model (b) Lin-Log regression model (c) Individual versus Overall Significance Probl
Efficiency of exchange
AS STUDENT OF ECONOMICS ELABORATE ON THE KALDOR-HISCKS COMPENSATION
Traditional inventory control based on the calculation of EOQ At this point, it is worth considering some of the problems faced by companies using the simple inventory model
Q. Role of Monetary Policy? Monetary Policy: Monetary policy reflects the use by government and government agencies (mainly the central bank) of interest rate adjustments and o
This is the practice of maximizing profits and revenues and minimizing costs, using marginal analysis.
exams?
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