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Drafting of Production Policy: Demand forecasts assists in drafting appropriate production policy so that there may not be any space between future demand and supply of a product. This can in addition ensure:
• Routine Supply of Materials: Demand forecasting facilitates in figuring out the preferred volume of production. The necessary prerequisite of raw materials in future can be calculated on the basis of such forecasts. This ensures regular and continuous supply of the materials additionally to managing the amount of supply at the economic level.
• Best Possible Use of Machines: Demand forecasting in addition expedites cutting down inactive capacity since only the essential amount of machines and equipment's are set up to meet future demands.
• Regular Availability of Labour: As soon as demand forecasts are made, supplies of essential amount of skilled and unskilled workers can be organised well beforehand to meet future production plans.
Cheap Labour It is often argued that the economy must be protected from imports which are produced with cheap, or 'sweated", labour. Some people argue that buying foreign
isoquant and its properties
Direct control and Moral Suasion Without actually using the above weapons, the central bank can attempt simply to use "moral suasion" to persuade the commercial banks to restr
Keynes Theory Keynes views about trade cycle entitled notes on the trade cycle of his classic the general theory of employment interest and money published in 1936. Although K
Individual firm and market supply curves The quantities and prices in the supply schedule can be plotted on a graph. Such a graph is called the firm supply curve. A fir
williamson model and managerial discretion about its objective and statement of problem
The production function can have many uses. It can be used to compute least-cost factor combination for a given output or maximum output combination for a given cost. Knowledge of
Q. Explain the Shut down point? ShutdownPoint: With MR = MC, firm attains equilibrium at point E where it produces OM amount of the output. To produce this output, firm incur
Q. Explain about Linear Isoquant? : In this case, isoquant would be straight lines as in Figure below. This type presumes perfect substitutability of factors of production. I
WHAT ARE THE PRINCIPLES OF MANGERIAL ECONOMICS
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