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Production Process:
Production is a process that transforms factors of production or inputs into output of goods and services. Production may be classified into extraction, manufacturing, commerce and direct services. The factors of production which are used to create goods and services are land, labour, capital and entrepreneurship. The relationship between inputs used and the maximum output that can be produced at a given time period using an existing technology is depicted by the production function. Production may be organised in the short-run or long-run period.The concept of division of labour may be applied to production. It involves dividing a production process into a number of smaller tasks for each task to be undertaken by a different worker. It has various advantages as well as disadvantages.Firms are the agents of production (they carry out production). In locating a firm, various factors such as sources of raw materials, labour, power and others should be considered.A firm may be established as sole proprietorship, partnership or corporation.The policies of privatisation, commercialisation, nationalisation and deregulation can be used to restructure an economy for improved performance but the demerits of them should be taken care of.
Risk Premium - The risk premium is amount of money which a risk averse person would pay to keep away from taking a risk. * Risk Premium: A Scenario - The person has a 5%
Jane receives utility from days spent travelling on vacation domestically(D) and days
In equilibrium, what are the letters and the total dollar amounts that correspond to the area for the... i. Original Consumer Surplus? ii. Original Producer Surplus? iii.
Value Added:Value added in a particular stage of production equals value of total output, less the value of intermediate products (comprising raw materials, capital equipment and o
Factors Shifting Supply Curve -
The availability of credit and hire purchase facility tends to push up the demand for consumer durables. In India for consumer durables lie Refrigerators television scooters etc, h
Use a PPF to explain the trade-offs that all economies face. All countries must construct some sort of system whereby output, allocation and distribution of goods is decided.
Evaluate the equilibrium price and quantity (a) Find the equilibrium price and quantity (b) If government in trying to control the price of the good fixes the price at c550
Summarize the four supply factors in economic growth.
Your company has a product that it is interested in marketing in a foreign country. Using one of the following Websites, click on a country of your choice to learn about Etiquette,
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