This document discusses the theory of the firm from an economics perspective. It begins by defining a business firm as an economic unit that combines resources to produce goods or services for the purpose of making a profit. It then poses questions about how firms make production and pricing decisions.
The document goes on to explain the concepts of production, costs, and profit. It defines inputs, outputs, and the relationship between them via the production function. It also discusses the different types of costs firms face from inputs. Finally, it introduces key concepts from production theory, including the production possibility frontier, laws of variable proportions and returns to scale, marginal analysis, and isoquants.
The document discusses key concepts related to production theory and cost analysis. It defines production as transforming inputs into outputs. Inputs can be fixed or variable, and production functions are classified as short-run or long-run depending on whether inputs are fixed or variable. The law of diminishing returns and returns to scale are explained. Cost concepts like total, average, fixed and variable costs are introduced. Break-even analysis is defined as a technique to understand the relationship between sales, costs and profits. Key assumptions and applications of break-even analysis are also outlined.
The document discusses production functions and their key components. It defines a production function as explaining the quantitative relationship between inputs and outputs in production. There are four main components: inputs, outputs, short-run production functions where one input is variable, and long-run production functions where all inputs are variable. The document also discusses concepts like total product, marginal product, average product, the law of diminishing returns, and returns to scale.
Law of Variable Proportions and Law of Returns to ScaleAyush Parekh
This presentation puts emphasis on
Law of Variable proportion and Law of Returns to Scale
It also puts light on production function, cost function, etc.
The document discusses Philips' brand repositioning strategy around "sense and simplicity". It outlines that Philips' products had become too complex, so the company refocused on simplicity through customer research. Key aspects of the new strategy include advanced yet easy-to-use technologies, a consistent message communicated globally, and products like Senseo coffee makers that embody the brand promise.
Production involves transforming inputs like labor, machines, and raw materials into outputs. There are two types of inputs: fixed inputs whose supply is inelastic in the short run, and variable inputs whose supply is elastic. A firm's production function describes its output as a function of inputs and can be expressed as short run or long run. The law of diminishing returns states that as one variable input is increased while others stay fixed, marginal product initially increases but eventually decreases. Returns to scale refers to output changes from proportional input changes, and can exhibit increasing, constant, or diminishing returns based on the relationship between input and output changes.
Theory of Production and Cost, Break-even AnalysisKumar Pawar
This document summarizes a presentation on management topics including production theory, costs, and break-even analysis. It was created by three students - Kumar Pawar, Rangat Mehta, and Jay Kheni. The presentation covers the meaning of production, production functions, factors of production, laws of variable proportions and returns to scale. It also defines fixed and variable costs, total and average costs, marginal and opportunity costs. Finally, it explains break-even analysis including the objective to find the production volume where a firm will make a profit.
The document provides an overview of production theory, factors of production, costs, and key economic principles.
It defines production as the creation of goods and services, and outlines the inputs (land, labor, capital, entrepreneurship) and outputs. Production functions relate inputs to outputs.
The factors of production - land, labor, capital, and entrepreneurship - are defined. The laws of variable proportions and returns to scale describe the relationship between inputs and outputs in the short and long-run.
Costs are classified as fixed, variable, total, average, and marginal based on their behavior. Short and long-run costs are also distinguished. Break-even analysis relates costs and revenues.
The document discusses key concepts related to production theory and cost analysis. It defines production as transforming inputs into outputs. Inputs can be fixed or variable, and production functions are classified as short-run or long-run depending on whether inputs are fixed or variable. The law of diminishing returns and returns to scale are explained. Cost concepts like total, average, fixed and variable costs are introduced. Break-even analysis is defined as a technique to understand the relationship between sales, costs and profits. Key assumptions and applications of break-even analysis are also outlined.
The document discusses production functions and their key components. It defines a production function as explaining the quantitative relationship between inputs and outputs in production. There are four main components: inputs, outputs, short-run production functions where one input is variable, and long-run production functions where all inputs are variable. The document also discusses concepts like total product, marginal product, average product, the law of diminishing returns, and returns to scale.
Law of Variable Proportions and Law of Returns to ScaleAyush Parekh
This presentation puts emphasis on
Law of Variable proportion and Law of Returns to Scale
It also puts light on production function, cost function, etc.
The document discusses Philips' brand repositioning strategy around "sense and simplicity". It outlines that Philips' products had become too complex, so the company refocused on simplicity through customer research. Key aspects of the new strategy include advanced yet easy-to-use technologies, a consistent message communicated globally, and products like Senseo coffee makers that embody the brand promise.
Production involves transforming inputs like labor, machines, and raw materials into outputs. There are two types of inputs: fixed inputs whose supply is inelastic in the short run, and variable inputs whose supply is elastic. A firm's production function describes its output as a function of inputs and can be expressed as short run or long run. The law of diminishing returns states that as one variable input is increased while others stay fixed, marginal product initially increases but eventually decreases. Returns to scale refers to output changes from proportional input changes, and can exhibit increasing, constant, or diminishing returns based on the relationship between input and output changes.
Theory of Production and Cost, Break-even AnalysisKumar Pawar
This document summarizes a presentation on management topics including production theory, costs, and break-even analysis. It was created by three students - Kumar Pawar, Rangat Mehta, and Jay Kheni. The presentation covers the meaning of production, production functions, factors of production, laws of variable proportions and returns to scale. It also defines fixed and variable costs, total and average costs, marginal and opportunity costs. Finally, it explains break-even analysis including the objective to find the production volume where a firm will make a profit.
The document provides an overview of production theory, factors of production, costs, and key economic principles.
It defines production as the creation of goods and services, and outlines the inputs (land, labor, capital, entrepreneurship) and outputs. Production functions relate inputs to outputs.
The factors of production - land, labor, capital, and entrepreneurship - are defined. The laws of variable proportions and returns to scale describe the relationship between inputs and outputs in the short and long-run.
Costs are classified as fixed, variable, total, average, and marginal based on their behavior. Short and long-run costs are also distinguished. Break-even analysis relates costs and revenues.
Unit - IV discusses production functions and the laws of production. It explains that a production function shows the relationship between inputs like labor, capital, land and the output produced. The laws of variable proportions and returns to scale are then covered. The law of variable proportions explains how output changes when one input is varied while others stay fixed. Returns to scale looks at what happens to output when all inputs change proportionately. Economies and diseconomies of scale are also discussed.
Production function- Law of variable proportions - Applications of Law of variable proportions - Law of returns to scale - Constant returns to scale - Increasing to returns scale - Decreasing to returns scale - Economies of scale - Internal economies of scale - External economies of scale - Cost classification
The document discusses the law of variable proportions, which examines how adjusting one input while holding others constant affects total output. It begins by defining key terms like marginal product and average product. It then outlines the three stages of the law: initially increasing returns, then diminishing returns, and finally negative returns. It also lists several important conditions for the law to apply, such as constant technology, variable factor proportions, and operating in the short run. Finally, it discusses implications for costs, including how marginal cost, total cost, and variable cost change under the law of variable proportions.
This document discusses production and production functions. It begins by defining production as the process of converting inputs into outputs. The key inputs or factors of production are land, labor, capital, and entrepreneurship. A production function expresses the relationship between a firm's inputs and its output. It then examines production functions with one variable input, two variable inputs, and all variable inputs. Specifically, it analyzes the concepts of total, average, and marginal physical product when varying levels of a single input while holding others fixed. The document also introduces economies of scale and scope.
The document discusses key concepts related to production, inputs, outputs, costs, and profit maximization. It defines production as using inputs to create outputs for consumption. Inputs are the resources that go into production like labor and materials. Outputs are the finished items produced. It also discusses the differences between labor intensive versus capital intensive production, short run versus long run time periods, production functions, and the concepts of total, average, and marginal products and costs. Profit maximization refers to a tendency of businesses to maximize profits by equalizing marginal costs and revenues.
This document discusses the short run production function and the law of variable proportions. It defines the short run as a period where at least one input is fixed. The production function shows the relationship between inputs like labor, capital, land, and outputs. In the short run, outputs increase at an increasing rate initially as variable inputs like labor are added, reaching a point of maximum output, after which outputs increase at a diminishing rate and can become negative. This follows the law of variable proportions, where marginal product initially increases with more variable input, then decreases and can become negative. The document provides an example of increasing wheat output with more labor on a fixed amount of land, and a graph illustrating the three stages of the law of
Theory of production. It consists of theories of Productions which are the mo...ck5f2qqcjx
This document discusses the theory of production. It defines production as transforming inputs like labor, machines, and raw materials into an output. It notes production can take various forms beyond just manufacturing, such as transportation or intangible services. Inputs are classified as fixed or variable, with fixed inputs having an inelastic supply in the short run. A production function describes the relationship between inputs and outputs. The law of variable proportions states that as the proportion of factors changes, total production first increases at an increasing rate, then at a decreasing rate, with three stages of production. Rational decision making for firms operates in the stage where returns are increasing but fixed inputs are not yet being used uneconomically.
1. Alfred Marshall distinguished between internal and external economies of scale. Internal economies occur within a firm as it increases production and reduces costs. External economies occur outside a firm, within an industry, such as when a transportation network improves and reduces costs for all firms.
2. The production function specifies the maximum output possible from different combinations of inputs, based on current technology. It represents the technological relationship but not economic choices.
3. In the long run, firms can enter or exit industries, increase or decrease plant size, and adopt new technologies. In the short run, firms can increase, decrease, or shut down production using variable inputs, with fixed inputs constrained.
The document discusses key concepts related to production analysis including inputs, outputs, the production function, factors of production, and the concepts of total product, average product, and marginal product. It explains that production transforms inputs into outputs through processes of changing form, place, or time. The production function deals with the maximum output achievable given limited inputs. Total product is the total output, average product is output per input, and marginal product is the change in output from an additional input.
Production involves transforming inputs into outputs. There are three types of transformation: change in form, place, or time. A production function relates the maximum output to a given quantity of inputs. There are three stages of production based on diminishing returns. In the short run, one factor is fixed while in the long run all factors are variable, leading to different types of returns to scale. Isoquants represent combinations of inputs that produce the same output level, with their properties determining the optimal input mix.
The document discusses several concepts related to production analysis including:
1. It defines total production, marginal product, and average product, and explains the law of variable proportions.
2. It describes the three stages in the law of variable proportions and the causes of increasing returns.
3. It explains the law of returns to scale and how output responds to changes in inputs at constant, increasing, and diminishing returns to scale.
4. It discusses economies of scale and the internal and external economies that firms can achieve through expansion.
Meaning of Cost Analysis
Basic Cost Concept
Basic concept of financial Accounting/ Accounting Rules-Problems
Depreciation
Methods of Depreciation -Problems
Break Even Analysis
Marginal Uses of BEA
This document provides an overview of ratio analysis presented by Prof. V. GURUMOORTHI. It discusses the introduction, definition, and importance of ratio analysis. It also covers the different types of ratios classified as profitability ratios, turnover ratios, and financial/solvency ratios. Specific ratios discussed include return on investment, gross profit ratio, current ratio, inventory turnover ratio, debtors turnover ratio, and debt-equity ratio. The document aims to explain the calculation and interpretation of various financial ratios used in business analysis.
This document discusses concepts related to production and cost analysis. It begins by defining production as a manufacturing process that transforms inputs like raw materials, work in progress, and finished goods. It then discusses different types of production functions including short run and long run production functions. It also discusses cost analysis concepts like actual costs, opportunity costs, sunk costs, and different types of variable, fixed, and average costs. Overall, the document provides an overview of key theoretical concepts in production and cost analysis.
This document discusses production functions and the economics of production. It begins by defining key terms like production function, total product, average product, and marginal product. It then examines a production function with one variable input (labor) and a fixed input (machine tools). As labor is increased, the total, average, and marginal products are calculated. This leads to three stages of production: stage 1 where marginal product and average product are both increasing, stage 2 where marginal product is positive but average product is constant, and stage 3 where marginal product is negative. The law of diminishing marginal returns is also explained.
The document discusses cost theory and concepts. It provides definitions of key cost terms like fixed costs, variable costs, total costs, average costs, and marginal costs. It explains the relationships between these costs and output levels in the short run. Fixed costs remain constant while variable costs and total costs increase with output in the short run. The total, average, and marginal cost curves are U-shaped in the short run.
The document discusses the laws of production, including the law of diminishing returns (law of variable proportions) and laws of returns to scale. It explains that under the law of diminishing returns, as one input is increased while others stay constant, total output increases at an increasing rate initially, then at a diminishing rate, until it eventually decreases. It also discusses the three stages of production - increasing, diminishing, and negative returns - under this law. The laws of returns to scale analyze production over the long run when all inputs change proportionally. There can be increasing, constant, or diminishing returns to scale.
1. Firms combine inputs to produce outputs in order to make a profit. They face production decisions like how much to produce and which production methods to use.
2. In perfect competition, firms are price takers and face homogeneous goods and many competitors. They produce at the minimum of average total cost to maximize profits.
3. A firm's production function shows the relationship between inputs like labor and capital, and total output. It exhibits diminishing marginal returns as more inputs are added.
This document provides an overview of network protocols for a training course. It defines what protocols are, their basic functions, and examples of common protocols like HTTP, FTP, and IP. It also discusses how protocols are implemented, their levels, types (standard vs proprietary), key elements (syntax, semantics, timing), and how they allow devices to communicate by establishing rules for data transmission.
This document discusses ethics, corporate social responsibility, sustainability, and governance in international business. It covers the importance of ethical behavior, challenges that can arise, and approaches to dealing with relativism across cultures. Unethical practices like corruption, bribery, harmful sourcing, and IP infringement are challenges. Firms must balance cultural norms with their own standards to operate ethically abroad and avoid legal/reputational risks of unethical behavior.
Unit - IV discusses production functions and the laws of production. It explains that a production function shows the relationship between inputs like labor, capital, land and the output produced. The laws of variable proportions and returns to scale are then covered. The law of variable proportions explains how output changes when one input is varied while others stay fixed. Returns to scale looks at what happens to output when all inputs change proportionately. Economies and diseconomies of scale are also discussed.
Production function- Law of variable proportions - Applications of Law of variable proportions - Law of returns to scale - Constant returns to scale - Increasing to returns scale - Decreasing to returns scale - Economies of scale - Internal economies of scale - External economies of scale - Cost classification
The document discusses the law of variable proportions, which examines how adjusting one input while holding others constant affects total output. It begins by defining key terms like marginal product and average product. It then outlines the three stages of the law: initially increasing returns, then diminishing returns, and finally negative returns. It also lists several important conditions for the law to apply, such as constant technology, variable factor proportions, and operating in the short run. Finally, it discusses implications for costs, including how marginal cost, total cost, and variable cost change under the law of variable proportions.
This document discusses production and production functions. It begins by defining production as the process of converting inputs into outputs. The key inputs or factors of production are land, labor, capital, and entrepreneurship. A production function expresses the relationship between a firm's inputs and its output. It then examines production functions with one variable input, two variable inputs, and all variable inputs. Specifically, it analyzes the concepts of total, average, and marginal physical product when varying levels of a single input while holding others fixed. The document also introduces economies of scale and scope.
The document discusses key concepts related to production, inputs, outputs, costs, and profit maximization. It defines production as using inputs to create outputs for consumption. Inputs are the resources that go into production like labor and materials. Outputs are the finished items produced. It also discusses the differences between labor intensive versus capital intensive production, short run versus long run time periods, production functions, and the concepts of total, average, and marginal products and costs. Profit maximization refers to a tendency of businesses to maximize profits by equalizing marginal costs and revenues.
This document discusses the short run production function and the law of variable proportions. It defines the short run as a period where at least one input is fixed. The production function shows the relationship between inputs like labor, capital, land, and outputs. In the short run, outputs increase at an increasing rate initially as variable inputs like labor are added, reaching a point of maximum output, after which outputs increase at a diminishing rate and can become negative. This follows the law of variable proportions, where marginal product initially increases with more variable input, then decreases and can become negative. The document provides an example of increasing wheat output with more labor on a fixed amount of land, and a graph illustrating the three stages of the law of
Theory of production. It consists of theories of Productions which are the mo...ck5f2qqcjx
This document discusses the theory of production. It defines production as transforming inputs like labor, machines, and raw materials into an output. It notes production can take various forms beyond just manufacturing, such as transportation or intangible services. Inputs are classified as fixed or variable, with fixed inputs having an inelastic supply in the short run. A production function describes the relationship between inputs and outputs. The law of variable proportions states that as the proportion of factors changes, total production first increases at an increasing rate, then at a decreasing rate, with three stages of production. Rational decision making for firms operates in the stage where returns are increasing but fixed inputs are not yet being used uneconomically.
1. Alfred Marshall distinguished between internal and external economies of scale. Internal economies occur within a firm as it increases production and reduces costs. External economies occur outside a firm, within an industry, such as when a transportation network improves and reduces costs for all firms.
2. The production function specifies the maximum output possible from different combinations of inputs, based on current technology. It represents the technological relationship but not economic choices.
3. In the long run, firms can enter or exit industries, increase or decrease plant size, and adopt new technologies. In the short run, firms can increase, decrease, or shut down production using variable inputs, with fixed inputs constrained.
The document discusses key concepts related to production analysis including inputs, outputs, the production function, factors of production, and the concepts of total product, average product, and marginal product. It explains that production transforms inputs into outputs through processes of changing form, place, or time. The production function deals with the maximum output achievable given limited inputs. Total product is the total output, average product is output per input, and marginal product is the change in output from an additional input.
Production involves transforming inputs into outputs. There are three types of transformation: change in form, place, or time. A production function relates the maximum output to a given quantity of inputs. There are three stages of production based on diminishing returns. In the short run, one factor is fixed while in the long run all factors are variable, leading to different types of returns to scale. Isoquants represent combinations of inputs that produce the same output level, with their properties determining the optimal input mix.
The document discusses several concepts related to production analysis including:
1. It defines total production, marginal product, and average product, and explains the law of variable proportions.
2. It describes the three stages in the law of variable proportions and the causes of increasing returns.
3. It explains the law of returns to scale and how output responds to changes in inputs at constant, increasing, and diminishing returns to scale.
4. It discusses economies of scale and the internal and external economies that firms can achieve through expansion.
Meaning of Cost Analysis
Basic Cost Concept
Basic concept of financial Accounting/ Accounting Rules-Problems
Depreciation
Methods of Depreciation -Problems
Break Even Analysis
Marginal Uses of BEA
This document provides an overview of ratio analysis presented by Prof. V. GURUMOORTHI. It discusses the introduction, definition, and importance of ratio analysis. It also covers the different types of ratios classified as profitability ratios, turnover ratios, and financial/solvency ratios. Specific ratios discussed include return on investment, gross profit ratio, current ratio, inventory turnover ratio, debtors turnover ratio, and debt-equity ratio. The document aims to explain the calculation and interpretation of various financial ratios used in business analysis.
This document discusses concepts related to production and cost analysis. It begins by defining production as a manufacturing process that transforms inputs like raw materials, work in progress, and finished goods. It then discusses different types of production functions including short run and long run production functions. It also discusses cost analysis concepts like actual costs, opportunity costs, sunk costs, and different types of variable, fixed, and average costs. Overall, the document provides an overview of key theoretical concepts in production and cost analysis.
This document discusses production functions and the economics of production. It begins by defining key terms like production function, total product, average product, and marginal product. It then examines a production function with one variable input (labor) and a fixed input (machine tools). As labor is increased, the total, average, and marginal products are calculated. This leads to three stages of production: stage 1 where marginal product and average product are both increasing, stage 2 where marginal product is positive but average product is constant, and stage 3 where marginal product is negative. The law of diminishing marginal returns is also explained.
The document discusses cost theory and concepts. It provides definitions of key cost terms like fixed costs, variable costs, total costs, average costs, and marginal costs. It explains the relationships between these costs and output levels in the short run. Fixed costs remain constant while variable costs and total costs increase with output in the short run. The total, average, and marginal cost curves are U-shaped in the short run.
The document discusses the laws of production, including the law of diminishing returns (law of variable proportions) and laws of returns to scale. It explains that under the law of diminishing returns, as one input is increased while others stay constant, total output increases at an increasing rate initially, then at a diminishing rate, until it eventually decreases. It also discusses the three stages of production - increasing, diminishing, and negative returns - under this law. The laws of returns to scale analyze production over the long run when all inputs change proportionally. There can be increasing, constant, or diminishing returns to scale.
1. Firms combine inputs to produce outputs in order to make a profit. They face production decisions like how much to produce and which production methods to use.
2. In perfect competition, firms are price takers and face homogeneous goods and many competitors. They produce at the minimum of average total cost to maximize profits.
3. A firm's production function shows the relationship between inputs like labor and capital, and total output. It exhibits diminishing marginal returns as more inputs are added.
This document provides an overview of network protocols for a training course. It defines what protocols are, their basic functions, and examples of common protocols like HTTP, FTP, and IP. It also discusses how protocols are implemented, their levels, types (standard vs proprietary), key elements (syntax, semantics, timing), and how they allow devices to communicate by establishing rules for data transmission.
This document discusses ethics, corporate social responsibility, sustainability, and governance in international business. It covers the importance of ethical behavior, challenges that can arise, and approaches to dealing with relativism across cultures. Unethical practices like corruption, bribery, harmful sourcing, and IP infringement are challenges. Firms must balance cultural norms with their own standards to operate ethically abroad and avoid legal/reputational risks of unethical behavior.
This document outlines the course syllabus for an Organizational Behavior class. It includes 5 chapters to be covered over 3 weeks on topics such as leadership, diversity, and organizational culture. Two major assignments will focus on power and politics as well as organizational change and stress management. The class is taught by Dr. Yohannes, and will draw from the textbook Organizational Behavior by Robbins and Judge.
Chapter 5 The External, Industry, and Competitive Analysis.pptTeshome48
This document discusses analyzing a firm's external environment and industry competition. It covers performing external environmental analysis to identify opportunities and threats. Key parts of the analysis include scanning, monitoring, forecasting and assessing the general environment. The document also discusses Porter's five forces model of competition and how the bargaining power of suppliers and buyers, threat of substitutes, and intensity of rivalry impact industry attractiveness and profit potential. It defines strategic groups within an industry and notes the importance of competitor analysis.
Market segmentation involves dividing a market into distinct subgroups of customers with common needs or characteristics. It allows companies to target specific segments with tailored marketing strategies. Key steps include identifying segmentation bases, developing segment profiles, selecting target segments, and developing positioning and marketing mixes for each segment. Common bases for segmenting consumers include geographic, demographic, psychographic and behavioral factors. Effective segmentation creates segments that are measurable, accessible, substantial and differential in their response to marketing strategies.
Chapter 1_ Overview of International Business.pptxTeshome48
This document provides an overview and introduction to an international business course. It defines international business as trade and investment activities across national borders. The main topics covered are the globalization of markets, international trade and investment, risks in international business, participants in international business, and strategies for entering international markets like exporting and foreign direct investment. The course objectives are to introduce students to international business and analyze how the global environment impacts international firms. Students will be evaluated based on assignments and a final exam.
This chapter discusses the globalization of markets and the internationalization of firms. It covers the key drivers of globalization like reductions in trade barriers and advances in technology. It also examines the phases of globalization and how firms are expanding their value chain activities internationally. The chapter analyzes the consequences of globalization for firms and societies. It provides examples of born global firms and discusses how globalization is impacting development in Africa.
Here are the key points of an exploratory research design using focus groups:
- A focus group consists of 6-10 people who are relevant to the research topic (e.g. current juice customers).
- The group is led by a moderator who facilitates an open discussion on people's views and experiences related to the juice selection and what might encourage them to purchase more juices.
- The discussion is recorded and analyzed for common themes, insights, and hypotheses that emerge from the participants' dialogue with each other.
- Focus groups allow exploratory research of people's perceptions in a social environment where they can consider their views in relation to others.
- The open discussion format is useful early in a research project to
This chapter discusses the characteristics and backgrounds of entrepreneurs. It explores who entrepreneurs are and examines their typical traits and motivations. Some key points covered include:
- Entrepreneurs are typically driven by a strong need for achievement and willingness to take risks. They exhibit traits like optimism, initiative, and perseverance.
- However, debates exist around whether entrepreneurs are "born" with these traits or if they can be "made" through environmental factors and training.
- Entrepreneurial motivations also stem from both "pull" factors like pursuing an opportunity or idea, or "push" factors like the need for employment or change.
- While entrepreneurship provides advantages like independence, it also
The document provides an overview of operations research (OR), including:
- The history and origins of OR which began in the late 1930s in the UK to study military operations problems.
- The key phases of a typical OR project: problem identification, mathematical modeling, model validation, solution of the model, and implementation.
- The wide range of applications of OR techniques across various fields such as accounting, construction, facilities planning, finance, manufacturing, and more.
- The types of models used in OR, classified based on the level of abstraction into physical, analog, and symbolic mathematical models. Deterministic and probabilistic/stochastic models are discussed.
This document provides an overview of an operations management course. It includes the course instructor's name and credentials, guiding principles, chapter outlines covering topics like operations strategy and quality management, assignment details, and a lecture schedule. The chapters will cover introduction to operations management, competitiveness and productivity, innovation, quality management, product design, just-in-time operations, and other key operations management topics. Students will complete two assignments involving summarizing course materials. The course aims to link operations and supply chain management concepts.
This study examines the effect of managerial efficiency on employee job satisfaction at the Commercial Bank of Ethiopia's Lega Tafo Subcity branches. The study uses a census sampling technique to collect primary data through questionnaires distributed to all 91 employees across four branches. Statistical analysis, including correlation coefficients and regression analysis, finds that managerial efficiency has a strong positive correlation with and 93.2% influence on employee job satisfaction. Specifically, leadership skill and teaming skill were found to significantly affect job satisfaction, while management skill had an insignificant effect. The study concludes that improving leadership skill, teaming skill, and overall managerial efficiency can enhance employee job satisfaction at the bank's branches.
The document discusses the transportation and assignment model, which is a type of linear programming problem dealing with transporting a commodity from sources to destinations at minimum cost. Key points:
- A product is transported from multiple sources to multiple destinations, with fixed supply quantities at sources and demand quantities at destinations.
- The model aims to determine shipping quantities from each source to each destination to satisfy all demands at minimum total shipping cost, subject to supply and demand constraints.
- Common solution methods include the northwest corner rule, least cost method, and Vogel's approximation method to find an initial feasible solution.
- The optimal solution is then tested using methods like the stepping stone or MODI method to evaluate empty cells and
This document discusses digital communication and data link control. It covers flow control methods like stop and wait and sliding windows to prevent buffer overflow. It also discusses fragmentation, error detection using cyclic redundancy checks, and error control protocols like automatic repeat request (ARQ) using stop and wait, go back N, and selective reject. Finally, it summarizes the High-Level Data Link Control (HDLC) protocol including frame structure, address fields, control fields, information fields, frame check sequences, and the initialization, data transfer, and disconnection phases of HDLC operation.
This document summarizes key aspects of classical management theory discussed in Chapter 1 of the textbook. It outlines the four categories of management theories, and focuses on pre-classical and classical management thought. Pre-classical management practices date back to ancient civilizations like Egypt and Greece, while influential early contributors included Robert Owen, Charles Babbage, and Adam Smith. Classical management theory had two broad perspectives: scientific management, whose chief proponents were Frederick Taylor, Frank and Lillian Gilbreth, and Henry Gantt; and classical organization theory focusing on bureaucratic and administrative management.
This document discusses customer perceived value and customer satisfaction in business markets. It begins by providing background on the increased interest in customer value among researchers and practitioners. It then reviews the literature on customer satisfaction and customer perceived value. Specifically, it discusses how satisfaction has traditionally been viewed through the disconfirmation paradigm but its nature is ambiguous. It also discusses criticisms of satisfaction and arguments for viewing perceived value as a better predictor of behavioral outcomes in business markets. The document then outlines three research questions it aims to address regarding the relationship between value and satisfaction and which better predicts behavioral intentions.
This document discusses several economic theories used by economists to analyze and understand economic phenomena:
- Supply and demand theory explains how price is determined by the interaction of supply and demand in a market.
- Classical economics views markets as self-regulating systems governed by production and exchange.
- Keynesian economics focuses on how aggregate demand impacts output, employment, and inflation.
- Malthusian economics argues that population growth outpaces food supply growth.
- Marxism views capitalism as creating two socioeconomic classes that are in conflict.
- Market socialism incorporates elements of both socialist planning and free markets.
This document provides a review of a paper on production theory and the production possibility frontier. The paper was written by O.S. Suguna Sheela in 2007 and published in the journal General Economics. It discusses key concepts in production theory including the production function, factors of production, the production possibility frontier, the law of variable proportions, and the law of returns to scale. The review finds that cost analysis plays an important role in managerial decision making.
The document summarizes a study on the effect of microfinance institutions on household livelihood in Enchini Town, Ethiopia. Key findings from the study include:
1) Microfinance leads to improved household income as descriptive results show 94.5% of clients reported increased average yearly income.
2) Microfinance enables increased consumption expenditures, improving household diet and living conditions.
3) Microfinance facilitates access to healthcare as 95% of clients reported increased responsiveness to medical care needs.
ARENA - Young adults in the workplace (Knight Moves).pdfKnight Moves
Presentations of Bavo Raeymaekers (Project lead youth unemployment at the City of Antwerp), Suzan Martens (Service designer at Knight Moves) and Adriaan De Keersmaeker (Community manager at Talk to C)
during the 'Arena • Young adults in the workplace' conference hosted by Knight Moves.
Architectural and constructions management experience since 2003 including 18 years located in UAE.
Coordinate and oversee all technical activities relating to architectural and construction projects,
including directing the design team, reviewing drafts and computer models, and approving design
changes.
Organize and typically develop, and review building plans, ensuring that a project meets all safety and
environmental standards.
Prepare feasibility studies, construction contracts, and tender documents with specifications and
tender analyses.
Consulting with clients, work on formulating equipment and labor cost estimates, ensuring a project
meets environmental, safety, structural, zoning, and aesthetic standards.
Monitoring the progress of a project to assess whether or not it is in compliance with building plans
and project deadlines.
Attention to detail, exceptional time management, and strong problem-solving and communication
skills are required for this role.
EASY TUTORIAL OF HOW TO USE CAPCUT BY: FEBLESS HERNANEFebless Hernane
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2. Introduction
⚫ Recall that we identified two broad groups of economic actors -
Households and Business Firms.
⚫ In our study of demand we looked at households as consumer
units effecting demand for goods and services in the product
market.
⚫ On the supply side of the product market are the economic (or
business) firms.
⚫ They are the producers (and sellers) of goods and services.
3. Business Firm
⚫ A business firm is an economic unit engaged in the production of
one or more economic goods or services.
⚫ Applying the technology available to it, a business firm combines
economic resources (factors of production) to produce one or
more goods for the purpose of making profits.
⚫ A business firm buys economic resources (inputs) and sells the
goods it produces (outputs).
4. Questions to be asked and need to be Answered:
⚫ How do firms decide what to produce and how much to produce?
⚫ What factors constitute a firm’s costs?
⚫ How do firms determine what price(s) to charge?
⚫ What determines a firm’s profit?
⚫ What determines the shape and the position of a (firm’s) supply curve?
5. 3. Production and Costs
⚫ To produce a good or a service, a firm needs economic resources or
factors of production.
⚫ In economics, the factors of production used by a firm in the
production of a good or a service are generally referred to as inputs.
⚫ What a firm produces is called output.
⚫ A firm has to pay for the inputs it needs.
⚫ Therefore, inputs, on the one hand, generate costs and, on the other
hand, generate output.
6.
7. ⚫We first study the relationship between inputs and the output;
that is "production function".
⚫Then we will proceed to the relationship between the output
and costs; that is cost function.
8. 3.1. Theory of Production
⚫ In economics, production theory explains the principles in which the
business has to take decisions on how much of each commodity it
produces and how much it sells and also how much of raw material i.e,
fixed capital & labor it employs & how much it will use.
⚫ It defines the relationships between the prices of the commodities and
productive factors on one hand and the quantities of these commodities
and productive factors that are produced on the other hand.
9. Production - Definition
⚫Production is a process that create/adds value or utility.
⚫ It is the act of creating output in the form of a commodity or a service which
contributes to the utility of individuals.
⚫In other words, it is a process in which the inputs are converted into outputs.
10. Production Possibility Frontier
⚫ A production possibility frontier (PPF) shows the maximum possible
output combinations of two goods or services an economy can
achieve when all resources are fully and efficiently employed.
⚫ It is used to illustrate the concepts of opportunity cost, trade-offs and
also show the effects of economic growth.
⚫ Points within the curve show when a country’s resources are not
being fully utilized.
11.
12. ⚫ Combinations of the output of consumer and capital goods lying inside the PPF
happen when there are unemployed resources or when resources are
used inefficiently.
⚫ We could increase total output by moving towards the PPF.
⚫ Combinations that lie beyond the PPF are unattainable at the moment.
⚫ A country would require an increase in factor resources, an increase in the
productivity or an improvement in technology to reach this combination.
⚫ Trade between countries allows nations to consume beyond their own PPF.
⚫ Producing more of both goods would represent an improvement in welfare and a
gain in what is called allocative efficiency.
13. Production Function
⚫Production function means the functional relationship between inputs and outputs
in the process of production.
⚫It is a technical relation which connects factors inputs used in the production
function and the level of outputs.
Q = f (Land, Labour, Capital, Organization, Technology, etc)
14. FOR EXAMPLE
⚫A computer company hires workers to use machinery, parts, and
raw materials in factories to produce personal computers.
⚫The output of a firm can either be a final commodity or an
intermediate product such as computer and semiconductor
respectively.
⚫The output can also be a service rather than a good such as
education, medicine, banking etc.
15. Inputs : Fixed inputs and Variable inputs
The factors of production that is carry out the
production is called inputs.
Land, Labour, Capital, Organizer, Technology, are
the example of inputs
Inputs/ Factors
Variable inputs Fixed Inputs
16. Inputs : Fixed inputs and Variable inputs
Fixed inputs Variable inputs
In the long run all factors of
production are varies
according to the volume of
outputs.
The cost of variable inputs is
called Variable Cost
Example:- Raw materials,
labour, etc
short
Remain the same in the
period .
At any level of out put, the
amount is remain the same.
The cost of these inputs are
called Fixed Cost
Examples:- Building, Land etc
( In the long run fixed inputs are
become varies)
17. Various concept of production
Total product (total physical product) = the total amount of
output produced, in physical units.
Average product (AP) – total output divided by total units of input
i.e. it is the production per unit of input.
AP = TP/variable
input
Marginal product – the extra product or output added by 1 extra
unit of that input while other inputs are held constant.
18. Laws of Production function
⚫ The laws of production describe the technically possible ways of increasing the
level of production.
⚫ Output may increase in various ways.
⚫ Output can be increased by changing all factors of production.
⚫ Clearly this is possible only in the long run.
⚫ Thus the laws of returns to scale refer to the long-run analysis of production.
⚫ In the short run output may be increased by using more of the variable factor(s),
while capital (and possibly other factors as well) are kept constant.
19. ⚫The marginal product of the variable factors will decline eventually as
more and more quantities of this factor are combined with the other
constant factors.
⚫The expansion of output with one factor (at least) constant is described
by the law of (eventually) diminishing returns of the variable factor,
which is often referred to as the law of variable proportions.
20. A. The Law of Variable Proportions: Short-RunAnalysis of Production:
⚫ If one factor is variable while the other(s) is kept constant, the product line will be a
straight line parallel to the axis of the variable factor .
⚫ In general, if one of the factors of production (usually capital K) is fixed, the
marginal product of the variable factor (labour) will diminish after a certain range of
production.
⚫ We said that the traditional theory of production concentrates on the ranges of
output over which the marginal products of the factors are positive but diminishing.
⚫ The ranges of increasing returns (to a factor) and the range of negative productivity
are not equilibrium ranges of output.
21. Returns to a Factor
a. Increasing Returns to a Factor
⚫Increasing returns to a factor refers to the situation in which total
output tends to increase at an increasing rate when more of variable
factor is mixed with the fixed factor of production.
⚫In such a case, marginal product of the variable factor must be
increasing.
⚫Inversely,marginal price of production must be diminishing.
22. b. Constant Returns to a Factor
⚫ Constant returns to a factor refers to the stage when increasing the application of the
variable factor does not result in increasing the marginal product of the factor –
rather, marginal product of the factor tends to stabilize.
⚫ Accordingly, total output increases only at a constant rate.
c. Diminishing Returns to a Factor
⚫ Diminishing returns to a factor refers to a situation in which the total output tends to
increase at a diminishing rate when more of the variable factor is combined with the
fixed factor of production.
⚫ In such a situation, marginal product of the variable must be diminishing. Inversely
the marginal cost of production must be increasing.
23. B. Laws of Returns to Scale: Long-Run Analysis of Production:
⚫ In the long run expansion of output may be achieved by varying all factors.
⚫ In the long run all factors are variable.
⚫ The laws of returns to scale refer to the effects of scale relationships. In the long run output may
be increased by changing all factors by the same proportion, or by different proportions.
⚫ Traditional theory of production concentrates on the first case, that is, the study of output as all
inputs change by the same proportion.
⚫ The term ‘returns to scale’ refers to the changes in output as all factors change by the same
proportion.
24. ⚫Returns to scale are classified as follows:
i. Increasing returns to scale − If output increases more than proportionate to the
increase in all inputs.
ii. Constant returns to scale − If all inputs are increased by some proportion,
output will also increase by the same proportion.
iii. Decreasing returns to scale − If increase in output is less than proportionate to
the increase in all inputs.
For example − If all factors of production are doubled and output increases by
more than two times, then the situation is of increasing returns to scale.
On the other hand, if output does not double even after a 100 per cent increase in
input factors, we have diminishing returns to scale.
25.
26. Isoquants
⚫ ‘Iso’refers to‘equal’,‘quanta’refers to‘quantity’.
⚫ An isoquant may be defined as a curve, which shows the different
combinations of two inputs producing the same level of output.
⚫ Isoquants are ageometric representation of the production function.
⚫ The same level of output can be produced by various combinations of factor
inputs.
⚫ The locus of all possible combinations is called the‘Isoquant’.
27. Characteristics of Isoquant
Anisoquant slopes downward to the right.
An isoquant isconvex to origin.
Anisoquant is smooth and continuous.
T
wo isoquants do not intersect.
28. Isoquants
Combination Labour Capital Output level
A 20 1 100 unit
B 18 2 100 unit
C 12 3 100 unit
D 9 4 100 unit
E 6 5 100 unit
F 4 6 100 unit
An isoquants represent all those possible combination of two inputs (labour
and capital), which is capable to produce an equal level of output .
29.
30. Least Cost Combination of Inputs
⚫ A given level of output can be produced using many different combinations of
two variable inputs.
⚫ In choosing between the two resources, the saving in the resource replaced
must be greater than the cost of resource added.
⚫ The principle of least cost combination states that if two input factors are
considered for a given output then the least cost combination will have inverse
price ratio which is equal to their marginal rate of substitution.
31. Marginal Rate of Technical Substitution (MRTS)
⚫It isthe slope of the isoquants.
⚫The rate at which one factor of production (input) can be substituted for
other is known asmarginal rate of technical substitution (MRTS).
⚫If we assumed two factors of production say labor and capital, then the
MRTS of capital for labor is the number of units of labors, which can be
replaced by one unit of capital, while the quantity of output remaining
the same.
32. ⚫MRTSis defined as the units of one input factor that can be substituted
for asingle unit of the other input factor.
⚫MRSof x2 for one unit of x1 is equal to the number of unit of replaced
resource (x2) divided to the number of unit of added resource (x1).
33.
34. Returns to Factors
⚫ Returns to factors are also called as factor productivities, (where productivity
,
is the ratio of output to the inputs.)
⚫ The productivity of a particular factor of production may be measured by
assuming the other production factors to be constant and only that particular
factor under study is changed.
⚫ Returns to factors shows the percentage increase or decrease in the
production due to percentage increase or decrease in a particular factor such
aslabors (or) capital, assuming other factors to be constant.
35. 3.2. Theory of Cost
⚫ In managerial economics another area which is of great importance is cost of
production.
⚫ The cost which afirm incurs in the process of production of its goods and
services is an important variable for decision making.
⚫ Total cost together with total revenue determines the profit level of abusiness.
⚫ In order to maximize profits a firm endeavors to increase its revenue
and lower its costs.
36. Cost Concepts
⚫ Costs playaveryimportant role in managerialdecisionsespeciallywhenaselection
between alternative courses of action is required.
⚫ It helps in specifying various alternatives in terms of their quantitative values.
⚫ Costs are incurred as aresult of production.
⚫ Costs are the sum of all expenditures incurred in producing agiven volume of output.
⚫ Costs are the amount of money spent on the production of different levels of agood.
⚫ Following are various types of cost concepts −
37. Types of Costs
⚫ All the costs faced by companies/business organizations can be categorized into two
main types −
1.Fixed costs
2.V
ariable costs
1. Fixed costs are expenses that have to be paid by a company, independent of any
business activity.
It is one of the two components of the total cost of goods or service, along with
variable cost.
⚫ Examples include rent, buildings,machinery
, etc.
38. 2. Variable costs
⚫Variable costs are corporate expenses that vary in direct proportion to
the quantityof output.
⚫Unlike fixed costs, which remain constant regardless of output, variable
costs are a direct function of production volume, rising whenever
production expands and falling whenever it contracts.
⚫Examples of common variable costs include raw materials, packaging,
and labor directly involvedin acompany's manufacturing process.
39. TC, MC and AC
⚫ T
otal cost (TC) describes the total economic cost of production and is
made up of variable costs plus fixed costs.
⚫ The rate at which total cost changes as the amount produced changes is
called marginal cost.
⚫ Average cost and/or unit cost is equal to total cost divided by the
number of goods produced (the output quantity,Q).
40.
41. Determinants of Costs
⚫The general determinants of cost are asfollows
Output level
Prices of factors of production
Productivities of factors of production
Technology
42. Cost Analysis
⚫ Cost Analysis refers to the measure of the cost-output relationship, i.e. the economists
are concerned with determining the cost incurred in hiring the inputs and how well these
can be re-arranged to increase the productivity (output) of the firm.
⚫ In other words, the cost analysis is concerned with determining money value of inputs
(labor, raw material), called as the overall cost of production which helps in deciding the
optimum level of production.
⚫ There are several cost concepts relevant to the business operations and decisions and for
the convenience of understanding these can be grouped under two overlapping categories:
43. 1.Cost Concepts Used for Economic Purposes:
⚫ Generally, the accountants use these cost concepts to study the financial position of the firm. They are
concerned with arranging the finances of the firm and therefore keep a track of the assets and liabilities of
the firm.
⚫ The accounting costs are used for taxation purposes and calculating the profit and loss of the firm. These
are:
Opportunity Cost
Business Cost
Full Cost
Explicit Cost
Implicit Cost
Out-of-Pocket Cost
Book Cost
44. 2. Analytical Cost Concepts Used for Accounting Analysis of Business Activities:
⚫ These cost concepts are used by the economists to analyze the likely cost of production in the future.
⚫ They are concerned with how the cost of production can be managed or how the input and output can be re-arranged such
that the overall profitability of the firm gets improved. These costs are:
Fixed Cost
Variable Cost
Total Cost
Average Cost
Marginal Cost
Short-run Cost
Long-Run Cost
Incremental Cost
Sunk Cost
Historical Cost
Replacement Cost
Private Cost
Social Cost
45. ⚫ In business, the manager must have a clear understanding of the cost-output relationship
as it helps in cost control, marketing, pricing, profit, production, etc. The cost-output
relation can be expressed as:
C = f (S, O, P, T)
Where,
C =cost,
S = Size of the firm,
O = output,
P = Price, and
T = Technology.
46. ⚫ With the increase in the size of the firm, the economies of scale also increase and as a
result the cost of per unit production comes down.
⚫ There is a positive relation between the cost and the output, as the output increases the
cost also increases and vice-versa.
⚫ Likewise, the price of inputs is directly related to the price, as the input price increases the
cost of production also increases.
⚫ But however, the technology is inversely related to the cost, i.e. with an improved
technology the cost of production decreases.
⚫ Thus, the cost analysis is pivotal in business decision-making as the cost incurred in the
input and output is to be carefully understood before planning the production capacity of
the firm.
47. Breakeven Analysis & Contribution Margin
⚫ Break-even point analysis is a measurement system that calculates the margin of
safety by comparing the amount of revenues or units that must be sold to cover
fixed and variable costs associated with making the sales.
⚫ In other words, it’s a way to calculate when a project will be profitable by
equating its total revenues with its total expenses.
⚫ There are several different uses for the equation, but all of them deal with
managerial accounting and cost management.
48. ⚫ The increase in profit would be bythe amount of unit contribution margin.
⚫ Unit contribution Margin = Sales Price -V
ariable Costs
⚫ The unit contribution margin is the remainder after all variable costs
associated with aunit of sale are subtracted from the associated revenues.
⚫ It is useful for establishing the minimum price at which to sell a unit
(which is the variable cost).
⚫ This margin analysis can applyto the sale of either goods or services.
49. BEP…..Formula…..
⚫The purpose of the break-even analysis formula is to calculate the
amount of sales that equates revenues to expenses and the amount of
excess revenues, also known as profits, after the fixed and variable
costs are met.
51. ⚫In other words, the breakeven point is equal to the total fixed costs
divided bythe difference between the unit price and variable costs.
⚫Note that in this formula,fixed costs are stated asatotal of all overhead
for the firm, whereas Price andVariableCosts are stated asper unit
costs — the price for each product unit sold.
52. Breakeven Chart
⚫The Break-even analysis chart is a graphical representation of costs
at various levels of activity
.
⚫With this, businessmanagersare ableto ascertain the period when
there is neither profit nor loss made for the organization.
⚫This is commonlyknown as"Break-even Point".
53.
54. ⚫In the graph above, the line OA represents the variation of income at
various levels of production activity
.
⚫OB represents the total fixed costs in the business. As output increases,
variable costs are incurred, which means fixed + variable cost also
increase.At low levels of output, costs are greater than income.
⚫At the point of intersection “P” (Break even Point) , costs are
exactly equal to income,and hence neither profit nor loss is made.
55. Economies of Scale:
⚫ Economies of scale are the cost advantages that enterprises obtain due to their
scale of operation (typically measured by amount of output produced), with cost per
unit of output decreasing with increasing scale.
⚫ As long as the output is increased in the long run, the cost of production will be at
minimum level,this is known aseconomies of scale.
⚫ Economies of scale isdivided into two parts.
1. Internal Economies scale
2. External Economies scale
56. ⚫ Internal Economies:
⚫ Internal economies are those benefits or advantages enjoyed by an individual
firm if it increases its size and the output.
⚫ Internal economies result from the sheer size of the company,no matter what
industry it's in or market it sells to.
⚫ For example, large companies have the ability to buy in bulk.
⚫ This lowers the cost per unit of the materials they need to make their
products.
⚫ They can use the savings to increase profits.
57. There are five main types of internal economies of scale.
1. Technical economies of scale result from efficiencies in the production process itself.
2. Monopsony power is when a company buys so much of a product that it can negotiate a
lower price than its smaller competitors.
3. Managerial economies of scale arise when firms can hire specialists to manage specific
areas of the company.
4. Financial economies of scale means the company has cheaper access to capital. A larger
company can get funded from the stock market with an initial public offering.
5. Network economies of scale- It costs almost nothing to support each additional customer
with existing infrastructure.
58. External Economies of Scale
⚫Acompany has external economies of scale if it receives preferential
treatment from the government or other external sources simply
because of its size.
⚫For example, most states will lower taxes to attract large companies
since theywill provide jobs for their residents.
59. Economies of scope
⚫ Economies of scope describe situations in which the long-run average
and marginal cost of a company, organization, or economy decreases, due to the
production of some complementary goods and services.
⚫ An economy of scope means that the production of one good reduces the cost of
producing another related good.
⚫ While economies of scope are characterized by efficiencies formed by
variety, economies of scale are characterized by volume.
⚫ The latter involves the reduction of the average cost, or the cost per unit, that
stems from increasing production for one single type of product.
⚫ Economies of scale helped drive corporate growth in the 20th century, for example
through assembly line production.
60. LEARNING and Experience Effects
⚫In any environment; if a person is assigned to do the same task, then after
aperiod of time,there is an improvement in his/her performance.
⚫If data points are collected over a period of time, the curve constructed
on the graph will show a decrease in effort per unit for repetitive
operations.
⚫This curve is called the learning curve.
⚫This curve is very important in cost analysis, cost estimation and
efficiencystudies.
61. ⚫The learning curve shows that if a task is performed over and
over, then less time will be required at each iteration.
⚫Historically, it has been reported that whenever there has been instanced
of double production, the required labor time has decreased by 10
or 15 percent or more.
62. ⚫For many manufacturing processes, average costs decline substantially as
cumulative total output increases.
⚫Improvements in the use of production equipment and procedures are
important in this process, as are reduced waste from defects and
decreased labor requirements as workers become more proficient in
their jobs.
63. ⚫Learning curve is relevant in taking following decision:
Pricing decision based on estimation of future costs.
W
orkforce schedule based on future requirements.
Capital requirement projections
Set-up of incentive structure
64. The experience curve
⚫ “The more experience a firm has in producing a particular product,
the lower its costs.”
⚫ Working with a leading manufacturer of semiconductors, the
consultants noticed that the company's unit cost of manufacturing fell
by about 25% for each doubling of the volume that it produced.
⚫ This relationship they called the experience curve: the more experience
a firm has in producing a particular product, the lower are its costs.
65. Key Takeaways from Unit 3
⚫ Production (what is it, its concepts,its theory)
⚫ Input (what isit, its types)
⚫ Output (How to measure)
⚫ Production function (What is it, how is it in Short and Long Runs)
⚫ Laws of Production (What isit, in Short run? In Long Runs?
⚫ MRTSand Isoquant (what are they,for what purpose?)
⚫ Cost (Concept, types,nature, measurement,determinants,analysis)
⚫ Break-even analysis (what is it, how to estimate)
⚫ Economies of scale (what is it, its types and sources)
⚫ Learning and experience curves (what are they,for what?)