Business Administration: Law of Demand
Elasticity of Demand
Types of Price Elasticity
Perfectly Inelastic Demand
Demand with Unity Elasticity
Relative Inelastic demand
Relatively more Elastic Demand
THEORY of Production
This document provides an overview of price determination under perfect competition. It begins with objectives of teaching economics and describing market forces. It then covers demand and supply schedules/curves, equilibrium price and quantity, and the effects of changes in demand and supply on equilibrium. Diagrams and examples are provided to illustrate these concepts. The document concludes with test questions to check understanding and homework assignments related to the content.
1. Price elasticity of demand measures how responsive the quantity demanded of a good is to changes in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price.
2. There are many factors that determine the price elasticity of a good, including whether it is a necessity, if there are substitutes, how many uses it has, and income levels.
3. The degree of elasticity can be perfectly elastic, perfectly inelastic, unitary elastic, relatively elastic, or relatively inelastic depending on how quantity demanded responds to price changes.
Economics for Managers (VV2)
We Also Provide SYNOPSIS AND PROJECT.
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The document discusses various concepts related to elasticity of demand, including:
1) It emphasizes the importance of drawing diagrams correctly when explaining elasticity, ensuring demand and supply curves are the right way round and changes are well explained.
2) It outlines factors that affect price elasticity of demand, including whether a product is a necessity or luxury, availability of substitutes, consumer income, brand loyalty, and habits.
3) It discusses peak and off-peak demand, showing how suppliers can charge higher prices during peak times by shifting the demand curve rightwards.
4) It provides the formula for calculating cross-price elasticity of demand and works through an example of estimating changes in the demand
ELASTICITY OF DEMAND
PharmaKhabar is an online platform that provides entire pharma related information, news, and articles at one place.
https://www.pharmakhabar.com/
This document provides information about obtaining fully solved assignments from an assignment help service. It lists an email address and phone number to contact for assistance with MBA course assignments. It then provides a sample assignment for the Managerial Economics course, covering all blocks and due by April 30th, 2014. The assignment includes 6 questions relating to topics like opportunity cost, demand curves, cost functions, oligopolistic markets, and the effects of supply and demand shifts. It concludes with a request to submit the completed assignment to the study center coordinator.
1. This presentation examines the important economic concept of elasticity, which is the responsiveness of one variable like demand or supply to a change in another variable like price.
2. Elasticity measures include price elasticity of demand, which indicates how much quantity demanded changes with price changes, price elasticity of supply, which measures how quantity supplied changes with price, and income elasticity of demand, which shows how demand changes with income.
3. Determinants that impact different elasticities include substitute goods, proportion of spending, and the time period. These determinants directly relate to the elasticity coefficient.
This document provides an overview of price determination under perfect competition. It begins with objectives of teaching economics and describing market forces. It then covers demand and supply schedules/curves, equilibrium price and quantity, and the effects of changes in demand and supply on equilibrium. Diagrams and examples are provided to illustrate these concepts. The document concludes with test questions to check understanding and homework assignments related to the content.
1. Price elasticity of demand measures how responsive the quantity demanded of a good is to changes in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price.
2. There are many factors that determine the price elasticity of a good, including whether it is a necessity, if there are substitutes, how many uses it has, and income levels.
3. The degree of elasticity can be perfectly elastic, perfectly inelastic, unitary elastic, relatively elastic, or relatively inelastic depending on how quantity demanded responds to price changes.
Economics for Managers (VV2)
We Also Provide SYNOPSIS AND PROJECT.
Contact www.kimsharma.co.in for best and lowest cost solution or
Email: amitymbaassignment@gmail.com
Call: 9971223030
The document discusses various concepts related to elasticity of demand, including:
1) It emphasizes the importance of drawing diagrams correctly when explaining elasticity, ensuring demand and supply curves are the right way round and changes are well explained.
2) It outlines factors that affect price elasticity of demand, including whether a product is a necessity or luxury, availability of substitutes, consumer income, brand loyalty, and habits.
3) It discusses peak and off-peak demand, showing how suppliers can charge higher prices during peak times by shifting the demand curve rightwards.
4) It provides the formula for calculating cross-price elasticity of demand and works through an example of estimating changes in the demand
ELASTICITY OF DEMAND
PharmaKhabar is an online platform that provides entire pharma related information, news, and articles at one place.
https://www.pharmakhabar.com/
This document provides information about obtaining fully solved assignments from an assignment help service. It lists an email address and phone number to contact for assistance with MBA course assignments. It then provides a sample assignment for the Managerial Economics course, covering all blocks and due by April 30th, 2014. The assignment includes 6 questions relating to topics like opportunity cost, demand curves, cost functions, oligopolistic markets, and the effects of supply and demand shifts. It concludes with a request to submit the completed assignment to the study center coordinator.
1. This presentation examines the important economic concept of elasticity, which is the responsiveness of one variable like demand or supply to a change in another variable like price.
2. Elasticity measures include price elasticity of demand, which indicates how much quantity demanded changes with price changes, price elasticity of supply, which measures how quantity supplied changes with price, and income elasticity of demand, which shows how demand changes with income.
3. Determinants that impact different elasticities include substitute goods, proportion of spending, and the time period. These determinants directly relate to the elasticity coefficient.
Writing for Media- Art of putting words togetherTrinity Dwarka
Department of Journalism and Mass Communication- Writing for Media- Art of putting words together
Concision
Clarity
Sentences
Emphasis
Types of Emphasis
Elements of Emphasis
Rhythm
Sentence Variety
Recurrence
Breaking Monotony
This document discusses the five generations of programming languages. The first generation included FORTRAN, COBOL, and BASIC and were designed based on the hardware available at the time with a focus on efficiency. The second generation included Algol 60 and introduced abstraction and generalization. The third generation included Pascal and focused on simplicity and general data types. The fourth generation included Ada and Modula and emphasized data abstraction. The fifth generation includes object-oriented languages like Smalltalk and Java, which introduced concepts like abstract data types, inheritance, and messaging through object-oriented programming.
This document discusses memory management techniques in operating systems. It provides background on how programs must be brought into memory to execute and techniques for organizing memory like segmentation and paging. It describes the multistep process a user program goes through before execution including being placed in a process in memory. It also discusses logical versus physical addresses, the memory management unit that maps virtual to physical addresses, and dynamic loading and linking of code.
Creating VB .Net Project
Introduction to VB .Net
Creating VB .Net Project in VS 2005
Data types and Operators in VB .Net
Conditions (If Else, Select Case)
Loops (Do While, Do Until, For)
Classes, Objects
Sub routines and Functions
Features of VB .Net
Data types and Operators in VB .Net
Subroutines and Functions
Traditionally Financial Management was concerned with raising of funds only.
But now-a-days, Financial Management is concerned with procurement as well as utilization of funds for achieving organisational goals.
CAPITAL STRUCTURE : Capital structure can be defined as the mix of owned capital (equity, reserves & surplus) and borrowed capital (debentures, loans from banks, financial institutions)
Department of Computer Application- Advanced computer network
Locations
Resource-Sharing Functions and Benefits
Resource sharing
Network User Applications
Characteristics of a Network
Foundation
Advance Internet working
Congestion Control & Resource Allocation
Network Security
Cryptographic Building Blocks
Este documento describe los pasos para configurar una red de computadoras conectadas a un switch y un router. Se conectan 6 computadoras a un switch usando cables straight-through y se les asignan direcciones IP privadas. Luego, se conectan 3 computadoras a puertos diferentes de un router, dándoles cada una una dirección IP de red diferente. Finalmente, se realizan pings entre los equipos para verificar la conectividad a través del switch y el router.
What is Business Economics all about
–Economics as a discipline provides a set of concepts and precepts.
–This furnish us the tools and techniques of analysis.
–Economic analysis is used as an aid to understand business practices and business environment.
–Such understanding facilitates business decision making.
The utility which a consumer derives from the consumption of each additional unit of a commodity keeps decreasing with every increase in the stock of the commodity which he already has”.
Models of Oligopoly
Cournot’s duopoly model
Sweezy’s kinked demand curve model
Price leadership models
Collusive models :The Cartel Arrangement
The Game Theory
Prisoner’s Dilemma
Price leadership Model
Collusive models The Cartel Arrangement
PRODUCTION & OPERATIONS MANAGEMENT- QUALITYTrinity Dwarka
Department of Management- PRODUCTION & OPERATIONS MANAGEMENT- QUALITY
Two aspects of quality
The Quality Gurus – Edward Deming
The Quality Gurus – Joseph Juran
Quality Management
Quality Assurance
Quality Control
The document is a lesson on business economics from Trinity Institute of Professional Studies in New Delhi. It defines business economics as the application of microeconomic principles to business decision making. It describes some key features of business economics, including that it is concerned with economic decision making and resource allocation, is goal oriented and prescriptive, and provides a link between economic theory and decision making. It also discusses the nature of business economics as being microeconomic focused on the firm, and how it helps businesses make rational choices.
DECISION STATEMENTS LOOP STATEMENTS
Logic of an if statement
The if Statement
Logic of an if-else statement
The if-else Statement
Nested if Statements
The switch Multiple-Selection Structure
The switch Statement
Writing for Media- Art of putting words togetherTrinity Dwarka
Department of Journalism and Mass Communication- Writing for Media- Art of putting words together
Concision
Clarity
Sentences
Emphasis
Types of Emphasis
Elements of Emphasis
Rhythm
Sentence Variety
Recurrence
Breaking Monotony
This document discusses the five generations of programming languages. The first generation included FORTRAN, COBOL, and BASIC and were designed based on the hardware available at the time with a focus on efficiency. The second generation included Algol 60 and introduced abstraction and generalization. The third generation included Pascal and focused on simplicity and general data types. The fourth generation included Ada and Modula and emphasized data abstraction. The fifth generation includes object-oriented languages like Smalltalk and Java, which introduced concepts like abstract data types, inheritance, and messaging through object-oriented programming.
This document discusses memory management techniques in operating systems. It provides background on how programs must be brought into memory to execute and techniques for organizing memory like segmentation and paging. It describes the multistep process a user program goes through before execution including being placed in a process in memory. It also discusses logical versus physical addresses, the memory management unit that maps virtual to physical addresses, and dynamic loading and linking of code.
Creating VB .Net Project
Introduction to VB .Net
Creating VB .Net Project in VS 2005
Data types and Operators in VB .Net
Conditions (If Else, Select Case)
Loops (Do While, Do Until, For)
Classes, Objects
Sub routines and Functions
Features of VB .Net
Data types and Operators in VB .Net
Subroutines and Functions
Traditionally Financial Management was concerned with raising of funds only.
But now-a-days, Financial Management is concerned with procurement as well as utilization of funds for achieving organisational goals.
CAPITAL STRUCTURE : Capital structure can be defined as the mix of owned capital (equity, reserves & surplus) and borrowed capital (debentures, loans from banks, financial institutions)
Department of Computer Application- Advanced computer network
Locations
Resource-Sharing Functions and Benefits
Resource sharing
Network User Applications
Characteristics of a Network
Foundation
Advance Internet working
Congestion Control & Resource Allocation
Network Security
Cryptographic Building Blocks
Este documento describe los pasos para configurar una red de computadoras conectadas a un switch y un router. Se conectan 6 computadoras a un switch usando cables straight-through y se les asignan direcciones IP privadas. Luego, se conectan 3 computadoras a puertos diferentes de un router, dándoles cada una una dirección IP de red diferente. Finalmente, se realizan pings entre los equipos para verificar la conectividad a través del switch y el router.
What is Business Economics all about
–Economics as a discipline provides a set of concepts and precepts.
–This furnish us the tools and techniques of analysis.
–Economic analysis is used as an aid to understand business practices and business environment.
–Such understanding facilitates business decision making.
The utility which a consumer derives from the consumption of each additional unit of a commodity keeps decreasing with every increase in the stock of the commodity which he already has”.
Models of Oligopoly
Cournot’s duopoly model
Sweezy’s kinked demand curve model
Price leadership models
Collusive models :The Cartel Arrangement
The Game Theory
Prisoner’s Dilemma
Price leadership Model
Collusive models The Cartel Arrangement
PRODUCTION & OPERATIONS MANAGEMENT- QUALITYTrinity Dwarka
Department of Management- PRODUCTION & OPERATIONS MANAGEMENT- QUALITY
Two aspects of quality
The Quality Gurus – Edward Deming
The Quality Gurus – Joseph Juran
Quality Management
Quality Assurance
Quality Control
The document is a lesson on business economics from Trinity Institute of Professional Studies in New Delhi. It defines business economics as the application of microeconomic principles to business decision making. It describes some key features of business economics, including that it is concerned with economic decision making and resource allocation, is goal oriented and prescriptive, and provides a link between economic theory and decision making. It also discusses the nature of business economics as being microeconomic focused on the firm, and how it helps businesses make rational choices.
DECISION STATEMENTS LOOP STATEMENTS
Logic of an if statement
The if Statement
Logic of an if-else statement
The if-else Statement
Nested if Statements
The switch Multiple-Selection Structure
The switch Statement
Trinity Institute of Professional Studies (TIPS), ranked as one of the best Journalism College in Delhi NCR offers Bachelor of Arts in Journalism and Mass Communication (BAJMC) is a three-year undergraduate course aimed to imbibe journalistic and communication skills within the students, enabling them to prove their mettle in the media industry. It is considered as one of the best BAJMC Institute in West Delhi (Dwarka). BA JMC is a comprehensive and dynamic course, designed to enlighten students about the media industry, make them well versed with all the aspects of the field and prepare them to serve as responsible professionals. The curriculum is designed to cover both theoretical and practical subjects and provide hands-on training to the students leading to TIPS, as one of the best journalism and mass communication institutes of GGSIPU in Delhi-NCR.
The document provides information about the Bachelor of Computer Applications (BCA) degree program. It discusses that BCA is a 3-year undergraduate program that imparts knowledge about all aspects of computers and their applications. To be eligible for admission, students must have passed the 12th grade with at least 50% marks and subjects like Mathematics or Computer Science. The objectives of the BCA program are to develop skills in software development, soft skills, and knowledge of IT. Graduates can pursue careers in fields like software engineering, networking, database administration and higher education programs. Trinity Institute of Professional Studies is highlighted as an institution that offers BCA with industry-focused infrastructure and faculty.
Principles of Management-Management-Concept & MeaningTrinity Dwarka
Principles of Management-Management-Concept & Meaning
Management- Traditional Approach
Modern Approach
Management - Meaning
Management: Nature & Characteristics
Management as an Art
Management as a Science
Importance of Management
The document discusses the concept and meaning of management. It provides traditional and modern definitions of management as getting things done through others or as a process to achieve organizational goals effectively. It also describes management as an economic resource involving manpower, materials, money, and methods. Further, it states that management is a team, academic discipline, and process. The document outlines the nature and characteristics of management such as it being universal, goal-oriented, continuous, and creative. It explains how management is both an art, requiring personal skills and constant practice, and a science with a systematic body of knowledge. Finally, the importance of management is noted as accomplishing goals, utilizing resources effectively, providing organization and vision, and developing society.
The document discusses the concept and meaning of management. It provides traditional and modern definitions of management as getting things done through others or as a process to achieve organizational goals effectively. It also discusses management as an economic resource involving manpower, materials, money, and machinery. Further, it describes management as a team, academic discipline, and process. It outlines the nature and characteristics of management such as being universal, goal-oriented, continuous, and creative. It explains how management is both an art, requiring personal skills and constant practice, and a science with a systematic body of knowledge. Finally, it discusses the importance of management in accomplishing goals, utilizing resources effectively, providing organization and vision, and developing society.
Organizing Authority & Responsibility- Principles of ManagementTrinity Dwarka
Organizing Authority & Responsibility- Principles of Management
Organizing: Meaning
OrganizationcNature of Organizing
Process of Organizing
Significance of Organizing
Authority
Sources of Authority
Responsibility
Staffing- Principles of Management
Concept
Features
Nature
Scope
Sequence of activities in staffing
Principles of Staffing
Job Analysis
Recruitment
Training & Development
Directing-Principles of Management
Nature of Directing
Importance of Directing
Techniques of Directing
Directing- Motivation
Process of Motivation
Motivation Techniques
Types of Motivation
Dimensional Modelling-Data Warehouse & Data MiningTrinity Dwarka
Dimensional Modelling-Data Warehouse & Data Mining
Design Requirements
ER Modeling
Problems with ER Model
ER vs Dimensional Modeling
Dimensional Modeling:Salient Features
Dimensional Modeling: Vocabulary
Star Schema
Data Preprocessing- Data Warehouse & Data MiningTrinity Dwarka
Data Preprocessing- Data Warehouse & Data Mining
Data Quality
Reasons for inaccurate data
Reasons for incomplete data
Major Tasks in Data Preprocessing
Forms of Data Preprocessing
Data Cleaning
Incomplete (Missing) Data
Computer Networks- Network Basics
Network Definition
Simultaneous access to data
Shared peripheral device
Sharing Data
The Uses of Network
The Uses of a Network
Common Network Types
Java Programming- Introduction to Java Applet ProgramsTrinity Dwarka
Java Programming- Introduction to Java Applet Programs
Java Applets
Java Applet Classes
Contrast Application with Applet
Applet Declaration
Body of an Applet
Applets
Applets and Web Pages – HTML
Running the Applet
Database Management System
DBMS Functionality
Main Characteristics of the Database Approach
Instances and Schemas
Data independence
The Entity-Relationship Model
Database Users
Advantages of Using the Database Approach
The document discusses the basics of Java programming including object-oriented concepts like classes and objects. It describes classes as blueprints that define attributes and behaviors of objects. Objects are instances of classes that have both state and behavior. The document also summarizes Java features like being simple, object-oriented, robust, architecture neutral, and secure. It explains how Java works using platform-independent bytecode and the Java Virtual Machine.
Brand Guideline of Bashundhara A4 Paper - 2024khabri85
It outlines the basic identity elements such as symbol, logotype, colors, and typefaces. It provides examples of applying the identity to materials like letterhead, business cards, reports, folders, and websites.
How to Manage Reception Report in Odoo 17Celine George
A business may deal with both sales and purchases occasionally. They buy things from vendors and then sell them to their customers. Such dealings can be confusing at times. Because multiple clients may inquire about the same product at the same time, after purchasing those products, customers must be assigned to them. Odoo has a tool called Reception Report that can be used to complete this assignment. By enabling this, a reception report comes automatically after confirming a receipt, from which we can assign products to orders.
THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...indexPub
The recent surge in pro-Palestine student activism has prompted significant responses from universities, ranging from negotiations and divestment commitments to increased transparency about investments in companies supporting the war on Gaza. This activism has led to the cessation of student encampments but also highlighted the substantial sacrifices made by students, including academic disruptions and personal risks. The primary drivers of these protests are poor university administration, lack of transparency, and inadequate communication between officials and students. This study examines the profound emotional, psychological, and professional impacts on students engaged in pro-Palestine protests, focusing on Generation Z's (Gen-Z) activism dynamics. This paper explores the significant sacrifices made by these students and even the professors supporting the pro-Palestine movement, with a focus on recent global movements. Through an in-depth analysis of printed and electronic media, the study examines the impacts of these sacrifices on the academic and personal lives of those involved. The paper highlights examples from various universities, demonstrating student activism's long-term and short-term effects, including disciplinary actions, social backlash, and career implications. The researchers also explore the broader implications of student sacrifices. The findings reveal that these sacrifices are driven by a profound commitment to justice and human rights, and are influenced by the increasing availability of information, peer interactions, and personal convictions. The study also discusses the broader implications of this activism, comparing it to historical precedents and assessing its potential to influence policy and public opinion. The emotional and psychological toll on student activists is significant, but their sense of purpose and community support mitigates some of these challenges. However, the researchers call for acknowledging the broader Impact of these sacrifices on the future global movement of FreePalestine.
Level 3 NCEA - NZ: A Nation In the Making 1872 - 1900 SML.pptHenry Hollis
The History of NZ 1870-1900.
Making of a Nation.
From the NZ Wars to Liberals,
Richard Seddon, George Grey,
Social Laboratory, New Zealand,
Confiscations, Kotahitanga, Kingitanga, Parliament, Suffrage, Repudiation, Economic Change, Agriculture, Gold Mining, Timber, Flax, Sheep, Dairying,
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إضغ بين إيديكم من أقوى الملازم التي صممتها
ملزمة تشريح الجهاز الهيكلي (نظري 3)
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تتميز هذهِ الملزمة بعِدة مُميزات :
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2- تحتوي على 78 رسم توضيحي لكل كلمة موجودة بالملزمة (لكل كلمة !!!!)
#فهم_ماكو_درخ
3- دقة الكتابة والصور عالية جداً جداً جداً
4- هُنالك بعض المعلومات تم توضيحها بشكل تفصيلي جداً (تُعتبر لدى الطالب أو الطالبة بإنها معلومات مُبهمة ومع ذلك تم توضيح هذهِ المعلومات المُبهمة بشكل تفصيلي جداً
5- الملزمة تشرح نفسها ب نفسها بس تكلك تعال اقراني
6- تحتوي الملزمة في اول سلايد على خارطة تتضمن جميع تفرُعات معلومات الجهاز الهيكلي المذكورة في هذهِ الملزمة
واخيراً هذهِ الملزمة حلالٌ عليكم وإتمنى منكم إن تدعولي بالخير والصحة والعافية فقط
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How to Download & Install Module From the Odoo App Store in Odoo 17Celine George
Custom modules offer the flexibility to extend Odoo's capabilities, address unique requirements, and optimize workflows to align seamlessly with your organization's processes. By leveraging custom modules, businesses can unlock greater efficiency, productivity, and innovation, empowering them to stay competitive in today's dynamic market landscape. In this tutorial, we'll guide you step by step on how to easily download and install modules from the Odoo App Store.
A Visual Guide to 1 Samuel | A Tale of Two HeartsSteve Thomason
These slides walk through the story of 1 Samuel. Samuel is the last judge of Israel. The people reject God and want a king. Saul is anointed as the first king, but he is not a good king. David, the shepherd boy is anointed and Saul is envious of him. David shows honor while Saul continues to self destruct.
220711130088 Sumi Basak Virtual University EPC 3.pptx
Law of demand
1. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Affiliated Institution of G.G.S.IP.U, Delhi
BBA BE-I 103
Sarita chawla
2. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Law of Demand
The law of demand can be illustrated through a demand curve.
Y D
P1
Price P2
0 Q1 Q2 X
3. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
• The extent to which a good responds to a
price change in called its price elasticity. The
goods which respond more are said to have
higher elasticity and the goods which are less
sensitive to the changes in price are said to be
less elastic.
Elasticity of Demand
4. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Types of Price Elasticity
. Perfectly Elastic Demand
Y
ep =
Price
X
5. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Perfectly Inelastic Demand
2. Perfectly Inelastic Demand
Y
ep = o
Price
X
6. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Demand with Unity Elasticity
2. Demand with Unity Elasticity
Y a = b
∆p = ∆Q
ep = 1
a
Price b
X
Quantity
7. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Relative Inelastic demand
Y ∆Q<= ∆p
ep = <1.
∆P
Price
∆Q
X
Quantity
8. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
Relatively more Elastic Demand
Y ∆Q> ∆QP
ep = >1
∆P
Price
∆Q
X
Quantity
9. TRINITY INSTITUTE OF PROFESSIONAL STUDIES
Sector – 9, Dwarka Institutional Area, New Delhi-75
• Theory of Production (Short Run& Long Run)
• Law of Diminishing Returns (Law of Variable
Productions)
• Returns to a factor or production with one
variable unit
• Returns to Scale
• Isoquant Curves
• Economies and Diseconomies of Scale
THEORY of Production