Paul H. Douglas, Professor at the University of Chicago introduced the production function in 1934. Another prominent economist Robert Solow has also conducted extensive research and found out how the technological progress has improved the productivity of inputs, viz., capital and labour in America.
In modern terminology, the various factors like land, labour, capital, organization skill, raw materials and other factors made use of in production are given a wider connotation called inputs. The product realized due to the inputs is called output. Inputs indicate the cost involved in procuring various factors, commodities as raw materials, power, etc., while output indicates the goods and services produced. Production is a process in which the physical inputs are transformed into physical output. The output is thus the function of inputs. The functional relationship between physical inputs and physical outputs of a firm is known as a production function. The production function is a catalogue of output possibilities.
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
MD: ANISUR RAHMAN
FARHANA AKTER
MD: HASANUZZAMAN
RIFATULLAH
RIMA AKTER
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
MD: ANISUR RAHMAN
FARHANA AKTER
MD: HASANUZZAMAN
RIFATULLAH
RIMA AKTER
An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, labor, capital and entrepreneurship
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.
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale.
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale
An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, labor, capital and entrepreneurship
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.
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale.
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale
Production Function: Meaning, production with one variable input, the law of variable proportion, the laws of returns to scale. Economies of Scale
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.
The basic function of a firm is to produce one or more goods and /or services and sell them in the market.
Production requires employment of various factors of production, which are substitutes among themselves to certain extent.
Thus, every firm has to decide what combination of various factors of production, also called inputs, to choose to produce a certain fixed or variable quantities of a particular good.
The problem is referred to as “ how to produce?”
Computer Networks:
Types of networks – Network Topologies –
Introduction to Internet
- Internet Concepts - E-Mail - WWW Concepts - Web Browser- Search Engine - Finding websites for Recipes - How to applying for job using job web sites.
Introduction to Computers – Classification of Digital Computer Systems – Anatomy of a Digital Computer - Generations of Computers – Memory Units – Input Devices –Output Devices – Auxiliary Storage Devices. Computer Hardware and Software –Programming Languages: Machine Languages- Assembly level languages and highlevel languages. Operating Systems.
பொருளாதார அளவையியல் அறிமுகம் - Econometrics an IntroductionDr. Mani Madhavan
Econometrics an Introduction -Tamil, Introduction to econometrics in Tamil, Basics of econometrics, Econometrics terms.
Reference : பொருளாதார அளவையியல்,
By - Dr.S.சியாமளா, M.A., M.Sc., M.Phil.,
இணைப் பேராசிரியர், பொருளாதாரத் துறை,
அமெரிக்கன் கல்லூரி,
மதுரை -625 002.
Women Empowerment – Conceptual Framework, மகளிர் அதிகாரமளித்தல் – கருத்தியல் கட்டமைப்பு, Sex and Gender
Meaning and Role of Gender
Gender Staratification in Historical Perspective
Gender Socialiszation
Gender Inequality and Gender injustice.
பாலினம்
Women empowerment unit-iii- Problems and Challenges in indiaDr. Mani Madhavan
Women and Education
Women and Health
Women and Economy
Women and Politics
A woman’s lack of education also has a negative impact on the health and wellbeing of her children. For instance, a recent survey in India found that infant mortality was inversely related to mother’s educational level
Women's empowerment is the process of empowering women.
Empowerment can be defined in many ways, however, when talking about women's empowerment, empowerment means accepting and allowing people (women) who are on the outside of the decision-making process into it.
Women’s empowerment is the most crucial point to be noted for the overall development of a country.
Women Empowerment includes the action of raising the status of women through education, raising awareness, literacy, and training. Women's empowerment is all about equipping and allowing women to make life-determining decisions through different problems in society.
Women empowerment unit-iv - laws related to women empowermentDr. Mani Madhavan
Women Empowerment, BA Economics, Unit-IV, Laws Related to Women Empowerment, Indian Laws on Women’s Rights, Need for Uniform Civil Code in India, Labour laws, Laws related to Crimes Against Women, The Prohibition of Sexual Harassment of Women at Workplace Act, 2013, The Maternity Benefit Act, 1961, Indian Factories Act 1948, The Equal Remuneration Act, 1976,
Presentation at State level FDP at Government Arts College, Kangayam, Tamil Nadu by Dr.M.Madhavan, Coordinator, IQAC, Arignar Anna Government Arts College, Namakkal
PERIYAR UNIVERSITY - B.A. ECONOMICS- IV SEMESTER - INTERNATIONAL ECONOMICS - UNIT – V: Evolution, Role and Functions of International Institutions - IMF, IBRD, GATT, WTO and ADB.
The financial theory of investment has been developed by James Duesenberry.
It is also known as the cost of capital theory of investment. The accelerator theories ignore the role of cost of capital in the investment decision by the firm.
They assume that the market rate of interest represents the cost of capital to the firm which does not change the amount of investment it makes. It means that unlimited funds are available to the firm at the market rate of interest. In other words, the supply of funds to the firm is very elastic. In reality, an unlimited supply of funds is not available to the firm in any time period at the market rate of interest.
As more and more funds are required by it for investment spending, the cost of funds (rate of interest) rises.
To finance investment spending, the firm may borrow in the market at whatever interest rate funds are available.
International economics deals with the economic relations among nations. The resulting interdependence is very important to the economic well-being of most nations of the world and is on the increase. The economic relations among nations differ from the economic relations among the various part of a nation. This gives rise to different problems, requiring somewhat different tools of analysis, and justifies International Economics as a distinct and separate branch of “Applied” Economics.
International economics deals with
1) The Pure Theory of Trade. This examines the basis for trade and the gains from trade.
2) The Theory of Commercial Policy. This studies the reasons for and the results of obstructions to the free flow of trade.
3) The Balance of Payments. This examines a nation’s total payments to and total receipts from the rest of the world. These involve the exchange of one currency with others.
4) Adjustment in the Balance of Payments. This deals with the mechanism of adjustment to balance of payments disequilibria under different international monetary systems.
The Major reason for the people’s demand for money is that it is needed in any economy in which almost every person and firm sells goods and services for money and in turn uses money to buy the goods and services offered by others. Functionally this amount of money used as a medium of exchange. Classical theory explained the demand for money as essentially a demand resulting from this need for money as medium of exchange.
In Keynesian theory, money becomes much more than a medium of exchange, much more than a medium of exchange, much more than a device for meeting transactions in the marketplace. People also demand money for speculative purposes and as security against unforeseen needs for cash reserves. The break down of the demand for money into transactions and precautionary and speculative demands plays a vital part in the theory of Keynes.
The trade cycle refers to the ups and downs in the level of economic activity which extends over a period of several years. If we examine the past statistical record of the business conditions, we will find that business has never run smoothly forever. There are many fluctuations in the period. Sometimes prosperity is followed by adversely. In Economics this tendency of the business activities, to fluctuate from prosperity to adversely is called business cycle.
Prof. Keynes says: " A trade cycle is composed of periods of bad trade characterized by falling prices and high unemployment percentages while a period of a good trade is characterized by rising prices and high employment, percentages."
Among several laws of production, the law of Diminishing Returns is the oldest and universal law. This law establishes a relationship between input and output and points out that with increasing input, output has a tendency to decline under certain circumstances. The classical economists associated the law of Diminishing Returns with agriculture as they thought that this law manifested in agriculture as they thought that this law manifested in agriculture (land).
Economists agree that supply means the commodity offered for sale at a price. In other words, supply refers to total supply offered for sale at a price to retailers and wholesalers. Sometimes the term market supply is used to denote the supply of perishable commodities with retailers only.
Break-even analysis is a study of costs, revenues and sales of a firm and find out the volume of sales where the firm’s costs and revenues will be equal. The Break-even point is the zone of no-profit and no-loss as the costs equal revenues.
Demand forecasting is essential for a firm to enable it to produce the required quantities at the right time and proper arrangements of all factors of production (Land, Labour, Capital, and Organisation). Demand Forecasting helps a firm to assess the probable demand for its products and plan its production accordingly.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
2. INTRODUCTION
• The need for consuming a commodity leads to the production of the
commodity.
• Production is not a creation of mater.
• Man cannot either create or destroy matter. He can work on the matter
given by God or nature change its form and make it useful for mankind, like
that the gifts of nature are utilized by the man in satisfying his wants.
3. INTRODUCTION … …. …..
• In economics production means creation of utilities and not
matters.
• All things are use in this world come from nature by the working
of man. Tables and chairs we use come from forest.
• Iron & steel, the metals we use and the ornament etc., come from
the earth as gifts of nature so as to be useful for him.
4. INTRODUCTION … …. …..
• Production is not complete, unless the product is place in the hand of the
consumer.
• Hence all activities like producing raw materials assembling them,
transporting, manufacturing, storing, wholesale, business, retailing, banking,
Insurance etc., are all production activities. Without them, production
cannot be completed.
5. Factors of Production
• Production is done with the co-operation of factors of production.
• The factors of production are
• Land,
• Labour,
• Capital &
• Organisation.
6. Land as a factor of Production :
• In economics the term land as factor of production has a wider meaning.
Besides the surface of the earth it includes agricultural land, building sites,
mines, fisheries, forests, rivers, under ground water, air, sunshine etc.,
• It also includes animals and cattle. All the natural resources of the country
like mountains, lakes, waterfalls and valley come under this category land in
economics.
• In short land is nature - (minus) man.
7. Labour as a factor of production
• As a factor of production labour has some peculiarities.
• Labour is undertaken only for a reward. Any work for sympathy, affection, generosity or pleasure is
not called as labour.
• Labour is perishable, since labour is a human factor. Man cannot preserve his labour for some other
day. A day loss in labour’s life is lost forever.
• Labour is both means and end of economic activity. Land and Capital are only means of economic
activities.
• Labour is less mobile
• Supply of labour is independent of his demand. It depends on the size of the populations and
working force.
• Labour has poor bargaining power individually, as labour is perishable.
• labourers differ in their efficiencies.
8. LABOUR
• Differences in efficiency of labour arise due to
• Climatic factors
• Racial qualities of labour
• Education and training of labour
• Conditions of work
• Environmental factors
• Attitude of the Management and
• Attitude of labour unions
9. Capital as a factor of production
• Capital is not an original factor of production.
• All capital is wealth, but all wealth is not capital.
• An article of wealth cannot be called capital unless it is used for further
production of wealth.
• The chief types of capital assets are machinery, factories, railways,
vehicles etc.,
10. Organisation as a factor of production
• The first three factors, viz., land, labour & capital are powerless by themselves.
• These three factors have to be gathered, planned and managed in the productive
operation. Only then production will be possible.
• It is ‘organisation’ which does this function of co.-ordination the factors of
production.
• Organisation may be defined as the factor that starts the productive activity by
properly coordinating all other factors and successfully manages the business,
undertaking all risks arising out of the activity.
• The person who undertakes this work is called an entrepreneur.
11. THE PRODUCTION FUNCTION
• In modern terminology, the various factors like land, labour, capital, organization skill, raw
materials and other factors made use of in production are given a wider connotation called
inputs.
• The product realized due to the inputs is called output.
• Inputs indicate the cost involved in procuring various factors, commodities as raw materials,
power, etc., while output indicates the goods and services produced.
• Production is a process in which the physical inputs are transformed in to physical output. The
output is thus the function of inputs.
• The functional relationship between physical inputs and physical outputs of a firm is
known as production function. The production function is a catalogue of output
possibilities.
12. Production Function … … …..
• The production function can be algebraically expressed in an equation in
which the output is dependent variable and inputs are the independent
variables. The equation can be expressed as :
• q = f(a,b,c,d,.......n),
• where,
• q = rate of output
• a,b,c,d,...n = factors (inputs) and services used per unit of time
13. Production Function … …. …..
• “The production function is the name given to the relationship between the rates of inputs of
productive services and the rate of output of product. It is the economist’s summary of
technological knowledge”.
• Each firm has its own production function depending on the technical knowledge and
managerial ability.
• If there is an improvement in technology and managerial ability, the old production function will
be disturbed and a new production function can be had.
• The new production function has a greater flow of output from the original inputs or the same
flow of output for a lesser input.
• The entire concept of production function can be reduced to a schedule showing the
amount of output for different combinations of inputs.
14. Production function - Table
• Let us assume that for producing commodity only two inputs, viz., labour and
capital are required.
• The following table shows the quantity of output produced with some combination
of two inputs.
• It is a two-way table. Along the left-hand side, the varying amounts of capital are
listed. It is rising from 1 to 6 units.
• The intersection of the columns and rows may be called “Cells”. Each cell shows
the output when the corresponding combinations of labour and capital are made.
15. Production function - Table
OUTPUT OF X (Per Unit of Time)
INPUTOFCAPITAL
6 692 980 1200 1386 1550 1692
5 632 896 1296 1264 1410 1550
4 564 800 980 1128 1264 1386
3 490 692 846 980 1296 1200
2 400 564 692 800 896 980
1 282 400 490 564 632 692
1 2 3 4 5 6
INPUT OF LABOUR
16. Production function - Table … ….
• According to the table when 2 units of labour and 2 units of capital are combined as input, the
corresponding output per unit time will be 564.
• The table indicates various quantities of output when the input combination is varied. At the
combination of 5 units of labour and one unit of capital the output stands at 1410.
• In practice, all factors will not be changed. In the table, the combination of 6 units of labour and one
unit of capital (output: 692) gives the same output as that of the combination of 3 units of labour and 2
units of capital.
• The producer has to make decision about these two combinations giving the same result. Which
combination he will choose depends on the price of the two factors of production and the ease with which
the factor can be increased.
• Thus the production function gives the input-output relationship.
• The producer has to take into account the availability and productivity of the factors and select the most
economical combination for getting the desired output. This is done by means of least cost combination.
17. Assumptions of Production function
• It is related to a particular unit of time;
• The technical knowledge during that period of time
remains constant;
• The factors of production are divisible into most
viable units;
• The producer is using the best technique available.
18. Things to be noted … … …
• Paul H. Douglas, Professor at the University of Chicago introduced the
production function in 1934.
• Another prominent economist Robert Solow has also conducted extensive
research and found out how the technical progress has improved the
productivity of inputs, viz., capital and labour in America.
• The findings of Prof. Douglas after research in the theory of production are
in the next slide:
19. Things to be noted … … …
• The productivity of labour and capital has been increasing in the country due to
improved technology and skill. The average rate of improvement appears to be 1 ½
percent per year;
• The amount of capital has been growing faster than labour supply and wages have
tended to rise faster than the 1 ½ percent attributed to technological growth alone;
• The return per capital would easily encounter diminishing returns because of
technological innovation and also relatively lesser share of labour to combine with
capital.
• Thus the old law of diminishing returns has been given a new shape and
functions under the law of variable proportion and production function.