The concept of Standard Costing is a bit difficult to understand. An attempt is made to simply this concept and make it useful for the students and users of this presentations
The concept of Standard Costing is a bit difficult to understand. An attempt is made to simply this concept and make it useful for the students and users of this presentations
integral calculus and it’s uses in different fields.kamrul_Hasan
As the students of M.B.A, we need to know about many things regarding business mathematics. An entrepreneur needs to take many decisions with the help of mathematical terms. By using the terms properly, an entrepreneur can easily take any decision quantitatively. Among many tools, Integral calculus is one of them. It helps to identify many things related to our practical business life. Such as: total cost, total revenue, producer’s surplus, consumer’s surplus etc. So, it’s an important element of business tools. This report is completely based on integral calculus and it’s uses in different fields.
Isoquant is also called as equal product curve or production indifference curve or constant product curve. Isoquant indicates various combinations of two factors of production which give the same level of output per unit of time.
Just as an indifference curve represents various combinations of two goods which give a consumer equal amount of satisfaction, an iso-product curve shows all possible combinations of two inputs physically capable of producing a given level of output. Since an iso-product curve represents those combinations which will result in the production of an equal quantity of output, the producer would be indifferent between them.
This law was given by Alfred Marshall in his book principle of economics.
It show particular pattern of change in output when some factor remain fixed.
Production depend upon factors of production , if factors of production are good, production may increase and vice-versa.
Production function show functional relationship between production and factors of production.
It refers to manner of change in output cost by the increase in all the input simultaneously and in the same proportion.
Returns refers to “change in physical output”
Scale refers to “quantity of input employed”
Change in scale means that all factors of production are increased or decreased in same proportion.
The cost advantage that arises with increased output of a product.
It arises because of the inverse relationship between the quantity produced and per-unit fixed cost.
Profit refers to the excess of receipts from the sale of goods over the expenditure incurred on producing them.
The amount received from the sale of goods is known as ‘revenue’ and the expenditure on production of such goods is termed as ‘cost’. The difference between revenue and cost is known as ‘profit’.
For example, if a firm sells goods for Rs. 10 crores after incurring an expenditure of Rs. 7 crores, then profit will be Rs. 3 crores.
integral calculus and it’s uses in different fields.kamrul_Hasan
As the students of M.B.A, we need to know about many things regarding business mathematics. An entrepreneur needs to take many decisions with the help of mathematical terms. By using the terms properly, an entrepreneur can easily take any decision quantitatively. Among many tools, Integral calculus is one of them. It helps to identify many things related to our practical business life. Such as: total cost, total revenue, producer’s surplus, consumer’s surplus etc. So, it’s an important element of business tools. This report is completely based on integral calculus and it’s uses in different fields.
Isoquant is also called as equal product curve or production indifference curve or constant product curve. Isoquant indicates various combinations of two factors of production which give the same level of output per unit of time.
Just as an indifference curve represents various combinations of two goods which give a consumer equal amount of satisfaction, an iso-product curve shows all possible combinations of two inputs physically capable of producing a given level of output. Since an iso-product curve represents those combinations which will result in the production of an equal quantity of output, the producer would be indifferent between them.
This law was given by Alfred Marshall in his book principle of economics.
It show particular pattern of change in output when some factor remain fixed.
Production depend upon factors of production , if factors of production are good, production may increase and vice-versa.
Production function show functional relationship between production and factors of production.
It refers to manner of change in output cost by the increase in all the input simultaneously and in the same proportion.
Returns refers to “change in physical output”
Scale refers to “quantity of input employed”
Change in scale means that all factors of production are increased or decreased in same proportion.
The cost advantage that arises with increased output of a product.
It arises because of the inverse relationship between the quantity produced and per-unit fixed cost.
Profit refers to the excess of receipts from the sale of goods over the expenditure incurred on producing them.
The amount received from the sale of goods is known as ‘revenue’ and the expenditure on production of such goods is termed as ‘cost’. The difference between revenue and cost is known as ‘profit’.
For example, if a firm sells goods for Rs. 10 crores after incurring an expenditure of Rs. 7 crores, then profit will be Rs. 3 crores.
Introduction,Factor of production,Production functions,Types of production functions,Short run,Long run,Iso-quant line,Iso-cost line,Production possibility frontier
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
1. Varunraj C. Kalse
https://www.it-workss.com/
Theory of production
Theory of production, in economics, an effort to explain the principles by
which a business firm decides how much of each commodity that it sells (its
“outputs” or “products”) it will produce, and how much of each kind of
labour, raw material, fixed capital good, etc., that it employs (its “inputs” or
“factors of production”) it will use. The theory involves some of the most
fundamental principles of economics. These include the relationship between
the prices of commodities and the prices (or wages or rents) of the productive
factors used to produce them and also the relationships between the prices of
commodities and productive factors, on the one hand, and the quantities of
these commodities and productive factors that are produced or used, on the
other.
The various decisions a business enterprise makes about its productive
activities can be classified into three layers of increasing complexity. The
first layer includes decisions about methods of producing a given quantity of
the output in a plant of given size and equipment. It involves the problem of
what is called short-run cost minimization. The second layer, including the
determination of the most profitable quantities of products to produce in any
given plant, deals with what is called short-run profit maximization. The third
layer, concerning the determination of the most profitable size and equipment
of plant, relates to what is calledlong-run profit maximization.
Minimization of short-run costs
The production function
However much of a commodity a business firm produces, it endeavours to
produce it as cheaply as possible. Taking the quality of the product and the
prices of the productive factors as given, which is the usual situation, the
firm’s task is to determine the cheapest combination of factors of production
2. Varunraj C. Kalse
that can produce the desired output. This task is best understood in terms of
what is called the production function, i.e., an equation that expresses the
relationship between the quantities of factors employed and the amount of
product obtained. It states the amount of product that can be obtained from
each and every combination of factors. This relationship can be written
mathematically as y = f (x1, x2, . . ., xn; k1, k2, . . ., km). Here, y denotes the
quantity of output. The firm is presumed to use n variable factors
of production; that is, factors like hourly paid production workers and raw
materials, the quantities of which can be increased or decreased. In the
formula the quantity of the first variable factor is denoted by x1 and so on.
The firm is also presumed to use m fixed factors, or factors like fixed
machinery, salaried staff, etc., the quantities of which cannot be varied
readily or habitually. The available quantity of the first fixed factor is
indicated in the formal by k1 and so on. The entire formula expresses the
amount of output that results when specified quantities of factors are
employed. It must be noted that though the quantities of the factors determine
the quantity of output, the reverse is not true, and as a general rule there will
be many combinations of productive factors that could be used to produce the
same output. Finding the cheapest of these is the problem of cost
minimization.
The cost of production is simply the sum of the costs of all of the various
factors. It can be written:
in which p1 denotes the price of a unit of the first variable factor, r1 denotes
the annual cost of owning and maintaining the first fixed factor, and so on.
Here again one group of terms, the first, covers variable cost (roughly“direct
costs” in accounting terminology), which can be changed readily; another
group, the second, covers fixed cost (accountants’ “overhead costs”), which
includes items not easily varied. The discussion will deal first with variable
cost.
The principles involved in selecting the cheapest combination of variable
factors can be seen in terms of a simple example. If a firm manufactures gold
necklace chains in such a way that there are only two variable factors, labour
(specifically, goldsmith-hours) and gold wire, the production function for
3. Varunraj C. Kalse
such a firm will be y = f (x1, x2; k), in which the symbol k is included simply
as a reminder that the number of chains producible by x1 feet of gold wire
and x2 goldsmith-hours depends on the amount of machinery and other fixed
capital available. Since there are only two variable factors, this production
function can be portrayed graphically in a figure known as an isoquant
diagram (Figure 1). In the graph, goldsmith-hours per month are plotted
horizontally and the number of feet of gold wire used per month vertically.
Each of the curved lines, called an isoquant, will then represent a certain
number of necklace chains produced. The data displayed show that 100
goldsmith-hours plus 900 feet of gold wire can produce 200 necklace chains.
But there are other combinations of variable inputs that could also produce
200 necklace chains per month. If the goldsmiths work more carefully and
slowly, they can produce 200 chains from 850 feet of wire; but to produce so
many chains more goldsmith-hours will be required, perhaps 130. The
isoquant labelled “200” shows all the combinations of the variable inputs that
will just suffice to produce 200 chains. The other two isoquants shown are
interpreted similarly. It is obvious that many more isoquants, in principle an
infinite number, could also be drawn. This diagram is a graphic display of the
relationships expressed in the production function.