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- 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
Eliott Dear Lawyer is telling the Laws of return as the law of cost. Eliott Dear is a regarded attorney in New York. He has over ten years of involvement with his lawful work.
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- 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
Eliott Dear Lawyer is telling the Laws of return as the law of cost. Eliott Dear is a regarded attorney in New York. He has over ten years of involvement with his lawful work.
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
Delivering Micro-Credentials in Technical and Vocational Education and TrainingAG2 Design
Explore how micro-credentials are transforming Technical and Vocational Education and Training (TVET) with this comprehensive slide deck. Discover what micro-credentials are, their importance in TVET, the advantages they offer, and the insights from industry experts. Additionally, learn about the top software applications available for creating and managing micro-credentials. This presentation also includes valuable resources and a discussion on the future of these specialised certifications.
For more detailed information on delivering micro-credentials in TVET, visit this https://tvettrainer.com/delivering-micro-credentials-in-tvet/
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Safalta Digital marketing institute in Noida, provide complete applications that encompass a huge range of virtual advertising and marketing additives, which includes search engine optimization, virtual communication advertising, pay-per-click on marketing, content material advertising, internet analytics, and greater. These university courses are designed for students who possess a comprehensive understanding of virtual marketing strategies and attributes.Safalta Digital Marketing Institute in Noida is a first choice for young individuals or students who are looking to start their careers in the field of digital advertising. The institute gives specialized courses designed and certification.
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it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
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.
3. Factors of Production:
Factors of Production are the
resources used to produce goods and services. These resources
are also called inputs.
There are FOUR factors of production.
• Land
• Labour
• Capital
• Enterprise/Entrepreneurship
4.
5. What is Land?
All the naturally occurring resources (gifts of nature).
Land is also called natural resources.
It includes resources found:
• in the air
• in the land (gold)
• on the land (forests)
• The payment for land is Rent.
6. Types Of Land Resources:
● Renewable Resources are resources that can be
replenished, such as water, vegetation, wind energy, and
solar energy.
●
Non-Renewable Resources consist of resources that
can be depleted in supply, such as oil, coal, and natural
gas.
7. What is Labour?
All human effort, whether mental or physical that contributes to
production. Labour is also called human resources. Examples
nurses, soldiers, teachers. The payment for labour is called
wages.
Types of Labor :
• Unskilled
• Semi-skilled
• Skilled
• Professional
8. What is Capital?
Capital refers to all man-made resources. It is
used in the production process. The payment for the use of capital
is called interest. Examples include machinery & Equipment.
Types of Capital
• Fixed
• Working
• Venture
9. What is Enterprise?
This is the ability to combine or organize. The other factors
of production and to take risks. It is also called
entrepreneurship. The Reward for enterprise is profit.
● Characteristics:
• He has imagination.
• He has great administrative power.
• An entrepreneur must be a man of action.
• He should be a knowledgeable person.
• He must have a professional approach.
11. WHAT IS LAW OF RETURNS?
● The law of returns operates in the short period. It explains the
production behavior of the firm with one factor variable while
other factors are kept constant.
● It is implied in the fact that the quantitative definiteness of the
effects brought about by any economic good is a necessary
condition of its being an economic good.
12. TYPES OF LAW OF RETURNS:
The laws of returns are categorized into two types.
● The law of variable proportion seeking to analyze
production in the short period.
● The law of returns to scale seeking to analyze production
in long period.
Three stages of the law:
● Increasing returns
● Constant returns
● Diminishing returns
13. ● Stage of increasing return– In this stage as a variable
resource (labor) is added to fixed inputs of other
resources, the total product increases up to a point at an
increasing rate as shown in graph.
14. Stage of diminishing return – In stage 2, the total production
continues to increase at a diminishing rate until it reaches its
maximum point (H) where the second stage ends .In this stage
both marginal product (MP) and average product of the variable
factor are diminishing but are positive.
15. Stage of negative returns
In the third stage, the total production declines. The TP,
curve slopes downward ( from point H onward) . The MP
curve falls to zero at point L2 and then it is negative. It goes
below to the x-axis with the increase
in the use of variable factor (labor).
16. Law Of Returns to Scale
Presented By:
Syed Ali Murtza
200141119-021
17. LAW OF RETURNS TO SCALE
● The law of returns to scale operates in the long period. It
explains the production behavior of the firm with all
variable factors.
There are three types of Returns to Scale. They are:
● Increasing returns to scale
● Constant returns to scale
● Diminishing returns to scale
18. ● INCREASING RETURNS TO SCALE: If the output of a
firm increases more than in proportion to an equal
percentage increase in all inputs, the production is said to
be exhibit increasing returns to scale.
19. DIMINISHING RETURNS TO SCALE: The term ‘diminishing’
returns to scale refers to scale where output increases in a smaller
proportion then the increase in all inputs.
For example, if a firm increases
inputs by 100% but the output
decreases by less than 100%,
the firm is said to be exhibit
decreasing returns to scale.
20. CONSTANT RETURNS TO SCALE:
When all inputs are increased by a certain percentage, the output
increases by the same percentage, the production function is said
to be exhibit constant returns to scale.
22. TOTAL PRODUCT
• Total product (TP) is the total quantity of goods or services
produced by a firm with the given input during a specific period
of time.
• Total product (TP) will be helpful to elucidate the concepts of
average product (AP) and marginal product (MP).
• Total product (TP) is the total output produced by a firm using a
given quantity of inputs, such as labor
23. AVERAGE PRODUCT
● Average product is the amount of output produced
per unit of a variable factor during time period.
● The average product is the total product divided by
the total amount of inputs used in production.
● Average product = Total product / Total inputs used
24. MARGINAL PRODUCT
● The marginal product is the change in total product due
to the change in employing one extra unit of a variable
factor.
● Marginal product = Change in total output / Change in
quantity of input used
28. Introduction to Cost of Production
• Fixed Cost
• Variable Cost
• Total Cost
• Average Costs
• Marginal Costs
• Relationship between Total, Average, and Marginal Costs
• Conclusion
29. Introduction to Cost of Production:
● Cost of production is the total cost incurred by a business
to produce goods or services.
● It includes all expenses, such as materials, labor,
overhead, and other
● Total, average, and marginal cost are three important
concepts that help businesses understand and analyze their
production costs.
30. ● Variable Costs:
Variable costs are expenses that change with production
volume; these costs rise when production increases and
fall when it decreases. Variable costs include things like
utilities, direct labor, raw materials, and commissions.
● Fixed Costs:
Unlike variable costs, fixed costs do not fluctuate with
production volume. Employee salary, rent, and leased
equipment are some examples of fixed costs of production.
31. Total Costs:
● Total cost is the sum of all costs associated with production.
It includes the cost of labor, materials, and overhead. Total cost
increases as production increases.
● Fixed Cost
● Variable Cost
32. Average Costs:
● Average cost is the total cost divided by the number of units produced.
● Average cost decreases as production increases.
● It is calculated by dividing total costs by the quantity produced.
● There are two types of average costs: average total cost (ATC) and
average variable cost (AVC).
● ATC includes both fixed and variable costs, while AVC only includes
variable costs.
33. Marginal Costs:
● Marginal costs (MC) refer to the additional cost of
producing one more unit of output.
● It is calculated by dividing the change in total costs by the
change in quantity produced.
● If MC is less than price, the business should increase
production. If MC is greater than price, the business should
decrease production.
● Marginal cost decreases as production increases.
34. Relationship Between Total, Average, and
Marginal Costs:
● The relationship between TC, AC, and MC is important for
businesses to understand.
● When MC is below AC, AC is decreasing.
● When MC is above AC, AC is increasing.
● When MC is equal to AC, AC is at its minimum point.
● The minimum point of AC is called the "economies of scale"
point, where the business is producing at the lowest possible cost
per unit.
35. Conclusion:
● Total, average, and marginal costs are important concepts for
understanding production costs. They provide insight into how costs
change as production increases and can be used to make
decisions about pricing and production.
● By understanding total, average, and marginal costs, businesses
can identify inefficiencies and make decisions to reduce costs and
increase profits.
36. Total, Average and Marginal
Revenue
Presented By
Ihtisham Mehmood
20014119-025
37. Total Revenue:
● Total revenue refers to the total amount of money a firm or business
earns from selling its goods or services. It is calculated by multiplying
the price per unit of a product or service by the total number of units
sold.
● For example, if a business sells 1,000 units of a product for $10
each, the total revenue earned would be $10,000 (1,000 x $10).
38. Importance
● Total revenue is an important measure for businesses because it
indicates the overall sales performance and helps to determine
profitability. It can also be used to calculate other important financial
ratios such as the average revenue per unit and the price elasticity
of demand.
39. Average Revenue:
● In economics, average revenue (AR) refers to the revenue earned per unit of
output. It is calculated by dividing the total revenue (TR) earned by the total
number of units sold (Q),
● AR =
𝑡𝑜𝑡𝑎𝑙 𝑟𝑒𝑣𝑒𝑛𝑢𝑒
𝑡𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑝𝑢𝑡 𝑠𝑜𝑙𝑑
● AR=
𝑇𝑅
𝑄
● The relationship between average revenue and price is directly proportional,
which means that as the price of a product or service increases, the average
revenue earned per unit also increases.
40. Marginal revenue:
● Marginal revenue (MR) refers to the additional revenue earned
from producing and selling one additional unit of output
● It is calculated by dividing the change in total revenue (ΔTR) by
the change in the quantity of output (ΔQ),
● MR =
TR
Q
41. Relationship between AR and MR Under Perfect
Competition
● when price remains constant, firms can sell any quantity
of output at the price fixed by the market.
● No firm is in a position to influence the market price of
the product.
● A firm can sell more quantity of output at the same
price.
● It means, the revenue of every additional unit (MR) is
equal to AR.
42.
43. Explanation
● As a result, MR curve and AR is a horizontal straight
line parallel the x-axis.
● Since MR remains constant, TR increases at a constant
rate. Due to this reason, the TR curve is positively
sloped straight line.
● As TR zero at zero level of output, TR curve starts from
the origin.
45. Relationship between AR and MR Under Imperfect
Competition
(when price falls with increase in output)
● It can be in the form of Monopoly, duopoly or oligopoly.
● Demand curve facing the firm is negatively sloped.
● Under imperfect competition, the behavior of MR is that it
lies below the AR Curve.
46.
47. When firms can increase their volume of sales only by decreasing the
price, AR falls with increase in sale. It means, revenue from every
additional unit (i.e. MR) will be less than AR.
As a result, both AR and MR curve slope downwards from left to
right.
Both MR and AR fall with increase in output. However, fall in MR is
double than that in AR.i.e., MR falls at a rate which is twice the rate
of fall in AR.
MR curve is steeper than AR curve because MR is limited to one
unit, whereas, AR is derived by all units.
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