Production Function is a statement of the relationship between a firm’s scarce resources (inputs) and the output that results from the use of these resources.
In mathematical terms, the PF can be expressed as:
Q= f (X1, X2…………Xk) where
Q=output, X1…………Xk=inputs used in the production process
In the long-run a firm can amend its size and organization to violate demand conditions. In other words, in the long-run the firm can adjust its scale of operations or size of plant to produce any required output in the most efficient way. Thus, in the long run fixed factors can be altered. Management can be restructured to run a firm of a different size. Capital can also be used differently. In short, all factors are variable in the long run and therefore the scale of operations can be altered
Production function describes the technological relationship between inputs and output in physical terms. Study of production function is directed towards establishing the maximum output which can be achieved with given set of factors of production.
In the long-run a firm can amend its size and organization to violate demand conditions. In other words, in the long-run the firm can adjust its scale of operations or size of plant to produce any required output in the most efficient way. Thus, in the long run fixed factors can be altered. Management can be restructured to run a firm of a different size. Capital can also be used differently. In short, all factors are variable in the long run and therefore the scale of operations can be altered
Production function describes the technological relationship between inputs and output in physical terms. Study of production function is directed towards establishing the maximum output which can be achieved with given set of factors of production.
Sustainability accounting is at one and the same time a process through which information flows are organized and provided for management decision making and, second, a product (or service) to be obtained by internal and external parties with an interest in corporate sustainability
information. Ideally, sustainability accounting practice should benefit from the history of financial and management accounting. Sustainability Accounting: Sustainability Accounting is known as social accounting, social and environmental accounting, corporate social reporting, corporate social responsibility reporting, or nonfinancial reporting was originated about 20 years ago and is considered as a subcategory of financial accounting that focuses on the disclosures of non-financial information about a firm’s performance to external stakeholders such as capital holders, creditors, and other authorities. Sustainability accounting represents the activities that have a direct impact on society, the environment, and the economic performance of an organization.
The price elasticity of demand compares the percent change in quantity demanded to the percent change in price.
To calculate PED we first calculate percent change in quantity demanded and the corresponding percent change in price as we move along the demand curve.
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What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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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.
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
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
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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
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
2. Production Function defined:
• The PF is a statement of the relationship
between a firm’s scarce resources (inputs) and
the output that results from the use of these
resources.
• In mathematical terms, the PF can be
expressed as:
• Q= f (X1, X2…………Xk) where
• Q=output, X1…………Xk=inputs used in
the production process
3. Formal definition of PF
• A PF defines the relationship between inputs
and the maximum amount that can be
produced within a given period of time with a
given level of technology.
• For the purposes of analysis, we write the PF
as follows: Q= f (L, K)
• Where Q=output, L= labour, K=capital
4. A short-Run Analysis of Total, Average
and Marginal Product
• Marginal product of Labor =MPL= ∆Q/∆L,
holding K constant.
• Average product of Labor= APL= Q/L, holding K
constant.
5. Short run changes in production
Units
of K
employ
ed
Output quantit
y
8
7
6
5
4
3
K=2 8 18 29 39 47 52 56 52
1
1 2 3 4 5 6 7 8(Units
of L
employ
ed)
7. The Three Stages of Production in the
Short-run
• Stage I runs from zero to four units of variable
input (where average product reaches its
maximum and AP and MP are approximately
equal).
• Stage II begins from this point and proceeds to
seven units of input L (to the point where TP is
maximised).
• Stage III continues on from that point.
8. Law of Diminishing Returns
• The key to understanding the pattern of
change in Q, AP and MP is the phenomenon
known as the Law of diminishing returns:
• As additional units of variable input are
combined with a fixed input, at some point
the additional output (the MP) starts to
diminish.
9. Which stage is economical or rational?
• According to economic theory, in the short-
run, rational firms should only be operating in
stage II.
• It is clear why stage III is irrational: the firm
would be using more of its variable input to
produce less output.
• However, it may not be as apparent why stage
I is also considered irrational.
10. • The reason is that if a firm were operating in
stage I, it would be grossly underusing its fixed
capacity.
• That is, it would have so much fixed capacity
relative to its usage of variable inputs that it
could increase the output per unit of variable
input simply by adding more variable inputs to
this capacity.
11. Derived Demand and the optimal level
of variable input case (The case of one
input case)
Optimal decision rule: A profit maximising firm
operating in perfectly competitive output and
input markets will be using the optimal
amount of an input at the point at which the
monetary value of input’s marginal product is
equal to the additional cost of using that
input---in other word’s when MRP=MLC.
13. Optimal input usage (Multiple input
case)
• In the multiple input case, we must consider
the relationship between the ratio of the MP
of one input and its cost to the ratio of the MP
of other input and its cost. Expressed
mathematically for “k” inputs:
• MP1/W1=MP2/W2=MPk/Wk
14. • Suppose you are the production manager of a
company that makes computer parts and
peripherals in Malaysia and China. At the
current levels of production and input
utilization in two countries, you find that:
• MP of labor in Malaysia (MPmal)=18
• MP of labor in China(MPch)=6
• Wage rate in Malaysia(Wmal)=$6/hr
• Wage rate in China (Wch)= $3/hr
15. • How much would you produce in each
manufacturing facility? Because labor is
cheaper in China you might be tempted to
produce most of your output in that country.
However, a close look at the MP/wage ratio
reveals the opposite conclusion. That is,
• MPmal/Wmal>MPch/Wch
• Or 18/6 > 6/3
16. • This means that at the margin , the last dollar
on a unit of labor in china would yield 2 units
of output (6/$3) while in Malaysia the last
dollar spent would result in 3 additional units
of output (18/$6).
• This inequality implies that the firm should
begin to shift more of its production from
china to Malaysia , until the two ratios are
equalized
17. • Once the implication of the basic model is
understood, other factors can be brought in. If
these factors outweigh the MP-input cost
criteria, a company may well modify its
decision.
• For example, despite Malaysia’s higher
MP/wage ratio, there may be political and
economic risk factors to consider.
18. • This was indeed the case when the Malaysian
government imposed foreign exchange controls
in 1998 by requiring foreign investors to keep
their profits in Malaysia for at least 1 year before
they could be repatriated .
• In contrast, China is a fairly stable economy with
leaders who do not seem to want to impose any
such trade restrictions. Its proximity to Indian
markets would also would also reduce
transportation costs.
19. Call centers: Applying the Production
Function to a Service
• Let us consider the example of a call center
represented by the following production
function:
• Q = f (X,Y) where
• Q= number of calls
• X= variable input (this includes call center
representatives and complementary hardware
such as PCs, desks, and software)
• Y= fixed input (this includes call center building,
hardware such as servers and
telecommunications etc)
20. Three Stages of production
• Stage I could be a situation in which there is so
much fixed capacity relative to number of
variable inputs that many representatives sit
around idle, waiting for calls to come in.
• Stage II could be a situation in which
representatives are constantly occupied and
callers are connected to representatives
immediately after the call is answered or are
kept waiting for no more than a certain amount
of time (3 min).
21. 22
• Stage III could be a situation in which callers
begin to experience a busy signal on a more
frequent basis or all call representatives may
begin to experience a slower computer
response or more frequent computer ‘down
times’.
22. The Long Run Production Function
• In the long run, a firm has time enough to
change the amount of all inputs. The following
Table illustrates what happens to total output
as both inputs L and K increase one unit at a
time.
23. Returns to Scale
Units
of K
emplo
yed
Outpu
t
Quant
ity
8 125
7 119
6 90
5 75
4 60
3 41
2 18
1 4
1 2 3 4 5 6 7 8 Units
of L
emplo
yed
24. • The resulting increase in output as both inputs
vary is known as Returns to Scale.
• Returns to scale are of three types:
• Increasing returns to scale
• Decreasing returns to scale
• Constant returns to scale
25. • If an increase in a firm’s input by some
proportion results in an increase in output by
a greater proportion, the firm experiences
IRTS.
• If output increases by the same proportion as
the inputs increase, the firm experiences
CRTS.
• A less than proportional increase in output is
called decreasing returns to scale.
26. • One way to measure RTS is to use the
coefficient of output elasticity:
• EQ= % change in Q/% change in inputs
• If EQ>1, we have IRTS
• If EQ<1, we have DRTS
• If EQ=1, we have CRTS
27. • Another way of looking at the concept of RTS is
based on the production function:
Q = f (L, K)
• Now if we increase both inputs by r times and
output increases by t times, that is
• tQ= f(rL, rK) then
• If t>r, we have IRTS
• If t<r, we have DRTS
• If t=r, we have CRTS.
28. The Cobb-Douglas Production
Function
• The C-D production function was introduced
in 1928 and it is still a common functional
form in economic studies today.
• It has been used extensively to estimate both
individual firm and aggregate production
function.
• The formula for production function which
was suggested by Cobb, was of the following
form: Q= aLbK1-b
29. Why is this production function so
useful?
• 1. To make this equation useful, both inputs
• must exist for Q to be a positive number.
• This makes sense because total product is
• a result of combining two or more factors.
• 2.The function can exhibit increasing,
decreasing or constant returns. Originally,
cobb-douglas assumed RTS are constant. Later
they relaxed this assumption and rewrote the
equation as follows: Q= a LbKc
30. • Under this assumption if b+c>1, RTS are
increasing, if b+c<1, RTS are decreasing and if
b+c=1, RTS are constant.
• 3. The function permits us to investigate the MP
for any factor while holding all others constant.
MP of labor turns out to be MPL=bQ/L and MP of
capital is MPk=cQ/K.
• In the C-D function, the elasticities of the factors
are equal to their exponents, in this case b and c.
31. • 4.Because a power function by using
logarithms, it can be estimated by linear
regression analysis, which makes for a
relatively easy calculation with any software
package.
• 5. Cobb-Douglas can accommodate any
number of independent variables as follows:
• Q=aXb
1Xc
2Xd
3..Xm
n
32. • 7. A theoretical production function assumes
technology is constant. However, the data
fitted by the researcher may span a period
over which technology has progressed. One of
the independent variables in the previous
equation could represent technological
change and thus adjust the function to take
any technology into consideration.
33. Shortcomings of C-D production
Function
• This function cannot show the MP going
through all three stages of production in one
specification.
• Similarly, it cannot show a firm or ndustry
passing through increasing, constant and
decreasing returns to scale.
34. Careful Planning Can Help a Firm Use
Its Resources in a Rational Manner
• In our discussion of the short-run, we state that a
firm is expected to have three stages of
production.
• Stage I represents the underutilization of a firm’s
fixed inputs relative to its variable ones.
• Stage III represents an overutilization of its fixed
inputs relative to variable one.
• Indeed, firms operating in this stage would find
their total output decreasing as they increased
their variable input.
35. • The only stage for a rational firm to be in stage
II. Assuming this information is well known to
managers, why would a firm find itself in
Stage I and III?
• The answer is of, course, that production
levels do not depend how much a company
wants to produce but on how much its
customers want to buy.
36. • Good capacity planning requires two basic
elements: accurate forecasts of demand and
effective communication between production
and marketing functions.
• The first element is rather obvious but not
easy to achieve.
• The second element may not be so obvious,
especially for those who have not had work
experience in large organisations.
37. • It is not uncommon for manufacturing people to
proceed merrily with their production plan on a
purely technical basis without fully incorporating
the marketing plans of those whose main
responsibility is to sell the products.
• It is also quite possble for marketing people to try
to sell as many units of the product as possible
without consulting the production people as to
whether the firm has the capacity to meet the
increase in demand.