BBA
Short Run Cost refers to a certain period of time where at least one input is fixed while others are variable. In the short-run period, an organisation cannot change the fixed factors of production.
10 Types of Costs - Opportunity, Explicit, Implicit, Accounting, Economic, Business, Full, Fixed, Variable, Incremental.
Types of Production Functions: 1. Cobb Douglas, 2. Leontief 3. Constant elasticity substitution (CES) production function.
Production function can be defined as a technological relationship between the physical inputs and physical output of the organisation.
Production Possibility Curve (PPC) is a curve that shows the alternative combinations of two goods and services by using all the available factor resources, efficiently.
In economics, Production is a process of transforming tangible and intangible inputs into goods or services.
Criteria for Good Demand Forecasting are: 1. Accuracy 2. Timeliness 3. Affordability 4. Ease of interpretation
Methods of demand forecasting are broadly categorised into two types: 1. Qualitative 2. Quantitative Techniques
Demand forecasting is a process of predicting the demand for an organisation’s products or services in a specified time period in the future.
Elasticity of supply is a measure of the degree of change in the quantity supplied of a product in response to a change in its price.