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Business Economics

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Economics

What is Production Function? Formula, Uses, Assumption

Production function can be defined as a technological relationship between the physical inputs and physical output of the organisation.

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17 January 2021
What is Production Function? Formula, Uses, Assumption
Production Function definition, meaning, uses, assumptions, limitations
Economics

What is a Production Possibility Curve? Definition, Example, Formula

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.

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17 January 2021
What is a Production Possibility Curve? Definition, Example, Formula
Economics

What is Production in Economics? Concept, Factor, Importance

In economics, Production is a process of transforming tangible and intangible inputs into goods or services.

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17 January 2021
What is Production in Economics? Concept, Factor, Importance
Economics

Criteria for Good Demand Forecasting

Criteria for Good Demand Forecasting are: 1. Accuracy 2. Timeliness 3. Affordability 4. Ease of interpretation

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17 January 2021
Criteria for Good Demand Forecasting
Economics

Techniques & Methods of Demand Forecasting

Methods of demand forecasting are broadly categorised into two types: 1. Qualitative 2. Quantitative Techniques

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17 January 2021
Techniques & Methods of Demand Forecasting
Economics

What is Demand Forecasting? Definition, Types, Importance

Demand forecasting is a process of predicting the demand for an organisation’s products or services in a specified time period in the future.

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17 January 2021
What is Demand Forecasting? Definition, Types, Importance
Demand Forecasting
Economics

What is Elasticity of Supply? Definition, Formula, Example, Determinants

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.

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17 January 2021
What is Elasticity of Supply? Definition, Formula, Example, Determinants
Economics

What is Cross Elasticity of Demand? Formula, Types, Example

The cross elasticity of demand can be defined as a measure of a proportionate change in the demand for goods as a result of a change in the price of related goods.

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17 January 2021
What is Cross Elasticity of Demand? Formula, Types, Example
Economics

What is Income Elasticity of Demand? Types, Formula, Example, Factors

Income elasticity of demand means the ratio of the percentage change in the quantity demanded to the percentage in income.

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17 January 2021
What is Income Elasticity of Demand? Types, Formula, Example, Factors
Economics

Importance of Price Elasticity of Demand

The concept of price elasticity of demand plays an important role in the functioning economies by having a significant contribution in the field of industry, trade, and commerce.

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17 January 2021
Importance of Price Elasticity of Demand
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