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