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What is 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.

0 Comments
17 January 2021
Production Function
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.

0 Comments
17 January 2021
Production Possibility Curve Definition, Example, Uses
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.

1 Comment
17 January 2021
what is production
Economics

Criteria for Good Demand Forecasting

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

0 Comments
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

0 Comments
17 January 2021
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.

0 Comments
17 January 2021
Demand Forecasting
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.

0 Comments
17 January 2021
Elasticity of Supply
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.

0 Comments
17 January 2021
Cross Elasticity of Demand
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.

0 Comments
17 January 2021
Income Elasticity of Demand
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.

0 Comments
17 January 2021
Income Elasticity of Demand
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