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Singhvi Online Economics of Budget & Cost Management

Production Optimization Using Isoquants and Isocosts Curves

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Production Optimization: Generally, a profit-maximizing firm wants to determine which combination of factors of production (or inputs) would minimize its cost of production for a given output. This can be known by combining the firm’s production and cost functions, namely isoquants and iso-cost lines, respectively. Let us understand what we mean by isoquants. Isoquants: An […]

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Economics
Cost Concept - Singhvi Online

Need of Cost Concepts from Economics View point with the broader perspective

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“Cost is a fundamental notion in economics.” It refers to the sum of money paid to get products and services. To put it another way, cost is a financial assessment of the resources, materials, hazards, time, and utilities consumed to acquire goods and services. Cost principles and interrelationships: Optimal input utilization and production. A farmer’s

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Economics
Singhvi Online - Production function economics

Production and production function with its Types

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MEANING OF PRODUCTION;  What do you understand by production in common parlance? Well, the simple answer would be the term production is an activity of making something material.  The following are the few examples of production: Growing of wheat, rice or any other agricultural crop by farmers.Manufacturing of cement, radio sets, wool machinery or any

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Economics
Singhvi Online 1demand

Demand Forecasting – Understanding Predictions

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DEMAND FORECASTING Forecasting of demand is an art and science of predicting the probable demand for a product or service at some future date on the basis of certain past behaviour patterns of some related events and prevailing trends in the present. BASICS Forecast means to predict.  So what is demand forecasting? It is forecasting

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Economics
Singhvi Online mixed economy

MIXED ECONOMY

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Table of Contents:MIXED ECONOMYFEATURES OF MIXED ECONOMYCO-EXISTENCE OF PRIVATE AND PUBLIC SECTORPRIVATE SECTORPUBLIC SECTORCOMBINED SECTORMIXED ECONOMY HAS THE FOLLOWING MERITS AVAILABLE TO CAPITALIST AND SOCIALIST ECONOMYFACTSCONCLUSIVE STATEMENT The mixed economic system depends on both markets and governments in allocation of resources. Every economy in the real world makes use of markets and governments and is

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Economics
SOCIALIST ECONOMY

SOCIALIST ECONOMY

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Table of Contents SOCIALIST ECONOMY CHARACTERISTICS OF SOCIALIST ECONOMY COLLECTIVE OWNERSHIP ECONOMIC PLANNING ABSENCE OF CONSUMER CHOICE RELATIVELY EQUAL INCOME DISTRIBUTION MINIMUM ROLE OF PRICE MECHANISM OR MARKET FORCES ABSENCE OF COMPETITION MERITS OF SOCIALIST ECONOMY DEMERITS OF SOCIALIST ECONOMY CONCLUSIVE STATEMENT Characteristics of Socialist Economy: Key Characteristics of a Socialist Economy Collective Ownership Economic

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Economics