Explain the term Production function
Explain the term Production function.
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Production function demonstrates the technological relationship in between the quantity of various inputs and quantity of output used in production. Production function is economic sense describes the maximum output which can be produced during a period with an exact quantity of different inputs in the existing state of technology. Conversely, this is the tool of analysis that is used to explain the input/output relationships. Generally, this tells that production of a commodity depends upon the given inputs. Under its specific tem this presents the quantitative relationship in between inputs and output. Inputs are categorized as given below:
1. Fixed input or fixed factors and
2. Variable input or variable factors.
Define the Revenue Concept in brief.
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How is the Demand forecasting important?
Provide a brief introduction of the term Marginal Costing? And also write down the essential suppositions made by Marginal Costing?
Explain short term Demand forecasting.
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Illustrates the terms total cost, average cost and also marginal cost?
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