Economics
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Cobb Douglas Production Function : Formula Importance Limitations
Cobb Douglas production function is an important function in managerial economics. It was explained by Prof. Cobb and Prof. Douglas. These…
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Production Function : Meaning, Characteristics And Formula
Production is a process involving the use of different physical inputs. In fact it is the result of the inputs.…
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Factors Affecting Optimum Firm – With Example And Diagram
A firm secures large scale economies with the expansion of its size of production. As a result the firm produces…
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Principle Of Least Cost Combination | Principle of Substitution
The main aim of a producer is to continue production activities with least costs. For this purpose, he combines different…
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Law of Returns To Scale : Increasing Constant Decreasing Returns To Scale
Law of Returns to scale The law of variable proportions is an important law in Economics. It describes how production…
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The Law Of Increasing Returns In Economics – A Complete Note
Law Of Increasing Returns In Economics: Increasing Returns and decreasing returns are two important stages in Law of Variable Proportions.…
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The Law of Diminishing Returns | Assumptions | Importance | Application
The Law of Diminishing Returns :Â Production in agriculture or industry is possible due to the employment of the factors of…
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Wage Fund Theory of Wages And Its Criticism
The Wage Fund theory was putforth by Adamsmith. Later this theory was developed by J. S. Mill. According to this…
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Advantages And Disadvantages Of Machines In Industries
Modern age is Mechanical age. In fact Machinery began to dominate man-power in productive affairs after the industrialization. Especially the…
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Advantages And Disadvantages of Rationalisation In Business
Rationalisation In Business Rationalisation is an important feature of large scale production. It implies the elimination of all kinds of…
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