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Economic Empowerment- what is meaning by economic Empowerment- why is economic Empowerment important- what is social and economic Empowerment

Economic empowerment is the crying need of this hour. “Wage employment means economic power” (Elliott, 2008, p. 86). Through employment women earn money and it enables women and girls to become ‘bread earners’, contributing members of households with a strong sense of their own economic independence. “Economic empowerment is a powerful tool against poverty” (Biswas, […]

Economics

Long Run Cost Curve

In the long run all factors of production become variable. The existing size of the firm can be increased in the case of long run. There are neither fixed inputs nor fixed costs in the long run. Long run average cost (LAC) is equal to long run total costs divided by the level of output. […]

Economics

Cost Concepts

1.Money Cost: Production cost expressed in money terms is called as money cost. In other words, it is the total money expenses incurred by a firm in producing a commodity. Money cost includes the expenditures such as cost of raw materials, payment of wages and salaries, payment of rent, interest on capital,expenses on fuel and […]

Economics

Cost and Revenue Analysis

“The big hurdle is going out and raising the revenue ” –Tyler Cowen Introduction: Cost and revenue analysis refers to examining the cost of production and sales revenue of a production unit or firm under various conditions. The objective of a firm is to earn profit, and not to make loss. However, a firm’s profit […]

Economics

Types of Elasticity of Supply

There are five types of elasticity of supply: 1. Relatively elastic supply: (see Diagram 3.13) The co-efficient of elastic supply is greater than 1(Es > 1). One percent change in the price of a commodity causes more than one per cent change in the quantity supplied of the commodity. 2. Unitary elastic supply: The coefficient […]

Economics

Elasticity of Supply

Elasticity of Supply: Elasticity of supply may be defined as the degree of responsiveness of change in supply to change in price on the part of sellers. It is mathematically expressed as: Elasticity of supply = proportionate change in supply / proportionate change in price es=(ΔQs/Qs) / (ΔP/P); es= ΔQs / ΔP × P/Qs Where […]

Economics

Factors determining supply

1. Price of the commodity: Higher the price larger the supply.Price is the incentive for the producers and sellers to supply more. 2. Price of other commodities: The supply of a commodity depends not only upon its price but also price of other commodities.For instance if the price of commercial crops like cotton rise, this […]

Economics

Supply Schedule and Supply Curve

Supply Schedule: A supply schedule shows the different quantities of supply at different prices.This information is given in the supply schedule given below. Supply Curve: A supply curve represents the data given in the supply schedule. As the price of the commodity increases, the quantum supplied of the commodity also increases.Thus the supply curve has […]

Economics

Law of Supply

Law of Supply is associated with production analysis. It explains the positive relationship between the price of a commodity and the supply of that commodity. For example, if the price of cloth increases, the supply of cloth will also increase. This is due to the fact that when price rises, it is profitable to increase […]

Economics

Cobb-Douglas Production Function

The Cobb-Douglas Production Function was developed by Charles W. Cobb and Paul H. Douglas, based on their empirical study of American manufacturing industry. It is a linear homogeneous production function which implies that the factors of production can be substituted for one another up to a certain extent only. The Cobb-Douglas production function can be […]

Economics

Producer’s Equilibrium

Producer equilibrium implies the situation where producer maximizes his output. It is also known as optimum combination of the factors of production. In short, the producer manufactures a given amount of output with ‘least cost combination of factors’, with his given budget. Optimum Combination of Factors implies either: *there is output maximisation for given inputs […]

Economics

The Iso-cost Line

The iso-cost line is an important component in analysing producer’s behaviour. The iso-cost line illustrates all the possible combinations of two factors that can be used at given costs and for a given producer’s budget. Simply stated an iso-cost line represents different combinations of inputs which shows the same amount of cost. The iso-cost line […]

Economics

Properties of Iso-quant Curve

1. The iso-quant curve has negative slope: It slopes downwards from left to right indicating that the factors are substitutable. If more of one factor is used, less of the other factor is needed for producing the same level of output. In the diagram combination A refers to more of capital K5 and less of […]

Economics

Iso-quant Curve and Iso-quant Map

An equal product curve represents all those combinations of two inputs which are capable of producing the same level of output. An iso-product curve can be drawn with the help of iso-quant schedule. Iso-quant Map: An iso-quant map has different iso-quant curves representing the different combinations of factors of production,yielding the different levels of output. […]

Economics

Iso-quants

Production function may involve, at a time, the use of more than one variable input. This is presented with the help of iso-quant curves. The two words ‘Iso’ and ‘quant’ are derived from the Greek language, meaning ‘equal’ and ‘quantity’ respectively. In our presentation only two factors, labour and capital are used. In Economics, an […]

Economics

Economies of Scale

‘Scale of Production’ refers to the ratio of factors of production. Th is ratio can change because of availability of factors.The Scale of Production is an important fact or affecting the cost of production. Every producer wishes to reduce the costs of production. Hence he (he includes she as well) uses an advantage of economy […]

Economics

Laws Of Returns To Scale

In the long- run, there is no fixed factor; all factors are variable. The laws of returns to scale explain the relationship between output and the scale of inputs in the long-run when all the inputs are increased in the same proportion. Assumptions: Laws of Returns to Scale are based on the following assumptions. *All […]