Mangerial Economics UNIT-2
Managerial Economics UNIT - 2 Lets start boiling water on our gas stove and getting our notes within minutes😌 Okay!! To get completely into the syllabus of this subject Managerial Economics lovably called as just ECO, please come here 👉💌 UNIT - 1 of Managerial Economics PART - A PART - B Notes Okey moving on to our first topic of UNIT - 2 Production Analysis Concept of production "Production is an economic activity which converts inputs into outputs or services with addition of utility." "Utility can be defined as the capability of product or service to satisfy the needs and wants of a customer." 》》Production analysis is dealing with the relationship between input factors and output of goods and services. Production analysis studies the relationship between input factors and output to set an equilibrium point between demand and supply and to reduce the cost of production for attaining maximum profit. Factors of production There are broadly 4 classification of fac...