After reading this article you will learn about the application of economics to plants and industrial undertakings. Economics is the science which studies human behaviour as a relationship between ends (objectives) and scarce means (limited resources) which have alternative uses. Economics can be divided into two parts: (a) Macro-Economics: Macro-Economics deals with whole economy. It studies the growth of national [...]
After reading this article you will learn about the calculation of productivity and factors affecting it. Calculation of Productivity: Productivity of a production system is analogous to the efficiency of a machine. Just as it is desired to increase the efficiency of a machine, it is also aimed at to raise the productivity within the available resources. Productivity may be [...]
After reading this article you will learn about the equation for production function. Production function is concerned with the creation of a product. It establishes the relationship between the quantity of output furnished or given out by a productive process and the quantities of different inputs used in that process. Algebraically a production function can be written as: y = [...]