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CHANDIGARH UNIVERSITY DEPARTMENT OF ENGINEERING CSE Fundamentals of Economics 20CST-176 Consumer EquilibriumIndifference curve Analysis DISCOVER . LEARN . EMPOWER Production Function Course Outcome CO Title Number Level CO1 Explain the Relationship Between TU and MU Rememb er CO2 Show the graphical relationship between Understa TU and MU nd CO3 Explain the Law of Diminishing Marginal Utility Show the assumptions of Law of CO4 Diminishing Marginal Utility Will be covered in this lecture Understa nd Understa nd 2 • Space for visual (size 24) Production Function Demand Forecasting is the process in which historical sales data is used to develop an estimate of an expected forecast of customer demand. To businesses, Demand Forecasting provides an estimate of the amount of goods and services that its customers will purchase in the foreseeable future. 3 Production Function In simple words, production function refers to the functional relationship between the quantity of a good produced (output) and factors of production (inputs). Defined production function as “the relation between a firm’s physical production (output) and the material factors of production (inputs).” Prof. Watson In this way, production function reflects how much output we can expect if we have so much of labour and so much of capital as well as of labour etc. In other words, we can say that production function is an indicator of the physical relationship between the inputs and output ...
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