CHANDIGARH UNIVERSITY DEPARTMENT OF ENGINEERING CSE Fundamentals of Economics 20CST-176 Consumer EquilibriumIndifference curve Analysis DISCOVER . LEARN . EMPOWER Factors of 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) Factors of 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 Factors of Production Function Factors of Production Land: Land includes all natural physical resources – e.g. fertile farm land, the benefits from a temperate climate or the harnessing of wind power andsolar power and other forms of renewble energy. Some nations are richly endowed with natural resources and then specialise in the their extraction and production – for example – the high productivity of the vast expanse of farm land in the United States and the oil sands in Alberta. canada. Other countries such as Japan are heavily reliant on importing these resources. Labour: Lab ...
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