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Lecture 1 3

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CHANDIGARH UNIVERSITY DEPARTMENT OF ENGINEERING CSE Fundamentals of Economics 20CST-176 Consumer EquilibriumIndifference curve Analysis DISCOVER . LEARN . EMPOWER Fixed and Variable factors 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) Fixed and Variable factors 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 Fixed and Variable factors Fixed Factors Fixed factors are those which remain unchanged as out output of the firm changes in the shout-run. In other words as a firm increases or decreases its output in the short-run, fixed factors remain constant. They are independent of output in the short-run. Machines, factory buildings, plants, permanent employees etc. are the examples of fixed factors. To construct a new plant or expand the existing one for changing the output of the firm will take time. It is not possible in the short-run. Fixed and Variable factors Variable Factors Variable factors are ...
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