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CHANDIGARH UNIVERSITY DEPARTMENT OF ENGINEERING CSE Fundamentals of Economics 20CST-176 Consumer EquilibriumIndifference curve Analysis DISCOVER . LEARN . EMPOWER Total Product , Marginal Product AND Average Product 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 Total Product , • Space for visual (size 24) Marginal Product AND Average Product 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 Total Product , Marginal Product AND Average Product Total Product The total product refers to the total amount (or volume) of output produced with a given amount of input during a period of time. Therefore, a firm wanting to increase its Total Product in the short run will have to increase its variable factors as the fixed factors remain unchanged (that is why they are ‘fixed’ in the short run). In the long run, as we know that all factors become variable, the firm can increase its total product by increasing any of its factors as all facto ...
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