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Lecture 1 5

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CHANDIGARH UNIVERSITY DEPARTMENT OF ENGINEERING CSE Fundamentals of Economics 20CST-176 Consumer EquilibriumIndifference curve Analysis DISCOVER . LEARN . EMPOWER Law of variable proportions 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) Law of variable proportions 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 Law of variable proportions Short-run production function - The law of variable proportions The law examines the relationship between one variable factor and output, keeping the quantities of other factors fixed. Definition As the proportion of one factor in a combination of factors is increased, after a point, first the marginal and then the average product of that factor will diminish Three stages of law 1. The behaviour of the output when the varying quantity of one factor is combined with a fixed quantity of the other can be divided into three stages. They are Increasing returns stage 2. ...
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