Assignment On Production Analysis
Assignment On Production Analysis
I. Production
production is the process of transforming factors of production into goods and services
the factors like capital, land, labors, machine, technology, and Entrepreneurship
collectively known as input.
4. Law of Production
deals with the concepts of cost and producers equilibrium. It is an important aspect of
economics as it helps a business determine the level of output that leads to maximum
profits. It also defines the various variable and fixed costs of the firm.
9. I S O Quant
I S O Quant’s is the combination of two words, Where I S O means Equal and Quant’s
means quantities. I S O Quant’s mean equal quantities (Equal Quantity of output).