Tag Archives | Production

Producer’s Equilibrium: MR-MC Approach, Perfect Competition and Diagrams

Producer’s Equilibrium: MR-MC Approach, Perfect Competition and Diagrams! Conditions of Producer's Equilibrium – MR-MC Approach: Producer's equilibrium is often explained in terms of marginal revenue (MR) and marginal cost (MC) of production. Profit is maximized (or a producer strikes his equilibrium) when two conditions are satisfied - (i) MR = MC, and (ii) MC is rising (or MC is greater [...]

By |2018-06-18T10:58:06+05:30June 18, 2018|Producers Equilibrium|Comments Off on Producer’s Equilibrium: MR-MC Approach, Perfect Competition and Diagrams

Techniques & Technology of Production in Developing Countries | Economics

A choice between alternative techniques of production is a major problem in the planning for developing countries. This is because a particular choice of technique of production affects not only the magnitude of employment but also the rate of economic growth. Several alternative techniques of production are available to produce a commodity and these differ with regard to the amount [...]

By |2018-03-02T14:40:20+05:30March 2, 2018|Production|Comments Off on Techniques & Technology of Production in Developing Countries | Economics

Labour Intensive and Capital Intensive Techniques of Production | Economics

In this article we will discuss about the arguments in favour of labour intensive and capital intensive techniques of production. Under-developed and undeveloped countries are always faced with many serious problems in so far as industry and economy are concerned. Labour Intensive Techniques of Production: Those who favour labour intensive techniques argue as under: (a) Providing of Employment: One of [...]

By |2017-12-11T04:31:06+05:30December 11, 2017|Techniques|Comments Off on Labour Intensive and Capital Intensive Techniques of Production | Economics
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