COST OF PRODUCTION CONTENTS 1. Introduction 2. Types of costs 3.1 Opportunity‚ implicit and explicit costs 3.2 Fixed and variable costs 3.3 Average costs 3. Types of cost curves 4.4 Marginal cost curve 4.5 Average cost curves 4. Costs in Short run and in the Long run 5.6 Short run 5.7 Long run 5.8 Economies of scale 5. Cost analysis in the real world 6.9 Economies of scope 6.10 Experiential
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1. Define production. What are the factors of production? Define production: Production means the creation of Utility. Through production inputs are converted into output which can satisfy or meet wants or demands. So production is a process of transforming inputs into useable outputs. Utilities are created in three forms such as (i) Changing the form (ii) changing time and (iii) changing place. Example: Wood in a forest generally has no utility to a consumer but cutting the wood‚ changing
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basic model for zombie infection‚ determine equilibria and their stability‚ and illustrate the outcome with numerical solutions. We then refine the model to introduce a latent period of zombification‚ whereby humans are infected‚ but not infectious‚ before becoming undead. We then modify the model to include the effects of possible quarantine or a cure. Finally‚ we examine the impact of regular‚ impulsive reductions in the number of zombies and derive conditions under which eradication can occur
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Glg 111 Unnatural Disaster? Coal project Research Questions 1) Explain the following: Coal an Unnatural Disaster? An unnatural coal disaster is one caused by human error or negligence‚ there have been many unnatural coal disasters from past to present such as Turtle Mountain in Canada .Normal erosion due to weather changes played a part in this unnatural disaster but the biggest factor was inadequate support beams .which in turn caused gigantic slab of limestone rock weighing 75millions
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industrialized economy and basically comprises of textiles‚ chemicals‚ food processing‚ the agricultural sector and various other industries. It is a surprising fact that Pakistan’s economy is the 27th largest growing economy in the world when measured in terms of Purchasing Power Parity (PPP). The economy has suffered from political instability‚ rising population growth rate and a war of words with the neighboring country India which has proved to be very costly for Pakistan’s economy. There is worldwide
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been painfully evident in my life. Until recently‚ I had never dared to fail greatly at anything‚ and as a result‚ I never achieved greatly at anything either. Luckily‚ I have learned the importance of attempting something when there’s a looming possibility of failure. At Boys’ State this summer‚ I spent a week living with 300 other young men while learning about how North Carolina’s government works. To give us a firm grasp of the governmental process‚ each floor elected town officials‚ each dorm
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assimilative capacity of the environment it becomes pollution. This seminar focuses on LEAN productions‚ which aims at elimination of wastes there by reducing the environmental degradation. CONTENTS 1. Introduction 2. Lean production system 3. Basic elements of lean manufacturing 4. Overview of lean production system 5. Lean techniques 6. Characteristics of lean 7. Benefits of implementing lean
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focuses on two systems of economy‚ that is Market economy and Command economy. Basically there are four types of economy: Traditional Economy: As the word says‚ Traditional economy is an economic system in which traditions‚ customs and beliefs of the economy guides the production of goods and services. Command Economy Command economy is a system in which government plays a major role in taking the production decision for goods and services in the economy. Market Economy Under this system‚ goods and
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as a means of meeting a need‚ particularly an economic or social need‚ of the people. The term usually refers to natural resources like land‚ water‚ air. Natural resources are largely unchanged materials of the land that are valuable to people and used in variety of ways. Pakistan is rich in natural resources. It has mountains‚ plains‚ deserts‚ fertile soils‚ rivers and oceans. Natural Resources are very important for the development and prosperity of a country. The important thing is to utilize
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Introduction Floods are a natural hazard. There have been many devastating floods in the past decade. Different countries have reacted differently during and after the floods have occurred. Some countries have needed economic help during these times. Some countries were able to give detailed warning and saved many lives in doing so. Developed countries have the money to warn its people of any floods or other natural hazards which may affect a community. Developing countries often do not have the
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