Considering the production of maize and shirts in Botswana‚ we can use the notion of the production possibilities curves to determine levels of efficiency‚ inefficiency‚ economic growth and technological improvement. The production possibilities curve (PPC) is a graph that shows the different quantities of the two goods (in this case‚ maize and shirts) that an economy (Botswana) could efficiently produce with the limited productive resources. To be able to illustrate this simply we assume that
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TOP 3 REGIONS IN FOOD PRODUCTION: 1.CAR Cordillera Administrative Region: The region is the least populated region in the country despite its vast land area. Agriculture is a dominant sector in the region establishing itself as a top producer of upland vegetables and fruits. The region is the major producer/supplier of semi-temperate vegetables in the country which serves as main source of livelihood for 97‚350 farmers. Products: Cordillera is an agricultural region. The
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3.2 PRODUCTION FUNCTION OR INPUT-OUTPUT RELATIONSHIP SHORT RUN AND LONG RUN PRODUCTION FUNCTION Production function may be defined as the functional relationship between physical inputs that’s factors of production (land‚ labour etc) and physical outputs that is quantity of goods produced. Thus the production function expresses the relationship between quantity of output and the quantities of various inputs used in production. The physical relationship between a firm’s physical input and output
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FUNCTIONS OF MANAGEMENT Planning It is the basic function of management. It deals with chalking out a future course of action & deciding in advance the most appropriate course of actions for achievement of pre-determined goals. According to KOONTZ‚ “Planning is deciding in advance - what to do‚ when to do & how to do. It bridges the gap from where we are & where we want to be”. A plan is a future course of actions. It is an exercise in problem solving & decision making. Planning
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SOLAR ENERGY PRODUCTION IN INDIA Coming specifically to the land of much sun‚ heat and humidity as well as persistent power shortages‚ overdependence on coal (52%) and huge oil and gas imports‚ solar energy production in India remains appallingly low. This is made evident by the minimal range of solar energy products in India. Solar lighting (solar lamps‚ street lights)‚ rural electrification‚ solar water heaters‚ solar cookers and PV pumps sum up the measly range of solar energy products
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William Shakespeare began his career as a playwright‚ many others have attempted to produce their own versions of his plays. One play which has been produced time and time again is Hamlet. Whether Hamlet is performed live or simply a movie‚ each production has its own unique spin on the stories within the play‚ and each has its own “feel”. Michael Almereyda’s Hamlet places the story in modern day New York City‚ with Ethan Hawke as Hamlet‚ Julia Stiles as Ophelia‚ Bill Murray as Polonius‚ and many
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Production Possibilities Curve (PPC) The Production Possibilities Curve (PPC) is used to show the economic concepts of scarcity‚ choices and opportunity cost. The PPC is a graphical representation showing maximum combinations of output (goods and services)‚ a nation can produce with limited economic resources in a fixed period time. Assumptions of the production possibilities curve: I. Only 2 goods will be illustrated II. The amount of resources is fixed III. State of technology
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What is IIP? The Index of Industrial Production (IIP) conveys the status of production in the industrial sector of an economy in a given period of time‚ in comparison with a fixed reference point in the past. The IIP numbers‚ released every month in India‚ for instance‚ use 1993-94 as the base year for comparison. The IIP figures are generally seen as an important but short-term indicator of whether industrial activity in a country has risen or dipped‚ till more detailed studies or surveys are
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Subject: Impacts of National Rural Employment Guarantee Act (NREGA) - Decline in Food Crop Production – Emergency refinement required to balance the Food Production and Rural Employment… Introduction: The World Bank says that more than 30 per cent of the Indian population lives on less than $1 a day‚ but Indian economists believe that the figure of poor could be much more than the estimate. Successive governments tried various means to fight poverty with little success. The UPA government
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Q1. Of the following production functions‚ which exhibit increasing‚ constant‚ or decreasing returns to scale? a. F(K‚L) = K2 L b. F(K‚L)=10K + 5L c. F(K‚L)= KL.5 Q2. Suppose the process of producing lightweight parkas by Polly’s Parkas is described by the function q=10K8 (L-40).2 Where q is the number of parkas produced‚ K the n umber of computerized stitching-machine hours and L the number of person-hours of labor. In addition to capital and labor‚ $10 worth of raw materials
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