Indian economy 4 min read
Indian Economy – Planning
· After independence, one of the most difficult choices that the leaders had to make was to decide the type of…
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Indian economy 6 min read
Indian Economy – Sustainable Development
Introduction · The economic growth that a country and its people achieve over a period of time, is achieved at the…
Engineering economy 3 min read
Discussion
With an understanding of the macroeconomics and microeconomics, it is possible to get an insight into what kind of factors…
Engineering economy 2 min read
Accounting
Using accounting it is possible to evaluate how well a company is performing economically, and if it is necessary to…
Engineering economy 3 min read
Economic planning
When an organisation or government chooses to initiate a construction project, they usually expect to have more benefits than actual…
Engineering economy 4 min read
Validity of the Concept of Returns to Scale
We now proceed to discuss how the returns vary with the changes in scale, that is, when all factors are…
Engineering economy 3 min read
CHANGES IN SCALE AND FACTOR PROPORTIONS
Factor proportions are altered by keeping the quantity of one or some factors fixed and varying the quantity of the…
Engineering economy 5 min read
LAW OF VARIABLE PROPORTIONS
Law of variable proportions occupies an important place in economic theory. This law examines the production function with one factor…
Engineering economy 3 min read
PROPERTIES OF ISOQUANTS OR EQUAL PRODUCT CURVES
The following are the important properties of equal product curves. 1. Isoquants, like indifference curves, slope downward from left to…
Engineering economy 5 min read
EQUAL-PRODUCT CURVES OR ISOQUANTS
Equal-product curves are similar to the indifference curves of the theory of consumer’s behaviour. An equal-product curve represents all those…
Engineering economy 2 min read
THEORY OF PRODUCTION
The act of production involves the transformation of inputs into outputs. The word production in economics is not merely confined…
Engineering economy 2 min read
Factors determining price elasticity of Demand
The elasticity of demand depends on the following factors namely 1. Nature of the product 2. Extent of usage 3.…
