Production Concept and Analysis Assignment Help
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All About Production Concept and Its Analysis
The word production is self-explanatory which means to alter the resources in order to obtain the required output. In terms of economics, production can be defined as “all the processes involved in processing a certain good or commodity or service depending upon customer demand and other factors of production”.
The production concept is one of the old concepts of economics which aims to produce maximum commodity based on the choice of the customer who generally wishes to buy the best quality product and cheapest possible price. The concept of production plays a vital role in high-cost markets where the main objective of the company is to produce a large quantity of goods. It helps the managers to plan a strategy to maximize the production as well as the profit and execute these plans efficiently.
One of the mathematical tools used to understand the production concept and its dependence on various production factors is called a production function. A production function gives a relationship between the input and the factors affecting them and the output. Production concepts & analysis case studies and assignment involves vast usage of the production function for studies.
There are various assumptions that we make while dealing with production function which is listed below:
- The technology used does not change
- The input and output are perfectly divisible
- Inelastic supply of the factors that are taken to be fixed
Production analysis is defined as the study of the effect of various factors of production and input on the output to be produced. The inputs can be classified into two categories for the production analysis:
- Variable input
- Constant input
Even the cost of production can be divided into the following categories so that the production analysis can be done accurately:
- Short run cost- while dealing with short-run costs certain factors are assumed to be constant and hence the output depends only on the changes in the variable factors.
- Long run cost– it involves the variable cost of production and any firm involved in the production would strive to keep this cost of production to the minimum.
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Importance of Theory and Analysis of Production:
The production concept and its analysis lay down the foundation for further studies and understandings associated with various economic laws. Their huge importance is briefly mentioned below:
- Production function helps managers to analyze the cost of involved with the inputs and the revenues associated with the outputs.
- It plays the role of the basis of various other theories like cost theory, input demand theory, etc. which are relevant to any economist.
- It helps in planning effective tools and procedures for management and control of various factors of production and their utilization to maximize the plant efficiency
- It helps in knowing about how a certain firm reaches out to achieve optimum utilization of various factors so as to minimize the unit costs involved in the production processes.
- Production concepts & analysis assignment helps one to study the appropriate amalgamation of resources and their utilization to get the best and required output.
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