PRODUCTION ECONOMICS

Background to the course and stage setting in relation to changing circumstance related to resource use. Analysis of Production with one variable input. Production with more than one factor of production. Understanding Costs and underlying relations. Industry’s supply and factor demand. Optimum resource and enterprise combination.                                                                                                                                                                                                                                                objectives :

• To provide students with an understanding of  the production process from an economic point of view to ensure efficiency in resource use.
• To understand how inputs and outputs are relate.
• To provide students with a quantitative and analytical approach of understanding derivations of optimal resource and enterprise combinations.