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When was the Constitution of India adopted by the Constituent Assembly? August 15, 1947 January 26, 1950 November 26, 1949 January 1, 1948 When did the Constitution of India come into force? August 15, 1947 November 26, 1949 January 1, 1950 January 26, 1950 The Constitution of India is considered the: First Law of Parliament Supreme Court Judgment Supreme Law of the land Code of Civil Procedure Which of the following is not a function of the Indian Constitution? Provides religious duties Provides framework for governance Protects fundamental rights Ensures...

Production and Laws of Production (Curated by lunotes.in ) Meaning of Production In economics, production refers to the creation of goods and services (material or non-material) with the purpose of selling them in the market. It includes converting raw materials into finished goods. Laws of Production These laws deal with cost analysis and producer’s equilibrium , helping businesses determine the most profitable level of output. There are two major laws: 1. Law of Variable Proportions (Short Run) This law explains the relationship between input and output when only one input is variable and others remain fixed. Definition (Marshall): "An increase in the amount of labour and capital applied in cultivation leads to a less than proportionate increase in output, unless accompanied by improvements in technology." Key Concepts: Total Product (TP): Total output produced. Average Product (AP): A P = T P L AP = \frac{TP}{L} A P = L TP ​ Marginal Product ...

📈 Demand Forecasting Demand forecasting is the process of estimating future demand for a product or service based on historical data, trends, and market intelligence. It helps in production planning, budgeting, and minimizing inventory costs. ✅ 8 Important Demand Forecasting Techniques 1. Statistical Methods Trend Projection: Uses past sales data to predict future demand (e.g., linear trends). Regression Analysis: Examines relationships between variables (e.g., price vs. sales). 2. Market Research or Survey Method Collects direct consumer data using surveys. Types: Sample survey, complete enumeration, and end-use survey. 3. Sales Force Composite Method Estimates are taken from sales representatives in different territories. Good for short-term and region-specific forecasts. 4. Expert Opinion Method Specialists or consultants predict demand using experience and industry knowledge. Useful in new product launches or uncertain environments. 5. De...

Types of Demand There are three types of demand : 1. Price Demand Price demand shows the relationship between the price of a commodity and the quantity demanded . Law : When the price increases , the demand decreases , and when the price decreases , the demand increases (inverse relationship). The price demand curve slopes downwards from left to right . D x = f ( P x ) Dx = f(Px) D x = f ( P x ) 2. Income Demand Income demand explains the relationship between the consumer's income and the demand for goods . Generally : When income increases , demand increases. When income decreases , demand decreases. The income demand curve usually slopes upwards from left to right for normal goods . D x = f ( Y ) Dx = f(Y) D x = f ( Y ) Types of Income Demand: Normal or Superior Goods : Best quality goods. Demand increases with income. The curve slopes upwards . Inferior Goods : Lower quality goods. Demand decreases when income increases. The c...

Law of Demand The Law of Demand states that, other things remaining constant , there is an inverse relationship between the price of a commodity and its quantity demanded. If price rises , demand falls . If price falls , demand rises . Demand Function The demand function shows the relationship between the quantity demanded and its determinants: D n = f ( P n , P s , P c , Y , T ) Dn = f(Pn, Ps, Pc, Y, T) D n = f ( P n , P s , P c , Y , T ) Where: Dn = Demand for commodity ‘n’ f = Functional relationship Pn = Price of the commodity Ps = Price of substitute goods Pc = Price of complementary goods Y = Income of the consumer T = Taste and preferences of the consumer Determinants of Demand The demand for a commodity depends on various factors. These factors are called determinants of demand . The main determinants are: 1. Price of the Good The demand for a product primarily depends on its own price. When price increases , the demand decrea...