Tag Archives | Industry

Equilibrium of the Perfectly Competitive Industry

In this article we will discuss about the equilibrium of the perfectly competitive industry. Conditions of Equilibrium of the Perfectly Competitive Industry: An industry is in equilibrium: (i) When there is no tendency for the firms either to leave or enter the industry, and (ii) When each firm is also in equilibrium. The first condition implies that the average cost [...]

By Shivam N|2016-08-18T11:10:41+05:30August 18, 2016|Engineering Economics|Comments Off

Processes Involved in Production: 3 Processes

The following points highlight the three main processes involved in production of goods. The processes are: 1. Mechanisation 2. Automation 3. Specialisation. Process # 1. Mechanisation: Dominant technology also includes mechanisation. The production in the industrial system depends upon the machinery. The machines came into being due to so many factors. The machine was a device, which indirectly performed some [...]

By Shivam N|2016-08-18T11:11:33+05:30August 18, 2016|Production|Comments Off