Author: commerceiets

MODELS OF OPERATIONS RESEARCH – Notes for B.com/ BBA students

February 27, 2020February 20, 2025 commerceiets

MODELS OF OPERATIONS RESEARCH Most operations research studies involve the construction of a mathematical model. The models of Operations research is a collection of logical and mathematical relationships that represents aspects of the situation under study. Models describe important relationships between variables; include an objective function with which alternative solutions are evaluated, and constraints that…

OPERATIONS RESEARCH

CONSUMER EQUILIBRIUM USING INDIFFERENCE CURVE ANALYSIS

February 25, 2020 commerceiets No Comments

CONSUMER EQUILIBRIUM USING INDIFFERENCE CURVE ANALYSIS Consumer equilibrium using indifference curve analysis is an Ordinal Approach to Consumer Equilibrium. An indifference curve is a locus of all combinations of two goods which yield the same level of satisfaction (utility) to the consumers. Since any combination of the two goods on an indifference curve gives equal…

MANAGERIAL ECONOMICS, MICRO ECONOMICS

LINEAR PROGRAMMING APPLICATIONS – Notes of Operations Research

February 25, 2020 commerceiets No Comments

LINEAR PROGRAMMING APPLICATIONS Linear programming is a powerful quantitative technique (or operational research technique) designs to solve allocation problem. The term ‘linear programming’ consists of the two words ‘Linear’ and ‘Programming’. The word ‘Linear’ is used to describe the relationship between decision variables, which are directly proportional. For example, if doubling (or tripling) the production…

OPERATIONS RESEARCH

WHAT IS LINEAR PROGRAMMING – Notes of Operations Research

February 25, 2020 commerceiets No Comments

WHAT IS LINEAR PROGRAMMING Linear programming is a powerful quantitative technique (or operational research technique) designs to solve allocation problem. The term ‘linear programming’ consists of the two words ‘Linear’ and ‘Programming’. The word ‘Linear’ is used to describe the relationship between decision variables, which are directly proportional. For example, if doubling (or tripling) the…

OPERATIONS RESEARCH

LINEAR PROGRAMMING PROBLEM NOTES – Operations Research for B.com/ BBA Students

February 25, 2020 commerceiets No Comments

Linear programming problem

OPERATIONS RESEARCH

LINEAR PROGRAMMING – Operations Research for B.Com/ BBA Students

February 25, 2020 commerceiets No Comments

LINEAR PROGRAMMING Linear programming is a powerful quantitative technique (or operational research technique) designs to solve allocation problem. The term ‘linear programming’ consists of the two words ‘Linear’ and ‘Programming’. The word ‘Linear’ is used to describe the relationship between decision variables, which are directly proportional. For example, if doubling (or tripling) the production of…

OPERATIONS RESEARCH

INDIFFERENCE CURVE ANALYSIS

February 24, 2020 commerceiets No Comments

INDIFFERENCE CURVE ANALYSIS The concept of Indifference Curve Analysis was first propounded by British economist Francis Ysidro Edgeworth and was put into use by Italian economist Vilfredo Pareto during the early 20th century. However, it was brought into extensive use by economists J.R. Hicks and R.G.D Allen. Hicks and Allen criticized Marshallian cardinal approach of utility…

MANAGERIAL ECONOMICS, MICRO ECONOMICS

CONSUMER EQUILIBRIUM

February 24, 2020 commerceiets No Comments

In this post you will learn about the concept of consumer equilibrium concept and equilibrium in case of one commodity and two commodities. CONSUMER EQUILIBRIUM A consumer is said to be in equilibrium when he is buying such a combination of goods as leaves him with no tendency to rearrange his purchases of goods. Consumer…

LAW OF EQUI MARGINAL UTILITY

February 23, 2020 commerceiets No Comments

LAW OF EQUI MARGINAL UTILITY The Law of Equi Marginal Utility was presented in 19th century by an economists H. H. Gossen. This is known as Gossen’s Second law of consumption. This law is based on the principle of obtaining maximum satisfaction from a limited income. It explains the behavior of a consumer when he consumes more…

MANAGERIAL ECONOMICS, MICRO ECONOMICS

LAW OF DIMINISHING MARGINAL UTILITY

February 23, 2020 commerceiets No Comments

LAW OF DIMINISHING MARGINAL UTILITY The Law of Diminishing Marginal Utility states that the amount of satisfaction provided by the consumption of every additional unit of a good decrease as we increase the consumption of that good. Marginal Utility is the change in the utility derived from the consumption of an additional unit of a…

MANAGERIAL ECONOMICS, MICRO ECONOMICS