Economics have developed several models for the purpose of _____________ in firms.
A. Training
B. Development
C. Decision making
D. Productivity
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8
Answer: development
Explanation:
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As far as the firms or companies are concerned,Production Economics deals with various models related decision-making at production level or management level to maximize profit.
Explanation:
Various models are used in Production Economics to facilitate the profit maximizing decisions of a firm or company such as profit maximizing,cost minimization,efficient/optimal production level and so on.In Production Economics,it is assumed that the main economic objective of any rational firm or a company is to expand revenue level and reduce cost/expenses of production and maximize profit in the process.Therefore,these economic models basically enable the firms to achieve its central objective in business.However,there are many non-profit organisations that operate to arguably generate social welfare and not profit.
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