Defined the simple way for production function
Defined the simple way for production function?
Expert
Within the strict sense, production function is defined as the transformation of physical input within to physical output where output is a function input. This can be expressed algebraically as follows:
Q=f (K,L etc).
Here Q: It is the quantity of output produced throughout a particular period K, L and so forth are the factors of production f: It is denotes the function of or depends upon.
Economic efficiency for all consumption and production choices would guarantee getting the social objectives of: (w) equality of income distribution. (x) employment and educational opportunities for all. (y) enhanced environmental quality. (z) None of
Who is the father of economics and what is wealth definition of economics?
Screening refers to: (w) employers examining the qualifications of a potential employee before hiring. (x) applicants acquiring additional schooling in order to attain a certain job. (y) employers hiring only people of a certain race or sex. (z) applicants learning as
When a firm hires 1 unit of additional labor that increases output through two units, and marginal revenue is $100, the marginal revenue product of labor is: (w) $100. (x) $50. (y) $150. (z) $200. How can I solve m
Refer to below figure. Assume that the firm is currently producing Q2units. What occurs if this expands output to Q3units: w) Its profit raises by the size of the vertical distance df. x) this makes less profit. y) this incurs a loss. z) this wil
8. The Real Kool Toys Company manufactures and sells educational toys. An empirical demand function for one of the firm's products has been estimated over the last 21 quarters using regression analysis. The estimated demand function is: QY = -8,000 - 5,000PY + 192A + 120I + 2,000PX (6,000) (1,00
Adam Smith would have had the greatest complexity in describing income differentials as depends on scarcity and productivity for the case wherein: (1) Holly lives into New York City and is paid more than Devin, who has a same job in K
What is social cost of production?
When this purely competitive labor market is primarily in equilibrium at D0L, S0L, a move to equilibrium at D0L, S1L would be probably to follow from increases in: (w) rates of technological advance. (x) the cost of living. (y) labor force participati
A firm which provides its workers along with substantial exact training tends to: (i) pay such individuals premium wages to try to make sure retaining these workers. (ii) require workers to sign legal contracts of peonage and indenture. (iii) increase
18,76,764
1947647 Asked
3,689
Active Tutors
1456202
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!