Defined the simple way for production function
Defined the simple way for production function?
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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.
If the owner of a resource is paid in excess of the minimum needed to supply specified amounts of the resource, in that case the owner is the beneficiary of: (1) economic rents. (2) wage premiums. (3) excess profits. (4) surplus values. (5) capitaliza
What are the scopes of managerial economics?
A labor market operates inefficiently when labor is hired only up to a point where, that the last worker: (1) VMP = w. (2) VMP minus MRC exceeds zero and is maximized. (3) P x MPPL = w. (4) added total revenue equals added total cost. Q : Features of Marginal costing Write down Write down the features of Marginal costing?
Write down the features of Marginal costing?
If the wage rate increases from $10 per hour to $25 per hour, then the elasticity of the supply of labor from this worker is roughly: (1) zero. (2) 7/15. (3) one. (4) minus 8/15. Q : Income effect of a change in wage rates When comparing such labor supplies in this illustrated figure, this is clear that the income effect of a change within wage rates is: (w) positive for Morgan and negative for Chandra. (x) more powerful than the substi
When comparing such labor supplies in this illustrated figure, this is clear that the income effect of a change within wage rates is: (w) positive for Morgan and negative for Chandra. (x) more powerful than the substi
I have a problem in economics on Diminishing Returns. Please help me in the following question. In a completely employed food-and-clothing economy, equivalent successive raises in food production will ultimately need successively: (i) Larger increases
States the Scarcity Definition in economics?
As per demonstrated in this graph, there average college graduate will earn around: (1) $12,000 yearly. (2) $20,000 yearly. (3) $45,000 yearly. (4) $90,000 yearly. (5) $100,000 yearly. Q : Illustrates the types of revenue cost Illustrates the types of revenue?
Illustrates the types of revenue?
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