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.
Illustrates the important areas of managerial economics as a tool for decision making?
When the wage rate paid for labor raises, in that case the: (1) supply of labor increases (2) opportunity cost of leisure rises. (3) workers always supply more labor. (4) level of national income increases. (5) opportunity cost of leisure falls.
What are the advantages and disadvantage of naive method?
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The income effect of a small varies in the wage rate dominates the substitution effect for this worker at point: (w) point a. (x) point b. (y) point c. (z) point d. Discover Q & A Leading Solution Library Avail More Than 1432460 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1954920 Asked 3,689 Active Tutors 1432460 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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