Explain marginal I/O relationship in short run and long run
Explain the marginal input-output relationship in short run and long run.
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In the short run, input-output relations are studied along with one variable input, when other inputs are supposed constant. The Law of production in these assumptions are termed as the Laws of variable production.
Under the long run input output relations are studied supposing all the input to be variable. The long-run input output associations are studied in according to Laws of Returns to Scale.
Explain the Arc Method of Measurement of Elasticity.
One purpose that firms hire labor at the point where w is equal to P x MPPL is: (1) if w < P x MPPL, the cost (w) of hiring additional workers exceeds the gains (P x MPPL) of hiring them, therefore they would hire fewer workers. (2) when w > P x
Explain the Simultaneous equation method of Demand Forecasting.
The costs of investing in human capital are probably to be borne through an employer when the human capital is: (1) general. (2) marginal. (3) precise. (4) generic. (5) specific. Can someone explain/help me with be
When this purely competitive labor market is primarily in equilibrium at of D0L, S0L, a shift to equilibrium at D2L, S0L would be probably to follow by increases in: (1) minimum wage laws. (2) imports of this good from forei
In the United States throughout the past 70 years or therefore, the: (1) amount of human capital per worker has fallen. (2) labor force participation rate of women has risen. (3) supply of labor has consistently grown faster than the demand. (4) real rates of return f
States the term Shift in Demand?
Illustrates the differences between Sunk Cost and Incremental cost?
Increasing the wage rate increases total wages received through workers when the demand for labor is: (w) relatively elastic. (x) relatively inelastic. (y) unitarily elastic. (z) perfectly elastic.
What is Diminishing Returns to Scale?
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