Explain marginal I/O relationship in short run and long run
Explain the marginal input-output relationship in short run and long run.
Expert
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.
Illustrates the opinion of Stonier and Hague for explaining Demand in economics?
Differentiate between individual demand schedule and Market demand schedule in law of demand?
The most valuable human capital onto the given list would be possessed through a person who: (w) inherited a great deal of money. (x) invested large sums on the stock market. (y) had an advanced degree in music education. (z) specialized like a medica
State the causes for downward sloping of demand curve?
Illustrates the pricing policies briefly?
An individual’s labor supply curve is negatively sloped that is backward-bending into a range of wages while the: (i) demand for goods exceeds the demand for leisure. (ii) worker offers more hours of labor while the wage rate in
Within a graph along with output on the horizontal axis and whole revenue on the vertical axis, determine the shape of the total revenue curve for a perfectly competitive seller: w) U-shaped. x) inverted U-shaped. y) a horizontal line
Explain the cost concepts briefly.
When the substitution effect of a wage raise dominates the income effect, in that case the: (1) labor supply curve will be "backward bending." (2) value of the marginal product will exceed the wage rate. (3) labor force participation
Illustrates the managerial Economics according to Savage and John?
18,76,764
1931357 Asked
3,689
Active Tutors
1452214
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!