Explain the Economies of Scale
Explain the Economies of Scale.
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The factors that cause the operation of the laws of returns the scale are grouped under diseconomies and economies of scale. Increasing returns to scale operates due to economies of scale and decreasing returns to scale operates due to diseconomies of scale whether economies and diseconomies arise concurrently.
Increasing returns to scale operates while economies of scale are greater than the diseconomies of scale and returns to scale reduces while diseconomies. Overweight the economies of scale. Likewise when economies and diseconomies are in balance and a return to scale becomes constant.
Explain about input output table method.
The theory which the economic rent on agricultural land depends upon how much extra production is gained relative to the production which could be realized on land not rather worth cultivating is attributable to: (1) Johann H. von Thünen. (2) Ada
The income effect of a small change within the wage rate for that worker most strongly exceeds the substitution effect at a wage rate of: (1) $5 per hour. (2) $10 per hour. (3) $10 per hour to $25 per hour. (4) $25 pe
For wage rates in between $18 and $21, there the elasticity of Morgan’s supply of labor is: (w) 0.72. (x) one. (y) 1.08. (z) 1.44. Q : Illustrate profit or loss on the cost A firm's total profit can be computed as all of the given except w) total revenue minus total cost. x) average profit per unit times quantity sold. y) (price minus average total cost) multiply with times quantity sold. z) marginal profit times quantity sold.
A firm's total profit can be computed as all of the given except w) total revenue minus total cost. x) average profit per unit times quantity sold. y) (price minus average total cost) multiply with times quantity sold. z) marginal profit times quantity sold.
Illustrates the term Law of Demand? Answer: The law of Demand is termed as the “first law in market”. It shows the relation in between quantity and price
When a firm is a price taker in the labor market, in that case the: (w) wage is constant for any quantity of labor this would hire. (x) marginal resource cost of labor is constant for any quantity of labor this would hire. (y) wage equals the marginal
Explain the pricing under price leadership.
Critics of “credentialism” believe which firms making employment decisions tend to rely much heavily on: (1) personal contacts. (2) past experience. (3) personality testing. (4) job interviews. (5) formal training and education.
Explain the business decision based upon income elasticity.
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