Explain the term Production function
Explain the term Production function.
Expert
Production function demonstrates the technological relationship in between the quantity of various inputs and quantity of output used in production. Production function is economic sense describes the maximum output which can be produced during a period with an exact quantity of different inputs in the existing state of technology. Conversely, this is the tool of analysis that is used to explain the input/output relationships. Generally, this tells that production of a commodity depends upon the given inputs. Under its specific tem this presents the quantitative relationship in between inputs and output. Inputs are categorized as given below:
1. Fixed input or fixed factors and
2. Variable input or variable factors.
Illustrates the term variable cost?
States the term Production?
What is Scarcity Definition of economics?
The relationship between the elasticity of demand for labor and the elasticity of demand for a specific type of output the labor produces is: (1) uniformly negative. (2) uniformly positive. (3) zero. (4) curvilinear. (5) highly variab
Demand for labor of this purely competitive firm in given figure corresponds to: (1) line segment ab. (2) line segment bd. (3) line segment be (4) line segment df. (5) line segment dg. Q : Explain the aspects of operational or Explain the aspects of operational or internal issues.
Explain the aspects of operational or internal issues.
What are the advantages and disadvantages of trend projection method?
Explain the Opinion Survey method of Demand Forecasting.
Illustrates the Importance of managerial economics?
Technological advances because the starting of the twentieth century has: (w) removed the limits on our ability to produce. (x) removed the problem of scarcity. (y) expanded our capability to produce. (z) raised the use of resources for production. Discover Q & A Leading Solution Library Avail More Than 1430853 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1923112 Asked 3,689 Active Tutors 1430853 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
18,76,764
1923112 Asked
3,689
Active Tutors
1430853
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!