Increasing return to a factor
Describe the likely behaviour of total product beneath the phase of increasing return to a factor.
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Increasing return to a factor is the first level of Law of return to a factor. Whenever more and more units of a variable factor is joined with fixed factor up to a certain phase, the total physical product increases along with increasing rate.
The resource least probable to conform to the supply curve demonstrated in this figure would be: (w) land. (x) capital. (y) labor. (z) entrepreneurship. Q : Consumers equilibrium in case of two Describe the consumer’s equilibrium in case of two commodities (IC) approach. Answer: Consumer equilibrium refers to a condition when he spends his specified
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For such illustrated figure profit-maximizing pure competitor, there area aPed shows: (1) fixed cost (TFC). (2) average fixed cost (AFC). (3) the lowest possible economic loss. (4) maximum economic profits. (5) the rate of return on investment. <
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