--%>
Assignment Help - homework help

State the laws of production

State the laws of production.

E

Expert

Verified

Production function demonstrates the relationship between a specified quantity of input and maximum possible output of it. Given the production function and the relationship among additional quantities of input and the additional output can be simply obtained. Such kind of relationship yields the law of production.

The conventional theory of production studies the marginal input-output relationship in (a) Short run and (b) long run.

   Related Questions in Managerial Economics

  • Q : Income effect of wage rate The income

    The income effect of a small modify in the wage rate is approximately identical to the substitution effect for this worker point: (w) point a. (x) point b. (y) point c. (z) point d. Hello guys I wa

    		•
  • Q : Describe the term Incremental Revenue

    Describe the term Incremental Revenue in details.

    		•
  • Q : Boom - Phases of business cycle Explain

    Explain about the term Boom in phases of business cycle.

    		•
  • Q : Illustrates the plethora of definitions

    Illustrates the plethora of definitions regarding subject matter of economics?

    		•
  • Q : Gains from Exchange Can someone help me

    Can someone help me in finding out the right answer from the given options. Persons or nations that can outperform their competitors in all tasks enjoy: (1) Absolute benefits in all outputs. (2) Relative benefits in all outputs. (3) Comparative benefits in all outputs

    		•
  • Q : Techniques of economic forecasting

    Illustrates the techniques of economic forecasting in briefly?

    		•
  • Q : Problem of adverse selection Signaling

    Signaling may worsen the problem of adverse selection when: (w) potential agents do not transmit any types of signals. (x) job applicants increasingly signal with phony degrees. (y) employers discriminate on the basis of race or gender. (z) severe rec

    		•
  • Q : Physical Productivity of labor Labor’s

    Labor’s physical productivity based most directly on technology and the: (w) tastes and preferences of consumers. (x) transactions demand for money. (y) prices and availability of the other resources. (z) level of per capita income.

  • Q : Functions and responsibilities of

    States the functions and responsibilities of managerial economist?

    		•
  • Q : Offsets the amount of revenue to added

    Profit maximizing firms will adjust their employment of labor till the last employee hired adds: (w) more to the firm’s revenue than this adds to cost. (x) more to the firm’s cost than this adds to the firm’s revenue. (y) an amount o

    		•