What is Diminishing Returns to Scale
What is Diminishing Returns to Scale?
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Under this stage, a proportionate increase in each input result only less than proportionate increase within output. It is due to the diseconomies of large scale production. While the firm grows further, the problem of management happen that result inefficiency and this will influence the position of output.
Where diminishing returns overwhelm gains through the division of specialized labor, when there is an inflection point on the total revenue curve derived by a total output curve, and by the vantage point of a purely competitive firm h
The substitution consequence on labor supply decision of an individual is more powerful than the income effect while: (1) higher wage rates result within increased hours worked. (2) cuts in wage rates yield discouraged worker effects. (3) the supply c
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
Illustrates the types of Demand Forecasting?
Explain the meaning of price.
Define the going rate pricing briefly.
Illustrates the managerial Economics according to Michael Baye? Answer: In the words of Michael Baye as this term Managerial Economics is the study of how to directl
Labor supplies depend on wage rates and also: (w) labor force participation and capital availability. (x) worker skills and preferences regarding employment. (y) technology and the price of output. (z) labor force participation and derived demand.
A society’s stock of human capital would be least probable to grow as a consequence of: (w) federal subsidies for college education. (x) sustained unemployment during a recession. (y) apprenticeship programs for construction workers. (z) retrain
States the Welfare Definition in economics?
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