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q what is marginal cost curvemc curve is also u shaped as in figure below marginal cost curve falls initially but then reaches a minimum point and
measuring point elasticity on a non-linear demand curve lets now explain the method of measuring point elasticity on a non-linear demand curve assume
fixed costs are those that are independent of output they should be paid even if firm produces no output they wouldnt change even if output changes
q evaluate total cost - fixed and variable total cost tc of the firm is a function of output q it would increase with the increase in output which is
point elasticitythe point elasticity of demand is described as the proportionate change in quantity demanded in response to a very small
in the short-run the firm cant modify or change overhead factors like equipment plant and scale of its organisation in the short-run output can be
point and arc elasticity of demandthe elasticity of demand is conventionally measured either at a finite point or between any two finite points on
q what do you mean by cost functioncost function is a derived function its derived from the production function that describes the efficient method
q explain about long run production functionlong run is a phase adequately long so that all factors together with capital can be changedthe factors
q explain the short run production functiondiscussion of production up to now has ignored the time required to build production facilities there is a
q types of production functionproduction function is of two different forms the variable proportion production function the fixed proportion
the production function can have many uses it can be used to compute least-cost factor combination for a given output or maximum output combination
technically efficient method of production lets suppose that commodity x is produced by two methods by employing capital and labourfactor
q show the method of productiona process or method of production is a combination of inputs essential for the production of output a method of
q explain the concept of demand functionidentical to the demand theory which pivots around the concept of demand function theory of production
q show the empirical analysisempirical analysis aimed at investigating nature of scale economies degree of input complementarily orsubstitutability
q implications for the shape of cost functiona cost function is also a mathematical relationship one which relates the expenses an organisation
state the types of demand elasticity income elasticity elasticity of demand with respect to change in consumers income price expectation elasticity
q what is production and cost functionproduction functions and cost functions are the keystones of managerial and business economics a production
q what do you mean by ordinal utilitya method of analysing utility or satisfaction derived from consumption of services andgoods based on a relative
how we can measure elasticity of demand though a manager requires an exact measure of this relationship for appropriate business decisions elasticity
q explain about cardinal utilitya measure of utility or satisfaction derived from consumption of services and goods which can be measured using an
q explain about utility analysisa subset of consumer demand theory which analysis consumer behaviour and market demand employing marginal utility and
time domain time domain is a term which is used to define the analysis of mathematical functions or physical signals with respect to time in the time
elasticity of demandas the law of demand establishes a relationship between quantity demanded and price for a product it doesnt tell us exactly as