Define production function
Production function: This refers to the functional relationship among inputs and outputs.
Guidelines for Estimating Times and Costs: Determine responsibilities. Use many people to estimate. Base estimates on general conditions. Select time units, and be consistent in their use. Indepen
I have a problem in economics on Labor union and an unregulated public utility. Please help me in the following question. While comparing an influential labor union and an unregulated public utility firm like cable TV, both might: (1) Be considered as the monopolists.
Can someone help me in finding out the right answer from the given options. The lack of competition in the product market outcomes in: (1) Less labor being hired than when the markets were competitive. (2) More labor being hired than when the markets were competitive.
When individuals or families have adequate resources [for example, employment opportunities] to escape a state of destitution, although choose not to, they are experiencing as: (1) involuntary poverty. (2) relative poverty. (3) a vicious cycle of pove
An interest rate of 10 percent causes the present value of $1000 acquired one year by now to be: (w) $1000. (x) $1,100. (y) $909.09. (z) $100. Hey friends please give your opinion for the problem of Economi
The methods unions use to raise the wages of their members do not comprise: (1) Rising the demand for the union labor. (2) Establishing higher salaries and allotting work to members. (3) Facilitating the management plans to raise productivity. (4) Raising the supply o
When interest rates rise, in that case the opportunity costs of: (1) current consumption rise. (2) future consumption rise. (3) current investment decline. (4) government budget deficits decline. (5) saving grows proportionally.
The Department of the Census defines high relative income as experienced while families: (w) earn more than $60,000 annually per worker in the family. (x) have income which is twice the median incomes of other American families. (y) e
Innovation: (w) entails financial investment to create human capital. (x) comprises the commercial introduction of a new product or production process. (y) can reasonably describe only normal accounting profit. (z) was used by John Maynard Keynes to d
Can someone please help me in finding out the accurate answer from the following question. The value of marginal product of the variable resource is its marginal product multiplied by: (1) The marginal revenue from sale of its addition to the output. (2) The price of
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