Define production function
Production function: This refers to the functional relationship among inputs and outputs.
When you quickly attain economic profit because you build a store on rented land which turns out to be located conveniently for potential customers, in that case: (w) profit will increase when you buy the land after your lease expires. (x) rent will a
I have a problem in economics on Problem on Paradox of Value. Please help me in the following question. Since diamonds are much expensive as relative to water, the: (i) Fundamental needs of people don’t comprise water. (ii) Consumer surplus from consuming the di
Economic profits produce competitive pressures which cause: (w) each firm’s output to shrink during the short run. (x) an industry’s output to increase. (y) market prices to increase. (z) firms to leave an industry. Q : Reduction of consumption of Inferior Brian, a poor college student, eats pinto beans or Ramen Noodles for dinner every night. After the graduation, he takes a job with a beginning salary of $50,000 per year. This modification in income is most probable to: (1) Decrease his consumption of both the product
Brian, a poor college student, eats pinto beans or Ramen Noodles for dinner every night. After the graduation, he takes a job with a beginning salary of $50,000 per year. This modification in income is most probable to: (1) Decrease his consumption of both the product
The Minimum wage laws might efficiently raise employment: (i) When the set wage value surpasses labor market equilibrium. (ii) In industries of profoundly exercised monopsony power. (iii) In no condition; higher minimum wage floods the labor supply and lower minimum w
When all bonds are perpetuities which pay annual income of $50, at an interest rate of 5% the price of bonds is: (w) $1,000. (x) $500. (y) $100. (z) $750. Can someone explain/help
People who reject to purchase the products of a firm whose actions they condemn, especially when such rejection is intended to support the employees who are on strike, and who urge others to not purchase such products, or to not deal with these firms, are engaged in a
Natural barriers to entry within a market arise primarily by: (w) strategies by existing firms to discourage the entry of new firms. (x) perfectly inelastic demands for products. (y) the declining cost structure inherent in producing certain goods. (z
The most compatible along with capitalism of the normative criteria for income distribution, which is the: (1) contribution standard. (2) gold standard. (3) needs standard. (4) balanced standard. (5) equality standard. Q : Income elasticity of demand Income Income elasticity of demand: Income elasticity of demand is the degree of receptiveness of demand to the modification in income. Discover Q & A Leading Solution Library Avail More Than 1444107 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1942306 Asked 3,689 Active Tutors 1444107 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
Income elasticity of demand: Income elasticity of demand is the degree of receptiveness of demand to the modification in income. Discover Q & A Leading Solution Library Avail More Than 1444107 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1942306 Asked 3,689 Active Tutors 1444107 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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