Define production function
Production function: This refers to the functional relationship among inputs and outputs.
Capitalization is the process whereby wealth is produced and after that recognized when: (1) financial institutions transform households’ saving in economic investment. (2) asset prices are adjusted through market forces to reflect the present v
When a firm shuts down within the short run, in that case it’s economic: (w) profit is zero. (x) resources have zero opportunity cost. (y) loss equals its fixed cost. (z) value to shareholders rises. Please guys help to solve
The dissimilarities in the arc elasticities of demands for labor among the Ajax Corporation and Bosun Limited are consistent along with an inference which Bosun: (1) is a more profitable firm than Ajax. (2) hires more highly skilled workers than Ajax
Can someone please help me in finding out the accurate answer from the following question. The pure monopsonist: (1) Is the sole buyer of a specific good or resource in the given market. (2) Can adjust just quantity and therefore is a price-taker in input market. (3)
What is the reason that production possibilities curve concave? Elucidate.
Effects of price ceiling: The consequences of price ceiling might be: A) Scarcity of the commodity B) The government might oblige rationing that is, supply of goods in limited q
You can calculate approximately a price elasticity of supply by data indicating that: (a) steel production rises 18 % while national income grows 13 %. (b) farmers increase soybean plantings 15 % while prices rise 5 %. (c) Ford raises production when
The price elasticity of demand for a good will tend to rise as the: (i) number of obtainable substitutes increases. (ii) consumer income level increases. (iii) good is a less significant budget item. (iv) time permitted for response decreases. (v) ela
Pure competition yields economic efficiency through: (w) punishing profit maximizing behavior. (x) forcing firms to adopt the least costly technologies available. (y) generating high profits as incentives. (z) rewarding entrepreneurs
The needs standard for income distribution would certainly involve: (w) difficulty in the measurement of productivity. (x) an enormous bureaucracy. (y) greater incentives for production than the contribution standard. (z) economic ef
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