Explain the term Production function
Explain the term Production function.
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Production function demonstrates the technological relationship in between the quantity of various inputs and quantity of output used in production. Production function is economic sense describes the maximum output which can be produced during a period with an exact quantity of different inputs in the existing state of technology. Conversely, this is the tool of analysis that is used to explain the input/output relationships. Generally, this tells that production of a commodity depends upon the given inputs. Under its specific tem this presents the quantitative relationship in between inputs and output. Inputs are categorized as given below:
1. Fixed input or fixed factors and
2. Variable input or variable factors.
An apparent monopoly might charge the competitive price in the long run when: (w) exit is costly. (x) entry and exit are relatively costless. (y) this is not a natural monopoly. (z) this is not regulated. Q : Economic incidence of a tax imposing The economic incidence of a tax: (i) identical to its legal incidence. (ii) either forward-shifted to suppliers or backward-shifted to consumers. (iii) imposed on whoever suffers decreased purchasing power because of the tax. (iv) more easily found th
The economic incidence of a tax: (i) identical to its legal incidence. (ii) either forward-shifted to suppliers or backward-shifted to consumers. (iii) imposed on whoever suffers decreased purchasing power because of the tax. (iv) more easily found th
Profit maximizing competitive firms will competitively hire supplied labor up to that point where VMP is: (w) is at its maximum. (x) equals the wage rate. (y) minus MRP is minimized. (z) minus W is at its maximum.
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