--%>
Assignment Help - homework help

How will the goods and services be produced

How will the goods and services be produced?

E

Expert

Verified

1. The market system encourages and rewards those producers who are achieving productive efficiency, i.e., least-cost production.

2. Least-cost production techniques include: locating firms in the optimum location considering resource prices, resource productivity, and transportation costs, available technology, and resource prices in general.

3. Most efficient technique will be the one that produces a given amount of output with the smallest input of scarce resources when both inputs and outputs are measured in dollars and cents.

   Related Questions in Business Economics

  • Q : Briefly state the pros and cons of

    Briefly state the pros and cons of Partnership?

    		•
  • Q : Theory of wages according to Adam Smith

    Least consistent along with Adam Smith’s theory of wages would be the suggestion that wages vary positively along with the: (w) effort required to learn skills necessary to accomplish particular types of work. (x) stability of employment and the

    		•
  • Q : What are economic resources What are

    What are economic resources? What are the major functions of the entrepreneur?

    		•
  • Q : Human Resource Management problems

    Question Write a report on a local firm that faces Human Resource Management problems. Pick two major problems and provide solutions to it. The company selected must

    		•
  • Q : Are quantities supplied-demanded equal

    In perfectly competitive market, the market demand curve is given by Qd = 10 − Pd, and the market supply curve is given by Qs = 1.5Ps. a) Prove that the market equilibrium price and

    		•
  • Q : Positive Balance of Payments Question:

    Question: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments." Briefly comment on this

    		•
  • Q : Example of simultaneous changes in both

    Elucidate an example of simultaneous changes in both supply and demand?

    		•
  • Q : Calculate Equilibrium Quantity and Price

    1. The owner of a firm calculates that next year's profit will be $1,000. Each successive year profit will increase by 10% (i.e. year 2: $1100; year 3: $1210 and so on.) At the end of the 5th year the firm could be sold for $20,000. A) if the appropriate di

    		•
  • Q : Gains from Exchange- Practice and

    When a world famous concert pianist is as well the world's fastest short order cook, he would most likely gain the most financially through devoting: (i) Full time to frying burgers (ii) Full time to piano practice and concerts. (iii) Half-time cooking and half-time p

    		•
  • Q : Use of human and material resources

    What are the merits of speciality in the use of human and material resources?

    		•