Illustrates the fixed and variable inputs in economics
Illustrates the fixed and variable inputs in economics?
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In economic sense, a fixed input is one that supply is inelastic in the short run. Thus, all of its users can’t buy more of it in short run. Theoretically, all its users cannot utilize more of this in the short run. When one user buys more of this, some other users will find less of this. A variable input is explained as one whose supply within the short run is elastic, for example: Labour and raw materials.
All the users of these factors can make use of larger quantity in the short run. As in technical sense, a fixed input keeps fixed as constant up to an exact level of output while a variable input changes with change in output. A firm consist of two types of production function as follows:
1. Shot run production function and
2. Long run production function
The individual household within a purely competitive labor market as: (w) has a perfectly elastic supply of labor at the market wage. (x) has a perfectly inelastic supply of labor at the market wage. (y) faces a perfectly elastic demand for its labor
Screening devices used while employers try to stop adverse selection through applicants for positions do not comprise: (1) reviewing résumés to identify applicants’ qualifications. (2) needing non-compete clauses which prevent new
Which of the given statements is not CORRECT: (w) Acquiring productive skills is known as investment in human capital. (x) General training increases a worker’s marginal productivity equally for many firms. (y) Specific training increases the productivity of the
The income effect of a small varies in the wage rate dominates the substitution effect for this worker at point: (w) point a. (x) point b. (y) point c. (z) point d. Q : Real business practices and traditional Illustrates the ways in managerial economics bridges between real business practices and traditional economic theory?
Illustrates the ways in managerial economics bridges between real business practices and traditional economic theory?
Disadvantaged groups have historically been pressured toward low wage jobs in a procedure termed as: (1) occupational crowding. (2) labor staggering. (3) systemic discrimination. (4) reverse favoritism. (5) nepotism. Q : Quantity demand declines back and up in Suppose that the auto market started at the intersection of S0 and D0, and subsequently higher labor costs drove up prices for latest cars. How will it influence the market for automobiles?: (w) Higher wages for auto workers drive up the total ma
Suppose that the auto market started at the intersection of S0 and D0, and subsequently higher labor costs drove up prices for latest cars. How will it influence the market for automobiles?: (w) Higher wages for auto workers drive up the total ma
Increasing the wage from $9 to $15 will cause Plastibristle’s total hourly wage payments to: (w) rise by about $900. (x) rise by about $1500. (y) fall by about $900. (z) fall by about $1500. <
Within a purely competitive labor market, there the firm: (w) sets the wage that the household should accept. (x) should accept the wage demanded by the household. (y) and household arrive at the wage by bargaining. (z) and household should take the e
States the Extension and Contraction of Demand.
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