Increasing return to a factor
Describe the likely behaviour of total product beneath the phase of increasing return to a factor.
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Increasing return to a factor is the first level of Law of return to a factor. Whenever more and more units of a variable factor is joined with fixed factor up to a certain phase, the total physical product increases along with increasing rate.
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Most of the economists believe firms tend to proficiently maximize the profits since of: (i) Stockholder pressure. (ii) Competition for the management positions. (iii) Principal-agent conditions. (iv) The chance of corporate take-over. Q : Production possibility frontier By By using the production possibility frontier, revel that if a society decides to produce more capital goods associated to consumption goods in year 1, then in year 2 there will be more consumption goods.
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What are the various functions of price mechanism in a free market economy?
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