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.
Governmentally-imposed obstacles to the entrance of new firms within a market are termed as: (1) regulatory barriers or legal barriers to entry. (2) strategic barriers to entry. (3) natural barriers to entry. (4) tax barriers to entry. (5) revenue blockades.
Name the Canada’s top three trading partners?
When a 10% hike in the price of paisley socks causes sales to fall with 20%, the demand for such socks is: (1) perfectly inelastic. (2) relatively inelastic. (3) unitarily elastic. (4) relatively elastic. (5) perfectly elastic. <
Kathy purchases two goods, t-shirts and caps. Her demand for t-shirts is: Qt = 44 – 3Pt - Pc + .04IThe price of caps is Pc = $2. And her income is I = $300.a. Graph a demand curve for Kathy’s t-shirts.
Short-run shut-down point of the cranberry farm occurs at a price of: (i) P1. (ii) P2. (iii) P3. (iv) P4. (v) Not computable from these figures. Q : Purely competitive firms in increasing When purely competitive firms operate within increasing cost industries, several: (1) individual firms’ supply curves should be horizontal. (2) firms should experience decreasing returns to scale at low output levels. (3) specia
When purely competitive firms operate within increasing cost industries, several: (1) individual firms’ supply curves should be horizontal. (2) firms should experience decreasing returns to scale at low output levels. (3) specia
The faddish popularity of Atkins and South Beach diets both, and both of that advise dieters to eat more meat and to decrease the intake of starchy carbohydrates, most likely decreased incomes most sharply for: (1) grocery store clerks. (2) cattle ran
The social value of additional output from the additional units of labor is as: (1) Marginal revenue product [or MRP] of labor. (2) Wage rate or price of the labor. (3) Average revenue product [or ARP] of labor. (4) Value of marginal product [or VMP] of labor. (5) Mar
The bilateral monopoly model is most likely most applicable in analyzing a case where a: (1) Major employer collectively bargains with the influential union. (2) Firm consists of monopoly power in output market and monopsony power in the labor market. (3) Labor market
Maximum possible total revenue monthly from sales of RoboMaids is about: (i) $70 million. (ii) $100 million. (iii) $125 million. (iv) $170 million. (v) $230 million. Discover Q & A Leading Solution Library Avail More Than 1451306 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1946073 Asked 3,689 Active Tutors 1451306 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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