States the term Production
States the term Production?
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In Economics the term production implies process by that a commodity or commodities transformed within to various usable commodities. Conversely, production implies transforming inputs (as labour, raw materials and machines.) into an output. Such kind of production is termed as manufacturing. However the production process does not necessarily include physical conversion of raw materials in to tangible goods.
This also contains the conversion of intangible inputs to intangible outputs. For illustration, production of legal, social, consultancy services and medical services, there lawyer doctors, social workers consultants all are all engaged in producing intangible goods. An input is service or good which goes within to the process of production and output is any good service which comes out of production process.
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Increasing the wage rate increases total wages received through workers when the demand for labor is: (w) relatively elastic. (x) relatively inelastic. (y) unitarily elastic. (z) perfectly elastic.
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When this purely competitive labor market is firstly in equilibrium at D0L, S0L, an increase within the price of output will result into equilibrium being attained at: (w) D0L, S0L. (x) D1L, S1L. (y) D2L, S1L. (z) D1L, S0L. Discover Q & A Leading Solution Library Avail More Than 1430204 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1940158 Asked 3,689 Active Tutors 1430204 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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