Techniques of how to produce

Techniques of how to produce?: Broadly, there are two main methods of production.

(i) Labour intensive Technique: Under this method, production depends mostly on the utilization of labour.

(ii) Capital Intensive Technique: Under this method, production depends mostly on the utilization of machines (termed capital) efficient method of production is that which employs minimum possible inputs for a specific amount of output. And hence, cost per unit of output is minimized.

View Complete Question

Related Questions in Microeconomics

Q : Distribution of Income before taxes and

Income is distributed before taxes and transfers in the United States such as, in 2003 year, the lowest quintile [20%] earned around: (w) 4% of all income and the highest quintile earned over half of all income. (x) 5% as much as the highest quintile.

Q : Maximizes profit for output HoloIMAGine

HoloIMAGine has patented a holographic technology which creates 3-D photography obtainable to consumers. It maximizes profit at: (i) output q1. (ii) output q2. (iii) output q3. (iv) output q4. (v) output q5.

Q : Describe economic perspective The

The economic perspective refer as: 1) macroeconomic phenomena, but not microeconomic phenomena. 2) microeconomic phenomena, but not macroeconomic phenomena. 3) the making of purposeful decisions in a context of marginal costs and marginal benefits. 4) unlimited resour

Q : What is involuntary unemployment What

What is involuntary unemployment: The people who are willing to work at given wage rate do not obtain work.

Q : Alpha's and Beta's profits Refer to the

Refer to the below diagram where the numerical data illustrates profits in millions of dollars. Beta's profits are illustrated in the northeast corner and Alpha's profits in the southwest corner of each cell. If Alpha and Beta engage in collusion, the outcome of the g

Q : Long-run economic losses in a

Expectations of long-run economic losses within a competitive industry as: (1) inevitably follow “cut throat” pricing policies. (2) cause firms to leave the industry. (3) increase each firm’s long-run fixed costs. (4) create pressure

Q : Marginal cost Give the answer of

Give the answer of following question. Refer to the given data. The marginal cost of producing the sixth unit of output is: A) $24. B) $12. C) $16. D) $8. 432_f</span></p>
</div>

</li>

</td>
</tr><tr>
<td>

<li>
<div class=

Q : Demand in price inelastic region

HoloIMAGine will never deliberately generate and sell holographic technology at an output level where is: (w) marginal revenue [MR] is positive. (x) demand is in a price-elastic region. (y) marginal revenue [MR] is falling. (z) demand is in a price-in

Q : Price increment for higher total revenue

A price increase for Pixie’s cheesy fried grits by P1 to P2 would yield higher total as: (w) revenue because demand is price elastic. (x) supply since demand is unitarily elastic. (y) revenue since demand is price inelastic. (z) use of the

Q : Determine good for demand to be most

Of the given, the good for that demand is likely to be most price elastic is as: (1) electricity. (2) airline tickets in throughout spring break. (3) ballpoint pens. (4) Paul Newman’s spaghetti sauce. (5) menthol cigarettes.

Discover Q & A

Leading Solution Library

Avail More Than 1416490 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1942482
Asked

3,689

Active Tutors

1416490

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment