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 : Market power and excess capacity A

A monopolist which does not price discriminate cannot concurrently maximize profit and: (w) charge a price equal to marginal cost. (x) minimize average cost. (y) charge a price equal to minimum average cost. (z) produce only zero econ

Q : Problem of How to Produce Describe the

Describe the problem of How to Produce? Answer: This refers to the choice of techniques of production of services and goods and whether labor intensive or capital i

Q : Why the slope budget line downward

Describe why is the budget line slope downward?

Q : Higher labor force participation rate

Poverty stricken families are seldom described by: (w) a female headed household. (x) higher labor force participation rates. (y) more frequent illnesses. (z) higher birth rates and more children. Hey friends pleas

Q : Defined Welfare Recipients By

By description, a family of four receives welfare when it: (1) pays a smaller share of taxes than its share of benefits from government. (2) lives below the poverty line. (3) includes a student attending college on an academic scholar

Q : Elasticity of demand changes with price

Calculating the price elasticity of demand for DVD games for a price variation from $50 to zero in such demand curve is: (w) 0. (x) infinity. (y) mostly meaningless since elasticity changes continuously over such range. (z) 1.5.

Q : Types of market in economy Types of

Types of market in economy: There are two kinds of market in this economy: Factor market-for Factors of Production and Product market-for goods and Services.

Q : Maximized output level and zero

When all production costs for a monopoly are fixed [MC =0], in that case economic profit: (i) falls when price is raised in the inelastic range of a demand curve. (ii) rises when price is cut in the inelastic range of

Q : Labor Contracts-Check-off Provisions

I have a problem in economics on Labor Contracts-Check-off Provisions problem. Please help me in the given question. The statement of check-off provision: (1) Was outlawed through Taft Hartley Act. (2) Is unlawful in union shops. (3) Simplifies the un

Q : Examples of pairs of substitutes goods

Illustrations of pairs of goods which are close substitutes comprise: (i) Bow ties and tuxedoes. (ii) Glasses and contact lenses. (iii) Power boats and water skis. (iv) Baby food and diapers. (v) Camping trailers and large SUVs.

Discover Q & A

Leading Solution Library

Avail More Than 1419298 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1926715
Asked

3,689

Active Tutors

1419298

Questions
Answered

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

Submit Assignment