What are the certain assumptions in production functions
What are the certain assumptions in production functions?
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The production functions are based upon exact assumption as follows:
a. Ideal divisibility of inputs and output both;
b. Restricted substitution of one factor for the others and
c. Constant technology; and
d. Inelastic supply of fixed factors within the short run.
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.
In 2007 year, relative to men along with comparable education and experience, working women earned average wages which were roughly: (w) 25%-35% of the average wages for men.. (x) 70%-80% of the average wages for men. (y) 80%-90% of the average wages
Assume that you view a degree as a ticket to a high-paying job along with prospects of quick promotion, and that accumulating human capital by learning and studying valuable material is largely not relevant. Your perception is which a college degree f
Define the Revenue Concept in brief.
One purpose that firms hire labor at the point where w is equal to P x MPPL is: (1) if w < P x MPPL, the cost (w) of hiring additional workers exceeds the gains (P x MPPL) of hiring them, therefore they would hire fewer workers. (2) when w > P x
If workers accept lower wages in exchange for employer assurances of enhanced job security, employment agreements are illustrations of: (i) credentialism. (ii) comparable worth. (iii) specific training. (iv) an implicit labor contract. (v) human capital.
explain the different phases of business cycle
What are the significant causes of business cycle to give birth?
Illustrates the differences between Sunk Cost and Incremental cost?
Define naive method and its techniques briefly.
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