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.
All else identical, a competitive firm will demand more labor when: (w) technological advances lead to automation. (x) the price of the firm’s output rises. (y) more firms enter the industry. (z) competing firms offer their workers more training
Enactment through the U.S. Congress of an extensively higher legal minimum wage would be probably to benefit: (i) American college professors. (ii) high-school dropouts in their teens. (iii) relatively unskilled foreign workers whose production is exp
Define naive method and its techniques briefly.
Extra revenue by the extra output produced from an additional unit of a resource is the marginal resource: (1) profit to the firm. (2) revenue product. (3) iso-utility curve. (4) resource cost. (5) productive value. Q : Profit price by earning in Human capital As per demonstrated in this graph, there average college graduate will earn around: (1) $12,000 yearly. (2) $20,000 yearly. (3) $45,000 yearly. (4) $90,000 yearly. (5) $100,000 yearly. Q : Labor Productivity Where diminishing Where diminishing returns overwhelm gains through the division of specialized labor, when there is an inflection point on the total revenue curve derived by a total output curve, and by the vantage point of a purely competitive firm h
As per demonstrated in this graph, there average college graduate will earn around: (1) $12,000 yearly. (2) $20,000 yearly. (3) $45,000 yearly. (4) $90,000 yearly. (5) $100,000 yearly. Q : Labor Productivity Where diminishing Where diminishing returns overwhelm gains through the division of specialized labor, when there is an inflection point on the total revenue curve derived by a total output curve, and by the vantage point of a purely competitive firm h
Where diminishing returns overwhelm gains through the division of specialized labor, when there is an inflection point on the total revenue curve derived by a total output curve, and by the vantage point of a purely competitive firm h
Illustrates the pricing policies briefly?
Critics of “credentialism” believe which firms making employment decisions tend to rely much heavily on: (1) personal contacts. (2) past experience. (3) personality testing. (4) job interviews. (5) formal training and education.
What is Diminishing Returns to Scale?
Illustrates the term dispersion of phrases of business cycle?
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