What is Constant Returns to scale
What is Constant Returns to scale?
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Firms cannot keep increasing returns to scale indefinitely after the first stage; therefore, firm enters a stage while total output tends to increase at a rate that is equal to the rate of increase in inputs. Such stage comes in to operation while the economies of large scale production are neutralized through the diseconomies of huge scale operation.
Why is wealth definition of economics criticized?
When the substitution effect of a wage raise dominates the income effect, in that case the: (1) labor supply curve will be "backward bending." (2) value of the marginal product will exceed the wage rate. (3) labor force participation
Explain about the term survey techniques.
An assumption regarding purely competitive labor markets to make sure market clearing is which: (w) firms maximize profit. (x) individuals and households maximize utility. (y) wages and prices are flexible. (z) trade unions engage in collective bargai
What are the operational or internal issues of managerial economics?
Explain the Simultaneous equation method of Demand Forecasting.
States the term Demand Analysis?
Illustrates the Expert Opinion method of Demand Forecasting?
Explain the aspects of operational or internal issues.
Does managerial economics as a tool for decision making? Explain this term.
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