What is Increasing Returns to scale
What is Increasing Returns to scale?
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While proportionate increase in all factor of production results within a more than proportionate raise in output and it results first stage of production that is termed as increasing returns to scale. Marginal output rises at this stage. Higher degree of specialization and falling cost and so on will lead higher efficiency that result increased returns in the very initial stage of production.
Differentiates between short run and long run costs?
An equilibrium point on the resource demand curve of a competitive firm operating within a competitive labor market would indicate equality among the resource price and: (w) demand elasticity. (x) quantity demanded. (y) VMP of the resource. (z) output
Explain the assumptions of Law Diminishing Returns.
Explain the meaning of total, average, marginal and incremental revenue.
Illustrates the term Law of Demand? Answer: The law of Demand is termed as the “first law in market”. It shows the relation in between quantity and price
Explain the Simultaneous equation method of Demand Forecasting.
Define the difference between accounting and economic cost.
Differentiate between Private Cost and Social Cost.
General training occurs while a: (w) secretary learns a new office procedure. (x) handyman learns to drive a semi-truck. (y) messenger learns the company’s in-house mail route. (z) navy recruit learns how to repair a guided missile.
What are the Methods of Demand Forecasting?
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