What is production function
Production function: It is the technological relationship among input and output of a firm and is termed as production function.
What supply curve illustrates?
A price increase for Pixie’s cheesy fried grits by P1 to P2 would yield higher total as: (w) revenue because demand is price elastic. (x) supply since demand is unitarily elastic. (y) revenue since demand is price inelastic. (z) use of the
NOT between characteristics of a purely competitive industry would be as: (w) large numbers of potential buyers and sellers. (x) long-run freedom of entry and exit. (y) modern technology that dictates large firms. (z) buyers have no influence on price
When a monopolist maximizes profit and charges a price equivalent to average cost, in that case the firm: (i) is producing at the minimum point on its marginal cost curve. (ii) also charges a price equal to marginal cost. (iii) is pro
Which of the given would NOT be taken as predatory behaviour: (w) Rapid technological innovation. (x) Reducing prices due to a commodity surplus. (y) Duplicative products intended to absorb shelf space. (z) Introduction of close substitutes for rivals
The employer with monopsony power which as well had the capability to wage discriminate perfectly would confront the marginal factor cost of the labor curve: (i) Similar to the supply of labor curve it faces. (ii) Lower than the supply of labor curve it faces. (iii) H
Define the term Psychological Pricing and what are their aspects?
Economists frequently suppose that equilibrium output for any firm arises where: (w) revenue is maximized. (x) revenue is rising. (y) profit is rising. (z) profit is maximized. Can someone explain/help me with best
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
Moving from point b to point c beside demand curve D, in that case the price elasticity of demand for video games upon DVDs equivalent: (1) 0.8. (2) one. (3) 1.10. (4) 1.25. (5) 2.50 Discover Q & A Leading Solution Library Avail More Than 1431714 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1958321 Asked 3,689 Active Tutors 1431714 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
18,76,764
1958321 Asked
3,689
Active Tutors
1431714
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!