What is production function
Production function: It is the technological relationship among input and output of a firm and is termed as production function.
Inferior goods in economics: Inferior goods refer to such goods whose demand reduces with the rise in income of consumer.
The horizontal labor supply curve signifies that: (i) The supply of labor is perfectly inelastic. (ii) The firm can hire as much labor as it requires at going wage rate. (iii) Labor and capital are in the fixed supply. (iv) Marginal physical product of the labor is co
Select the right answer of the question. The physical export of motorcycles from the United States to Mexico best illustrates a: A) trade flow. B) resource flow. C) financial flow. D) technology flow.
David Ricardo: (w) was the originator of the theory of pure economic rent onto land. (x) believed that land rent was earned since land would not be available at a zero price. (y) observed that marginal land which is just barely helpful commands positi
Pure competition is described by freedom of entry and exit by firms which are: (i) price discriminators and quality adjusters. (ii) price takers and quantity adjusters. (iii) owned and operated by entrepreneurs. (iv) arbitrators and p
Into equilibrium, a monopoly which does NOT price discriminate will tend to produce: (w) the socially optimal rate of output. (x) a level of output where price exceeds marginal social cost. (y) lower output at lower prices than a competitive market. (
I have a problem in economics on Existence of Economies of Scale. Please help me in the following question. Economies of the scale exist whenever, as output is raised: (i) Average costs increase. (ii) Explicit costs increase relative to the value of output. (iii) Aver
A bond which pays a fixed annual income always is: (w) an eternity. (x) a perpetuity. (y) worthless. (z) infinitely valuable. Can anybody suggest me the proper explanation for given problem regarding Econom
Which of the given below is not a benefit of the sole proprietorship? (i) Limited liability. (ii) Easiness of organization. (iii) Flexibility. (iv) Freedom from govt. regulation. Choose the right answer from the above options.
Can someone help me in finding out the most right answer from the given options. The instance of an implicit cost would be: (i) Salaries paid to the employees. (ii) Payments for repairs on the company-owned machine. (iii) Rent paid on building company utilizations. (i
18,76,764
1940047 Asked
3,689
Active Tutors
1447040
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!