What is production function
Production function: It is the technological relationship among input and output of a firm and is termed as production function.
From roughly 1890 till 1970 year, the “structure-conduct-performance paradigm” controlled theories regarding how firms behave in various types of markets. The term “structure” in this expression refers to such
When a firm’s total revenue potentially exceeds total variable cost for at least one output level, in that case economic losses are minimized or profit is maximized through producing where: (i) average total cos
Can GNP be more than GDP? Answer: Yes, GNP can be greater or more than GDP if NFIA is positive.
Subsequent to Judith buys an American eagle shirt at the mall for 50 percent off, she purchases the matching purse, skirt and earrings. Such extra purchases are illustrations of: (i) Complementary goods. (ii) Substitute goods. (iii) Numbers and ages of the buyers. (iv
When welfare recipients are needed to pay back $1 of benefits for each $1 of wages they earn, it will: (w) enhance the incentive to work. (x) weaken the incentive to work. (y) have no effect on the incentive to work. (z) reduce welfare benefits to the
When racial or personal or sex discrimination decreases worker’s mobility across the occupations: (1) Workers will be completely compensated for their opportunity costs. (2) Economic rent is more probable to be earned by such who are not discriminated against. (
The point is inevitably reached where an individual derives less extra enjoyment from the extra units of any good. This is mainly well-suited with: (i) Supply curves that slope-up and to right. (ii) Concave (or bowed out) production possibilities frontiers. (iii) The
When do we state that there is an excess demand for a commodity in the market?
Select the right answer of the question. A competitive market will: A) achieve an equilibrium price. B) produce shortages. C) produce surpluses. D) create disorder.
assume the firm is a price taker and faces a market price of €60 per unit. draw the AR and MR curves
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