What is production function
Production function: It is the technological relationship among input and output of a firm and is termed as production function.
Within the short run, there a purely competitive firm will close down its plant(s) and manufacture nothing when: (i) this makes no pure economic profits. (ii) normal profits were unattainable. (iii) P < ATC at all output levels. (iv) accounting pro
Can someone help me in determining the right answer from the given options. Ozzy Osbourne consists of a weird obsession with the manner live birds taste. Though, the more birds he bites, the harder Ozzy determines it to gain more satisfaction. Ozzy’s reaction ap
Factors establishing elasticity of supply: The factors below will persuade the elasticity of supply: 1. Modifications in cost of production. 2. Behavior pattern of producers. 3. Accessibility of faci
Marginal revenue: This is the change in total revenue by selling one more or a lesser amount of unit of commodity.
An increase in the demand for loanable funds is reflected within an increase in the: (1) term structure of interest rates. (2) demand for money. (3) supply of bonds. (4) supply of money. (5) demand for bonds. I nee
When the economy was in a complete equilibrium, in that case the distribution of income would be precisely proportional to the distribution of: (a) taxation. (b) inheritance. (c) luck. (d) wealth.
As comparing income and wealth: (w) differences in their distributions reflect economic discrimination precisely. (x) wealth is a flow variable, whereas income is a stock variable. (y) inheritance explains income differences more totally than wealth d
Describe the problem of What to produce?
Moving beside the demand curve by Q=0, P4 to Q4, P=0, then elasticity of demand for Pixie’s cheesy fried grits as: (w) doesn't change. (x) falls, then rises. (y) rises, then falls. (z) falls. Q : Value of multiplier When MPC and MPS When MPC and MPS are equivalent then what is the value of multiplier? Answer: MPC = MPS = 1/2 Thus K = 1/MPS = 1/1/2 = 2/1 = 2 [that is, Multiplier K = 2].
When MPC and MPS are equivalent then what is the value of multiplier? Answer: MPC = MPS = 1/2 Thus K = 1/MPS = 1/1/2 = 2/1 = 2 [that is, Multiplier K = 2].
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