What is production function
Production function: It is the technological relationship among input and output of a firm and is termed as production function.
Name the System of Note-issue in India. Answer: In India, the system of note-issue is the Minimum Reserve System. The RBI is needed to keep minimum reserves of Rs 2
When the resource market shown in this illustrated figure is initially within equilibrium along with demand curve D0: (w) owners of these resources currently receive no economic rents. (x) economic rent is specified by area
I have a problem in economics on Problem on production costs. Please help me in the following question. From the viewpoint of sellers, the market demand for the good mainly based least on: (i) Consumer preferences and tastes. (ii) Income and its distr
According to the John Kenneth Galbraith, the modern corporate planning: (i) Aims at decreasing risks to the managers of main firms. (ii) Stresses the maximization of gains. (iii) Is much concerned with the social goals. (iv) Maximizes the social welfare.
Meaning of ex-ante savings: Ex-ante savings are expected savings or planned savings.
Identify and explain the main economic factors that determine the price of a good or service. Please include how demand and supply interact and elasticity, etc. Also give examples with graphs.
When small raises or decreases within the price of generic bananas do not influence the total sales revenue from bananas, in that case the market demand for generic bananas is: (i) perfectly price elastic. (ii) perfec
The profit-maximizing firm which is perfectly competitive in resource market however that consists of market power in output market will hire labor at the point where: (1) VMP=MRP=MFC>w. (2) VMP>MRP=MFC=w. (3) VMP = MRP = MFC = w. (4) VMP>MRP
Discuss the impact of a monopoly on the welfare of the citizens of the country. In your discussion you should include policies that can be implemented by the government too reduce the abuse of dominant position in the market.
When do we state that there is an excess supply for the commodity in market? Answer: If at a given price the quantity supplied of a product surpasses its quantity d
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