Why businesses are not really free to produce
Why businesses are not really “free” to produce what they wish?
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Businesses are not really “free” to produce what they wish. Their production choices with consumer choices or face losses and eventual bankruptcy have to match. Profit-seeking firms must consider the allocation of the “dollar votes” when they make their production decisions. Resource demand is a “derived” demand, i.e. it depends on the demand for the products produced by the resource.
Why an economic problem does arise? Answer: It arises due to following reasons: A) Shortage of resources. B) Alternative utilizations of resources. C) Limitless wants and limited resources.
While productive resources are utilized efficiently: (w) prices greatly exceed production costs for current outputs. (x) opportunity costs are at their minimums for all goods. (y) domestic production exceeds the value of foreign output. (z) the value
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Question Can you describe what the production function for the game looks like? (How are labour, capital and resources combined? Are there constant, increasing or decreasing returns to scale?) Answer Q : Garfield’s utility function Problem 2 Problem 2 Consider Garfield's utility function given as U(x1, x2) = x1x2, wher
Problem 2 Consider Garfield's utility function given as U(x1, x2) = x1x2, wher
What happens in the resource markets?
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