Production Theory:
How to define a ‘Firm’? – Roles, Objectives, and more:
a) Specialization in production.
b) Team production is more proficient than individual production in many aspects.
c) Internal control than external market transactions with a lots of transaction cost.
d) Profit-maximizers?
e) Ownership as well as management are separated.
Production Technology: Basic Analysis
a) Time periods: SR with at least one fixed input/LR with all variable inputs
b) Production function (total product curve)
Q = f (L, K) ...............(1)
Q: is maximum amount of output a firm could obtain from a given combination of inputs. Therefore inefficient management could reduce output from what is technologically possible. If we invert the equation (1) to get L = g(Q), which tells us the minimum amount of labor L required to produce a given amount of output Q, this function is labor requirement function.
TPL, MPL and APL:
APL = Q/L
MPL= dQ/dL
Up to I (inflection point), MPL is increasing (increasing marginal returns to labor), and after that MPL starts diminishing.
Up to S, APL is increasing, so APL < MPL .
After S, APL is decreasing,
APL > MPL
Law of Diminishing Marginal Returns: Principle that as the usage of one input raises the quantities of other inputs being held fixed a point will be reached beyond which the marginal product of the variable input will decrease.
Latest technology based Microeconomics Online Tutoring Assistance
Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Microeconomics help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Microeconomics, project ideas and tutorials. We provide email based Microeconomics help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Microeconomics. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Microeconomics Homework help and assignment help services. They use their experience, as they have solved thousands of the Microeconomics assignments, which may help you to solve your complex issues of Microeconomics. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
Theory and lecture notes of Hypothesis Testing all along with the key concepts of Hypothesis testing, Null Hypothesis, Alternative Hypothesis and Significance level. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Hypothesis Testing.
www.tutorsglobe.com offers Requirement Analysis Principles homework help, assignment help, case study, writing homework help, online tutoring assistance by computer science tutors.
Elastic Constants of Crystals tutorial all along with the key concepts of Experimental determination of elastic constants, Elastic waves in cubic crystals, Elastic isotropy and Cauchy relation
X-Ray Spectroscopy tutorial all along with the key concepts of Sources of X- rays, X-ray Emission Spectrometers, X-ray Detector, Non dispersive X-ray Spectrometers, X-Ray absorption, Application of X-ray Fluorescence Analysis
Study of populations tutorial all along with the key concepts of Concept of population, Population Attributes, Population size, Population density, Population Growth Rate, Age structure and population estimate
Life cycles in fungi tutorial all along with the key concepts of Phytophthora, Asexual Reproduction in fungi, Sexual Reproduction in fungi and Rhizopus
Evolution of the plants tutorial all along with the key concepts of Plant Evolution, Multicellular plant, Nonvascular Plants, Evolution of Vascular plant, Tracheophytes-The Vascular Plants, Seedless Vascular Plants, Evolution of Seed Plants, Plant Adaptations to Life on Land
tutorsglobe.com alternation of generations assignment help-homework help by online bryophytes tutors
theory and lecture notes of static characteristics iii, all along with the key concepts of inverter design, operation and output characteristic, transfer characteristic and logic voltages. tutorsglobe offers homework help, assignment help and tutor’s assistance on static characteristics iii.
www.tutorsglobe.com offers answering questions to shut-down situations in short-run, perfect competition assignment help - homework help by online tutor;s help.
www.tutorsglobe.com offers available operations homework help, assignment help, case study, writing homework help, online tutoring assistance by computer science tutors.
TutorsGlobe.com Electronic Configuration-Static Model Assignment Help-Homework Help by Online Access Chemistry Tutors
tutorsglobe.com asymmetric information and moral hazard assignment help-homework help by online contracts and moral hazard tutors
tutorsglobe.com point method assignment help-homework help by online measurement of price elasticity of demand tutors
tutorsglobe.com process of pulmonary respiration assignment help-homework help by online respiration tutors
1932333
Questions Asked
3689
Tutors
1444721
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!