Contrast the production function for product and service

Assignment Help Business Economics

Reference no: EM13838594

Compare and contrast the production function for a product and a service. You should base your discussion on specific industry examples (i.e., automobiles or dishwashers or frozen pizzas are examples of products and tax preparation services or legal services or online educations are examples of services). For both the product and the service example, you should suggest an appropriate measure of output, identify key inputs and indicate which of those inputs are likely to be fixed inputs and which are likely to be variable inputs.

Reference no: EM13838594

Questions Cloud

What is average money balance during the day period : Suppose that you never carry cash. Your pay check of $1,000 per month is deposited directly into your checking account, and you spend your money at a constant rate so that at the end of each month your checking account balance is. What is your averag..

Market structure-measured in ability to set price of output : The Profit Maximizing condition for firms facing perfect competition is 1) Marginal Revenue = Marginal Cost and 2) Marginal Cost must cut through Marginal Revenue from below. Market structure is measured in the ability to set the price of the output...

Design and implement the database-best home real estate : you are to design and implement the database of Best Home real estate that you have modelled in assignment-1 and a series of SQL queries to reflect the business logic of it

Firm facing perfect competition : A firm facing perfect competition is known as a price taker and therefore cannot employ the use of _______?

Contrast the production function for product and service : Compare and contrast the production function for a product and a service. You should base your discussion on specific industry examples (i.e., automobiles or dishwashers or frozen pizzas are examples of products and tax preparation services or legal..

What circumstances would monopolistic firm : Under what circumstances would a monopolistic firm be economically more efficient than a group of small, competitive firms? If there are such monopolies, what are the drawbacks and how could they be corrected?

Construct payoff table for game-profits per firm as payoffs : Assume that the demand for chalk is = 8 -0.1Q, where is the market price and is the total market output measured in thousands of boxes of chalk. Suppose that there are three firms in this industry, each of which has a constant variable cost of $2. Co..

Payoff tables and game forms : How do these tools (payoff tables and game forms) help decision-makers to avoid incomplete thinking and over- inclusive thinking in their judgments?

The strategies-assumed to be same for both banks : Two banks (Franklin and Lincoln) compete for customers in the growing city of Logantown. Both banks are considering opening a branch office in one of three new neighborhoods: Is there a pure strategy for this game? If so, what is it? If not, identify..

User Account

All Pages