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Factor combination in the long run In the long run it is possible to vary all factors of production. The firm is therefore restricted in its activities by the law of diminish
all theory
A firm's technology needsit to combine 5 person-hours of labor with 3 machine-hours to make 1 unit of output. The firm has 15 machines in place and the wage rate rises from $10 per
Transitional unemployment Transitional unemployment is that situation which prevails due to some temporary reasons. The main reason for this type of unemployment are:
Types of isoquant
Problem 1: The national budget exercise is nothing more than a political exercise. Discuss. Problem 2: a. What do economists mean by the term ‘efficiency'? b. What
What are the limitations of managerial ecomimics
PROPORTIONAL TAX Is where whatever the size of income, the same rate or same percentage is charged. Examples are commodity taxes like customs, excise duties and sales tax.
Q. Describe Managerial and behavioural theories? It was only in 1960s that neo-classical theory of firm was disputed by alternatives like behavioural and managerial theories. M
how equilibrium output can be find in williamson model
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