Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
It is presumed that every of the different combinations of capital and labour displayed in Table produces the same level of output, which is, 20 units. Combinations are such that if one factor is increased other factor is decreased or vice versa. All these combinations are technically efficient.
Table: Various Combinations of Labour and Capital to Produce 20 Units of Output
Factor Combination
Labour
Capital
A
1
15
B
2
11
C
3
8
D
4
6
If we plot all these combinations as well as join them we get a curve Q. This is displayed in Figure below.
Figure: Isoquant or Equal Product Curve
Curve Q is the isoquant or equal product curve. It displays all those combinations of capital and labour that, with a given technology, produce 20 units of output. So an isoquant is locus of all those sublimations of capital andlabour that yield the same level of output. Or we can say that an isoquant comprises all the technically efficient methods of producing a given level of output.
a. Explain why the demand for a particular brand is more elastic than the demand for all cigarettes. If Lucky Strike raised its price by 1% in 1918, was the price elast
Q. Construction of an explanatory model? Construction of a sample: To apply multiple regression a large sample is generally essential (ideally between 2,000 to 15,000 indivi
Meaning The word inflation has at least four meanings. A persistent rise in the general level of prices, or alternatively a persistent falls in the value of money.
ELASTICITY OF DEMAND
Laws of returns to scale alludes to the long-run analysis of the laws of production. In the long run, output can be increased by varying all factors. So in this section we study th
Marginal Utility The extra utility derived from the consumption of one more unit of a good, the consumption of all other goods remaining unchanged. The hypothesis of dimin
Another vital relationship that is often referred to in economic analysis is the relationship between consumption expenditure andprice elasticity. From the law of demand, we know t
Explain in brief the relationship between TR,AR and MR under perfect market condition.
Determinants of Demand Price elasticity of demand fluctuates from commodity to commodity. Whereas the demand of some commodities is highly elastic, demand for others is highly
The significance of behavioural approach is difficult to assess. It provides useful insights into some aspects of business behaviour. March and Cyert have claimed considerable shor
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd