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!
Q. Explain about isocost line?
In economics, an isocost line signifies all combinations of inputs that cost the same total amount. Though, similar to the budget constraint in consumer theory, use of the isocost line pertains to cost-minimisation in production as opposed to utility-maximisation. For the two production inputs, capital and labour, with fixed unit costs of the inputs, equation of the isocost line is
rK + wL = C
Where w signifies the wage rate of labour, r represents interest rate of capital,
K is the units or amount of capital used, L is the amount of labour used whereas C is the total costof obtaining these inputs.
Absolute value of the slope of the isocost line, with labour plotted horizontally and capital plotted vertically, equals the ratio of the prices of inputs of capital and labour. The isocost line is combined with isoquant map to determine the optimal production. This optimality is arrived at a point where an isoquant and isocost curves are tangent to each other. It makes sure that firm attains the highest level of possible output with a given isocost line. Therefore the output is produced at with least cost or most efficiently. This tangency may also be interpreted as one where slopes of the isoquant and the isocost are equal. This entails that tangency ensures that marginal productivities of the two inputs are proportional to the ratios of prices of the two inputs.
Question: (a) The regression results for the quantity demanded of good X is given by ln Q X = 1220 - 9.5 ln P X - 2.21 ln P Y + 1.01 ln M t values (5.3) (-5.1
Define concept of Managerial decision-making Managerial decision-making draws on economic concepts as well as techniques and tools of analysis provided by decision sciences. T
COSTS OF UNEMPLOMENT AND INFLATION In an economy both unemployment and inflation have adverse effects and policy makers formulate policy instruments to contain both
why firms under oligopoly market should follow price rigidity?
Point elasticity The point elasticity of demand is described as the proportionate change in quantity demanded in response to a very small proportionate change in price. The con
Green Shield Insurance gives NEMO Corporation with coverage for prescriptions, dental work, and extended health services. Every subscriber uses $435 worth of dental services per ye
THE GOVERNED ECONOMY The governed economy contains central authorities often simply called "the government" - who levy taxes on firms and households and which engages in numer
A. Define inflation. Explain the role of inflation during inflation and deflation. B. Managerial economics is a form of economics for managers do you agrees? explain you comment
PUBLIC SECTOR BORROWING REQUIREMENT (PSBR) Public Sector Borrowing Requirement (PSBR) is the amount which the government needs to borrow in any one year to finance an excess e
Theory of consumer behaviour The role of customers in an economy is of significant importance because consumers spend most of their incomes on services and goods produced by fi
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: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd