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 Long run production function?
Long run is a phase adequately long so that all factors together with capital can be changed.
The factors that can be increased in the short run are known as variable factors, because they can be easily changed in a short period of time. Henceforth the level of production can be increased within the limits of existing plant capacity during the short run. So the short run production function proves that in short run the output can be increased by altering the variable factors, keeping fixed factors constant. Or we can say that in the short run output is produced with a given scale of production, which is, with a given size of plant. Behaviour of production in the short-run where output can be increased by increasing one variable factor keeping other factors fixed is known as law of variable proportions. Size of plant can be varied in the long run and, hence, the scale of production can be varied in the long run. Long run analysis of the laws of production is referred to as laws of returns to scale.
Transitional unemployment Transitional unemployment is that situation which prevails due to some temporary reasons. The main reason for this type of unemployment are:
The quantity theory of money In the 17 th Century it was noticed that there was a connection between the quantity of money and the general level of prices, and this led to th
Discuss the price output determination using profit maximization under perfect competition in the short run.
Economics is generally defined as the problem of how best to allocate limited resources, limited because needs are characterized as unlimited, but common sense tells us that rather
outline of this assignment
Question: i) The manager of Top Rock Company is introducing a new product that will yield $200 millions in profits if the economy does not go into recession. However, if a rec
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
Theory of Consumer Behaviour Through the study of theory of consumer behaviour we can be able to explain why consumers buy more at a lower price than at a higher price or put
theories of revenue generation
A MATHEMATICAL APPROACH TO REVENUE AND COST FUNCTIONS Recall that TR = P x Q This implies that P(AR) = TR Q For example, assuming
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