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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.
Average Total Costs (ATC) This is total cost per unit of output, obtained by dividing total cost by total output i.e. ATC = Total Cost Total Outp
different types of markets and role in managerial economics
Q. Product of marginal revenue? MRPL is the product of marginal revenue and marginal product of labour or MRPL = MR x MPL. • Derivation: MR = ?TR/?Q MPL = ?Q/?L
p=10, TC= 1000+2Q+.01Q^2, Q=?
determine points in units and reorder quantity normal sales=2 month; reorder time=15days; max stock=6 units; safety stock=1 unit ( based on 95% customer''s satisfaction )
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Suppose a given demand curve for massage therapy services. In the context of giving massage therapy services, list, and explain in detail, 5 different variables that may cause an i
FACTORS RESPONSIBLE FOR WAGE DIFFERENTIALS WITHIN THE SAME OCCUPATION i. Differences in the environment: For example a doctor sent to North Eastern Province must be pai
“Managerial economics involves use of economic analysis to make business decisions involving the best use of a firm’s scarce resources” Explain the statement with suitable example.
needs for capital budgeting
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