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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.
Practical Importance of the knowledge of Price Elasticity of demand The practical importance of the measures of elasticity of demand is to be appreciated in various ways:
Illustrate about Demand theory Demand theory is one of the core theories of consumer behaviour andmicroeconomics. It attempts at answering questions regarding the magnitude of
Q. Show the Changes in fixed costs and profit maximisation? A firm maximises profit by operating where marginal revenue equals marginal costs. A change in fixed costs hasn't an
assignment
when firm can achieve optimization
Income Elasticity of different consumer goods Commodities Coefficient of income elasticity Impact on expenditure Necessities
sample assignment
list all profession which generate personal income
Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
what is objective
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