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 the concept of demand function?
Identical to the demand theory which pivots around the concept of demand function, theory of production revolves around the concept of the production function. A production function can be an equation, graph or table presenting the maximum amount of a commodity which a firm can produce from a given set of inputs during a period of time.
The concept of production function represents the ways in that factors of production are combined by a firm to produce different levels of output. More particularly, it illustrates the maximum volume of physical output available from a given set of inputs or minimum set of inputs essential to produce any given level of output. Production function includes a technical or engineering relation, since the relation between inputs and outputs is a technical one. The production function is determined by a given state of technology. When technology enhances the production function changes, since the new production function can yield greater output from given inputs or smaller inputs will be sufficient to produce a given level of output. Further, production function incorporates the idea of efficiency. So production function isn't any relation between outputs andinputs, though a relation in that a given set of inputs produces a maximum output. Consequently production function comprises all the technically efficient methods of producing an output.
Causes of Inflation At present three main explanations are put forward: cost-push, demand-pull, and monetary. Cost-push inflation occurs when he increasing costs of prod
Concept of Managerial Economics The discipline of managerial economics deals with characteristics of economics and tools of analysis that are used by business enterprises for dec
Q. Explain about Cardinal utility? A measure of utility or satisfaction derived from consumption of services and goods which can be measured using an absolute scale. Cardinal u
Q. Concept of economies of scale? Economies of scale refers to the cost advantages that a business attains because of expansion. 'Economies of scale' is a long run concept and
Question: Discuss the pricing practices adopted by firms under different market structures. OR A firm produces a good, which is sold on delivery and in restaurants. The d
Real and nominal wages Wages are wanted only for what they will buy, real wages being wages in terms of the goods and services that can be bought with them. Nominal wages
Q. Show the Fixed Proportion Production Function? A fixed proportion production function is one in that technology needs a fixed combination of inputs, say labour and capital,
Suppose that the present level of income in the economy is $700 billion. It is determined that in order to decrease the unemployment rate to the desired level, it will be essential
law of demand
Significance of managerial economics Industrial and Business enterprises aim at earning maximum proceeds. In order to attain this objective, a managerial executive has to take
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