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.
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
What is identity economics? How does identity economics help to explain economic questions that standard economics fails to address?
Q. What is Production Isoquant? An isoquant demonstrates all those combinations of factors that produce the same level of output. An isoquant is also called as equal product cu
Blowing Safety Co. P/L manufactures safety parachutes for the airline industry. These are sold directly to the airline companies. Management expects to manufacture and sell around
What is the demand function It should be noted that by demand function, economists mean entire functional relationship which is the whole range of price-quantity relationship a
what does it mean?
DIGRESSIVE TAX A tax is called digressive when the higher incomes do not make a due contribution or when the burden imposed on them is relatively less. Another way in which
Why do the managers in marris model maximise their satisfaction by choosing a higher growth rate and a lower valuation ratio when compared to the profit maximisation
In the country of Sleep-well, the inhabitants' main activity is... sleeping. Despite the loss of productivity that this entails, the country has a profuse and renowned production o
what is meant by equi-marginal concept
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