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.
if market demand is Q= 30 - 3P how do you write the marginal revenue function as a function of Q
Market demand and consumers surplus Suppose that the market price of a cup of coffee is K£4 but the consumer was willing to pay £9 for the first unit, £8 for the second, £7 fo
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 )
Can identity economics explain some patterns observed in the Australian economy
Explain about the marginal analysis. The optimal quantity of an activity is the level which produces the maximum probable total net gain. The principle of marginal analysis
THE LAW OF DIMINISHING RETURNS (LAW OF VARIABLE PROPORTIONS) One of the most important and fundamental principles involved in economics called the law of diminishing return
show how scarcity and opportunity cost are useful in decisionmaking
In Home and Foreign there are 2 factors of production, land & labor, used to produce only one good. The land supply in every country and the technology of production are exactly th
The following contains cost and benefit information for two different alternatives for a w capital investment in computerized process technologies to control the process at a manuf
WHY MANAGERS NEED TO KNOW ECONOMICS The influence of economics towards the performance of managerial duties and responsibilities is of major importance. The importance and cont
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