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!
Laws of returns to scale alludes to the long-run analysis of the laws of production. In the long run, output can be increased by varying all factors. So in this section we study the changes in output as a result of changes in all factors. Or we can say that we study the behaviour of output in response to changes in the scale. When all factors are increased in the same proportion an increase in scale occurs.
Scale alludes to quantity of all factors which that are used in optimal combinations for specified outputs. Term 'returns to scale' alludes to the degree by that output changes as a result of a given change in the quantity of all inputs used in production. We have three kinds of returns to scale: constant, increasing and decreasing. If output increases by same proportion as the increase in inputs we have constant returns to scale. If output increases more than proportionally with increase in inputs, we have increasing returns to scale. If output increases less than proportionally with the increase in inputs we have decreasing returns to scale. So returns to scale may be constant, decreasing or increasing depending upon whether output increases in the same, greater or lower rate in response to a proportionate increase in all inputs.
The economic cost Unemployment represents a terrible waste of resources and means that the economy is producing a lower rate of output than it could do if there were full empl
Features of Planned Economy The command economies relies exclusively on the state. The government will decide what is made, how it is made, how much is made and how distribut
Meaning of Fiscal Policy In this general theory, Keynes used fiscal policy when referring to the influence of taxation on saving and government investment spending financed thr
The institutional intervention theories Collective bargaining provides an example of what is sometimes called bi- lateral monopoly; the trade union being the monopolist suppli
Q. Discovery of new technical know-how? Growth of Technical Know-how: Expansion of an industry may result in the discovery of new technical know-how. As a result of this firm
critically analyze the of profit maximization
Using Total Expenditure for Calculating National Income The expenditure approach centres on the components of final demand which generate production. It thus measures GDP
Let Consider the following (familiar) equation which estimates the number of hours of sleep / year that someone gets as a function of hours worked / year (total work), education (
Q. Explain about Isoquant Map? We can label isoquants in physical units of output without any difficulty. Because every isoquant signifies a specified level of output it's poss
question 1, Managerial Economics
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: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd