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Q. Explain the Short run production function?
Discussion of production up to now has ignored the time required to build production facilities. There is a requirement to take into consideration the time factor in discussion on the production. So in this section we consider the behaviour of production in the long-run and short-run.
The short run is a phase in that organisation can alter manufacturing by changing variable factors like labour and supplies though cannot change fixed factors like capital.
What is Microeconomics It studies the principles and problems of an individual business firm or an individual industry. It services the management in evaluating and forecasting
Q. Evaluate Total Cost - Fixed and Variable ? Total cost (TC) of the firm is a function of output (q). It would increase with the increase in output, which is, it differs dire
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Let there be two consumers A and B, each buying at most two units of a good. A values having one unit at £10 and having two units at £12 whereas B values having one unit at £8 and
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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 (
a. Explain why the demand for a particular brand is more elastic than the demand for all cigarettes. If Lucky Strike raised its price by 1% in 1918, was the price elast
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Where does the firm Operate? The firm will avoid stages I, II and III and will instead choose stage II. It will avoid stage I because this shall involve using the fixed facto
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