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Producers Equilibrium or Optimal Combination of Inputs
The analysis of production function has demonstrated that alternative combinations of factors of production that are technically efficient can be used to produce a given level of output. Of these, firm will have to choose that combination of factors that will cost it the least. In this way firm can maximise its profits. Choice of any particular method from a set of technically efficient methods is an economic one and it's based on the prices of factors of production at a specific time.
Firm can maximise its profits either by maximising the level of output for a given cost or by minimising the cost of producing a given output. In either case, factors would have to be used in optimal combination at which the cost of production will be minimum.
There are two ways to determine the least cost combination of factors to produce a given output. Which is,
How does economic theory contribute to managerial decisions?
Variable Costs (VC) These are costs, which vary with the level of production. The higher the level of production, the higher will be the variable costs. They are associated
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p=10, TC= 1000+2Q+.01Q^2, Q=?
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Usually, elasticity of a demand curve throughout its length isn't the same (Fig. below). It varies between 0 and ∞, or in other words, 0 ≤ e p ≥ ∞ In some cases, though, the
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In this question you will consider the impact on the building industry of the earthquake. Two construction and materials indices have been provided for the analysis. If your famil
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