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LONG PERIOD ANALYSIS:
Long period refers to a time when all the factors are variable. Earlier in the short period analysis, we had considered capital (K) to be fixed factor. Here in this part, we assume both L and K to be variable factors. Therefore, the production function would be:
q = F(L, K)
The producer can now employ L and K units at her will to produce output q as per the production technology. Therefore, in the K - L input space the producer can choose any combination of K and L to produce output.
Iso-quant: The dots in the above Figure denotes the various combinations of (L, K) that the producer can pick up from form to produce. Among these combinations, there can be t
what is diffusion and effusion of gases? Describe Graham''s law of diffusion, effusion. Diffusion of gases While during two gases are brought together they mix with each other in
Bank for International Settlements: An international financial regulatory organization based in Switzerland, Bernethat designs international regulations regarding capital adequacy
Determinants of Private Demand - Linkages with Employment Employment potential of courses in higher education is an important determinant of private investment in higher educa
Unemployment Rate A measure of labor force utilization the unemployment rate is equal to the number of people which is unemployed as a percentage of the total labor force.
mang ki loch kya hai
Johnson Farms owns valuable farm land that allows it to produce wheat at a lower cost than its competitors. The company reports large profits each year on its accounting statements
Profit: This is surplus left over after a company sells its output and pays off cost of production (which includes raw materials, labour costs and a proportional share of its capit
in the context of managerial economics how do you explain a rational producer.illustrate giving example.
Compensated Demand Curve: Compensated demand function for a commodity (say x1) of an individual consumer represents demand quantity for that good (which is purchased by the co
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