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What are the problems of interest for several reasons in cost minimization?
Cost Minimization:
A significant implication of the firm choosing a profit-maximizing production plan is which there is no method to produce similar amounts of outputs at a lower total input cost. Therefore, cost minimization is an essential condition for profit maximization. Such observation inspires us to an independent study of the firm’s cost minimization. The problem is of interest for several purposes. First, this leads us to a number of results and constructions which are technically very helpful. Second, as extensive as the firm is a price taker into its input market, the results flowing through the cost minimization carry on to be valid whether or not the output market is competitive and therefore whether or not the firm takes the output price as specified as. Third, while the production set demonstrates nondecreasing returns to scale, then the cost function and optimizing vectors of the cost minimization problem that keep the levels of outputs fixed, those are better behaved than the profit function.
What are the differentiated conditions of economic issue? While discussing an economic issue, this is very important to differentiate between: (a) Two types of conditions: e
Positive versus Normative Economics Positive Economics Positive economics considers with the predictions or observations of the particulars of economic life. For instance:
Gasoline Rationing - In the year 1974 and again in the year 1979, the government imposed price controls on gasoline. - This resulted in scarcity and gasoline was rationed.
do you think that dimnishing returns to a factor are consistent with increasing returns to scale? explain with suitable diagram and reasoning.
Gross Domestic Product, Deflator: A price index that adjusts the overall value of GDP according to average increase in the prices of all output. GDP deflator equals the ratio of no
if a bank has $6000 in checkable deposits and the required reserve ratio is 0.2 then the bank can lend how much money?
how to calculate the volume of exports? or what is the definition?
Q=10-2P,PRICE DECREASE FROM RS 3 TO 2
Q. What is Tradeable product? Tradeable:A product (a service or good) is tradeable if its purchaser can purchase it far away from the place where it is produced. Most goods (ot
baumol''s theory
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