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!
What are the properties of the profit function?
Properties of the Profit Function:
The properties specified below follow solely by the assumption of profit maximization. No assumptions regarding convexity, monotonicity or other sorts of regularity are essential.
The properties of profit function as follows:
a. Non-decreasing in output prices, non-increasing within input prices. When p′i> pi for all outputs and p′j < pj, for each inputs, then π(p′) > π(p).
b. Homogeneous of degree 1 into p. π(tp) > tπ (p) for each t > 0.
c. Convex into p. Assume p′′= tp+(1-t)p′ for 0 < t < 1. After that π(p′′) < tπ (p)+(1-t)π(p′).
d. Continuous into p. This function π(p) is continuous, at least while π(p) is well-described and pi > 0 for i = 1, ..., n.
herberler theory of opportunity cost
why does gap between the ATC curve and the AVC curve decreases as the level of output increases
In the short run, the size of the plant is fixed whereas in the long run a firm can adjust its plant size. One of the choices in the long run will be the short run plant size. That
in economics what is cobb douglas theory?
Describe Ionization energy or ionization potential and The factors affecting the ionization energies
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commodi
Review the following information pertaining to the potato chip industry and answer the questions below in a five to six double spaced page paper (not including title and reference
Answer in true or false 1. "Improvements in environmental quality of a recreational site will, all other things being equal, increase consumer surplus of individuals that visit
Types of budget: Surplus Budget: A surplus budget occurs when the expected government revenue is planned to exceed the proposed government expenditure. It can be achieved by
electronic configuration of s block elements
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