Get premium membership and access questions with answers, video lessons as well as revision papers.
- An organization which converts hired inputs into salable outputs.
- A collection of resources that is transformed into products demanded by consumers
- A production unit that arrives at an output considering the market conditions and endeavors to produce the same at the least cost.
- An entrepreneur who takes decisions about the output and its price fixation in a given market.
marto answered the question on April 16, 2019 at 13:07
- When do all the firms in a competitive industry achieve long run equilibrium?(Solved)
When do all the firms in a competitive industry achieve long run equilibrium?
Date posted: April 16, 2019. Answers (1)
- With the aid of a graph,show the short run profit maximizing position of a purely competitive firm.(Solved)
With the aid of a graph,show the short run profit maximizing position of a purely competitive firm.
Date posted: April 16, 2019. Answers (1)
- Explain the Equilibrium of a Competitive Firm.(Solved)
Explain the Equilibrium of a Competitive Firm.
Date posted: April 16, 2019. Answers (1)
- What is the importance of the law of variable proportions(Solved)
What is the importance of the law of variable proportions.
Date posted: April 16, 2019. Answers (1)
- What are the three phases or stages of production, as determined by the law of variable proportions?(Solved)
What are the three phases or stages of production, as determined by the law of variable proportions?
Date posted: April 16, 2019. Answers (1)
- Explain the Law of diminishing returns and the three stages of production.(Solved)
Explain the Law of diminishing returns and the three stages of production.
Date posted: April 16, 2019. Answers (1)
- List the assumptions of the law of variable proportions also called the law of diminishing returns.(Solved)
List the assumptions of the law of variable proportions also called the law of diminishing returns.
Date posted: April 16, 2019. Answers (1)
- Briefly discuss the production function-stages(Solved)
Briefly discuss the production function-stages
Date posted: April 16, 2019. Answers (1)
- List the important attributes of production function.(Solved)
List the important attributes of production function.
Date posted: April 16, 2019. Answers (1)
- List the factors in which production function depends.(Solved)
List the factors in which production function depends.
Date posted: April 16, 2019. Answers (1)
- Explain what the production function expresses.(Solved)
Explain what the production function expresses.
Date posted: April 16, 2019. Answers (1)
- Explain what a production function describes.(Solved)
Explain what a production function describes.
Date posted: April 16, 2019. Answers (1)
- Explain the meaning of production.(Solved)
Explain the meaning of production.
Date posted: April 16, 2019. Answers (1)
- List the goals of of Production Economics(Solved)
List the goals of of Production Economics
Date posted: April 16, 2019. Answers (1)
- Define Production Economics(Solved)
Define Production Economics
Date posted: April 16, 2019. Answers (1)