Focus on the marginal product of an input

Reference no: EM13189909

1-)Explain the difference between a short-run production function. Cite one example of this difference in a business situation?

2-)Explain the relationship between a firm's short-run production function and its short-run cost function. Focus on the marginal product of an input and marginal cost of production.

Reference no: EM13189909

Questions Cloud

What does the budget set of milk look like : The price of milk at the supermarket is px = 4$/liter. The price of cereal py is 0.2cents/gram. If supermarket allows Bob to use an unlimited number of coupons. Coupon: "Buy 1 liter of milk and get 1 box of cereal for free". A box of cereal has 20..

Differences in circulation and tracking : What conclusions can you draw about similarities and differences in circulation, tracking and security measures for records handling and storage within small, medium, and large facilities? Discuss reasons for these differences.

What is the equivalent uniform annual cost of new buses : anderson county has 35 older-model school buses that will be salvaged for $5,000 each. these buses cost $144,000 per year for fuel and maintenance. now the county will purchase 35 new school buses for $ 40,000 each.

Keepers of faith : Anna Freud (daughter of Sigmund Freud) "Keepers of Faith," is identified as one of the founding theorists in helping to shape the concept of personality in psychology.

Focus on the marginal product of an input : Explain the difference between a short-run production function. Cite one example of this difference in a business situation Explain the relationship between a firm's short-run production function and its short-run cost function. Focus on the margin..

Determine what is optimal bundle : wedding plan with cake (c) and champagne (h) - price per glass and slice u(h,c) = h^(1/3)c a) solve foc's to derive the demand functions h(P(subscript h), P(subscript c), M) and c(P(subscript h), P(subscript c), M)

The united states participation in nato : The united states' participation in NATo

Describe what is the underground economy : Explain the difference between fixed-production technology and variable-production technology. Should the government set a goal of reducing the marginal social cost of pollution to zero in industries with fixed-production technology Should they d..

Neighbor connectivity analysis. : Propose a technique for detecting gaps of length ranging between 1 and L pixels in line segments of gradient image. Assume that the background is constant, that all lines have been coded with the same intensity level, and that the lines are 1 pixel t..

User Account

All Pages