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!
It is presumed that every of the different combinations of capital and labour displayed in Table produces the same level of output, which is, 20 units. Combinations are such that if one factor is increased other factor is decreased or vice versa. All these combinations are technically efficient.
Table: Various Combinations of Labour and Capital to Produce 20 Units of Output
Factor Combination
Labour
Capital
A
1
15
B
2
11
C
3
8
D
4
6
If we plot all these combinations as well as join them we get a curve Q. This is displayed in Figure below.
Figure: Isoquant or Equal Product Curve
Curve Q is the isoquant or equal product curve. It displays all those combinations of capital and labour that, with a given technology, produce 20 units of output. So an isoquant is locus of all those sublimations of capital andlabour that yield the same level of output. Or we can say that an isoquant comprises all the technically efficient methods of producing a given level of output.
examine the endogenous and exogenous determinants of money supply
Q. Explain the Shut down point? ShutdownPoint: With MR = MC, firm attains equilibrium at point E where it produces OM amount of the output. To produce this output, firm incur
Q. Concept of economies of scale? Economies of scale refers to the cost advantages that a business attains because of expansion. 'Economies of scale' is a long run concept and
Q. Explain about Inventory Economies? Inventory Economies: Role of inventories is to aid the firm in meeting random changes in the output and the input sides of the operations
The Frugal Economy In the Frugal economy, households and firms look to the future, and as a result undertake both Saving and Investment. SAVING Saving is income no
1. What is the difference between a static (master) budget and a flexible budget? Ans: static budget is where a budget doesn't change a volume changes. An example could be th
The nature and function of money The development of money was necessitated by specialization and exchange. Money was needed to overcome the shortcomings and frustrations of t
Measuring Point Elasticity on a Linear Demand Curve To explain the measurement of point elasticity of a linear demand curve, let's suppose that a linear demand curve is given b
Market Structures This refers to the nature and degree of competition within a particular market. Capitalist economies are characterised by a large range of different market
explain in detail ramsey pricing with example?
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: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd