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!
Q. Explain about Isoquant Map?
We can label isoquants in physical units of output without any difficulty. Because every isoquant signifies a specified level of output it's possible to say by how much the output is lesser or greater on one isoquant than on other. This is elucidated by an isoquant map displayed in Figure below.
Figure: Isoquant Map
It demonstrates that output is 20 units, 40 units and 60 units on isoquants Q1, Q2 and Q3 respectively. So on isoquant Q2 the output is 20 units more than on isoquant Q1; and on isoquant Q3 output is 40 units more than on isoquant Q1. So an isoquant map facilitates not only measurement of the physical quantities of output though also comparison the size of output between various isoquants. Theoretically, an isoquant map comprises an infinite number of isoquants. This is because response of output to infinite changes in factors is presumed to be continuous.
Usually, elasticity of a demand curve throughout its length isn't the same (Fig. below). It varies between 0 and ∞, or in other words, 0 ≤ e p ≥ ∞ In some cases, though, the
Q. What do you mean by Ordinal utility? A method of analysing utility or satisfaction derived from consumption of services andgoods, based on a relative ranking of services and
Q. Explain about Utility analysis? A subset of consumer demand theory which analysis consumer behaviour and market demand employing marginal utility and total utility. Key prin
Determine a Specific Price of demand of product A proclamation concerning the demand of a product without mentioning its price is worthless. For instance, to state that demand
how realistic is the sales maximisation model from your experience with business objectives as persued by firms
what is a firm
howw much should the firm produce to maximize its profits
The economic cost Unemployment represents a terrible waste of resources and means that the economy is producing a lower rate of output than it could do if there were full empl
TC=100+0.15Q, Qu=1000-10Pu
The only road connecting two populated islands is currently a freeway. During rush hour, there is congestion because of the heavy traffic. The marginal external cost from congestio
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