User Account

All Pages

Describe in words what a production function is

Assignment Help Microeconomics
Reference no: EM13894327

a) Sometimes it is said that producer theory is similar to consumer theory. In what ways are they similar?

b) Describe in words what a production function is. Which variables are typically inputs?

c) What is the difference between the short and the long run?

d) What does "returns to scale," mean?

Reference no: EM13894327

Questions Cloud

Describe what the sharing economy is : Describe common threats to your own privacy due to use of internet, social media, and mobile computing. Give three concrete examples. Describe what the "sharing economy" is. Give three concrete examples of businesses built around the "sharing econo..
What is the law of diminishing marginal returns : State the definition of marginal product, MP, both as a mathematical definition and with your own words. What is the "law of diminishing marginal returns"? How has it been derived?
Write a review of given articles and discuss key arguments : complete a review of articles, discussing key arguments and important findings. Argote, L & Ingram, P. "Knowledge transfer: A basis for Competitive Advantage in Firms", Organizational Behavior and Human Decision Processes.
Analyzing proposed expansion project : The Thomas Co. is analyzing a proposed expansion project. Currently, the company owns 15 acres of land, which it purchased for $6 million 5 years ago. The land is currently valued at $7.2 million and is totally debt-free. Should the Thomas Co. pursue..
Describe in words what a production function is : Sometimes it is said that producer theory is similar to consumer theory. In what ways are they similar and Describe in words what a production function is. Which variables are typically inputs?
About the making plans for retirement : You and your wife are making plans for retirement. You plan on living 30 years after you retire and would like to have $80,000 annually on which to live. Your first withdrawal will be made one year after you retire and you anticipate that your retire..
Determine whether to open new product line-voice-write : Voice-Soft Inc. is trying to determine whether to open a new product line, Voice-Write, a speech-to-text product, which is expected to be competitive for four years. The cost of the new capital equipment including shipping and installation is $3100.
Marginal income tax rate including federal-state income tax : Contributing $2,000 per year into a tax deferred retirement plan will save how much in income taxes per year for a person in the 35% marginal income tax rate including federal and state income taxes
Calculate the cross-price elasticity for the other good : Suppose the price of the good is 5, and that is increases by 5%. As a consequence, the demand of another good decreases by 20 %. Calculate the cross-price elasticity for the other good. Is the other good a substitute good or a complementary good t..

Reviews

Write a Review

Microeconomics Questions & Answers

  Describe the benefits and costs of international trade

Your son is graduating from high school and is about to enter the work force. He has developed a strong curiosity about our economic system and how it works. Because you have a good understanding of basic economics, he has asked you to explain..

  Understanding how market equilibrium is maintained is

understanding how market equilibrium is maintained is essential for business managers. as a manager it is important to

  Would it be possible to privatize money supply in united

would it be possible to privatize the money supply in the united states completely? in doing so what would be the

  By using the vertical analysis what percentage is assigned

blanco inc. has the following income statement in millionsblanco inc.income statementfor the year ended december 31

  Indicate that a perfectly competitive firm

Which of the following conditions would indicate that a perfectly competitive firm should expand its output to increase its profit?

  Why do economists diagree with hard-landing

what effects might a decision by these countries to diversify their interrational reserve holdings have on the dollar and what problems might it create for U.S. monetary policy?

  How to protect workers against unsafe working conditions

Evaluate this statement: " profit-maximizing firms lack an incentive to provide job safety, and consequently, the federal government must intervene legislatively to protect workers against unsafe working conditions that will surely result."

  Describe the analogies used by kao tzu and mencius

Describe the analogies used by Kao Tzu and Mencius to express their differing views on the nature of being human. Then, create an analogy of your own that you think accurately reflects what it means to be human.

  Weakness of dollar to us production-employment-inflation

Diagram a market for the US dollar and show it (1) rising and (2) falling against the currencies of its major trading partners. Explain the relationship between the (1) strength and (2) weakness of the dollar to US production, employment, and inflati..

  Rationale for government regulation of firms

Explain the rationale for government regulation of companies with market power. Is regulation in the customers interest or in producer's interest and how might this control special interest groups?

  About a defendants case

Which of the following statements is true about a defendant's case?

  The short-run aggregate supply curve is upward sloping

The short-run aggregate supply curve is upward sloping for all of the following reasons except:

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd