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.
Relevance of The Law of Diminishing Returns The law of diminishing returns is important in that it is seen to operate in practical situations where its conditions are fulfille
THE STRUCTURE OF POPULATION AND SUPPLY OF LABOUR The structure (also called age distribution or composition) of population, or the number of people in the different age groups
Functions of the Budget The budget fulfils three main functions: To raise revenue to meet government expenditure The government of a country provides certain se
What is increasing marginal cost? Felix’s marginal cost is greater the more lawns he has previously mowed. It is, every time he mows a lawn, the extra cost of doing still anoth
The most significant uses of the price elasticity of demand, used specifically in business decision-making. It refer to the relationship between price elasticity and the marginal c
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
Decrease in Demand At the initial equilibrium price P 1 , quantity demanded falls from q 1 to q d . But the quantity supplied is still q 1 at this price. Hence, this
structure of managerial economics
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
State the difficulties in the measurement of profit.
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