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Explain the term production function in the economics.
Production Function
A production function is the association between the quantity of inputs a firm utilizes and the quantity of output this produces.
A fixed input is an input that quantity is fixed and can’t be varied.
A variable input is an input that quantity the firm can change.
a good is classified as inferior if a. consumers buy less when the price rises b. consumers buy less when the income rises c. consumers buy less when the price falls d.
Explain the adjustment to the new equilibrium price from an increase in demand.
I want to know price and estimate time on this assignment.
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