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Optimum combination of resources
The firm can maximise output given costs. That is when the entrepreneur attains the highest isoquant given a particular Isocost.
At the point of tangency the absolute slope of Isoquant will be equal to the slope of the Isocost. Two conditions should however prevail, namely:
i. The necessary condition is that
w/r = MPL/MPk or MPL/PL = MPk/Pk
ii. The sufficient condition is that the Isoquant must be convex to the Isocost point of Tangency.
Q. What do you mean by Kinked Isoquant? This isoquant presumes only limited substitutability of labour andcapital. There are just a few processes for generating any one commodi
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State the difficulties in the measurement of profit.
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Describe and answer in economic terms a managerial decision you have knowledge about (for example one that has to be made at your place of employment). Some examples of decisions a
points and its explanation
Consumer Demand is how much of something that consumers are wanting. A company requires to know the consumer demand so they know how much of a product to build.
Disadvantages of Perfect Competition There is a great deal of duplication of production and distribution facilities amongst firms and consequent waste. Economies of sc
when the data is descrete and incremental changes is measurable, what is it?
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