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Q. Show the Empirical analysis?
Empirical analysis aimed at investigating nature of scale economies, degree of input complementarily orsubstitutability, or the nature and extent of productive inefficiency can be conducted employing a production function or again more easily employing a cost function.
If the provided time period under consideration is sufficiently short, then assumption of a given technology is valid. Longer-term effects of technological progress or adaptation of existing superior technology can be introduced into the analysis. Technical progress increases the maximum output which can be attained from a given collection of inputs and so in the presence of unchanging unit prices of the inputs technical progress decreases the minimum cost which should be incurred to produce a given quantity of output. This phenomenon is merely an extension to the time dimension of the duality relationship which links cost functions and production functions. Particularly empirical interest are the magnitude of technical progress and its cost-reducing effects and possible labour-saving bias of technological progress and its employment effects which are transmitted from the production function, to the cost function and then to labour demand function.
Question: a. What are the basic attributes in designing a good tax system? b. Explain briefly how tax systems affect economic efficiency. c. The trade unionists advocat
Illustrate about Demand theory Demand theory is one of the core theories of consumer behaviour andmicroeconomics. It attempts at answering questions regarding the magnitude of
explain the incimental principle
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Q. What is Marginal cost curve? MC curve is also 'U' shaped as in Figure below. Marginal cost curve falls initially but then reaches a minimum point and lastly rises. Shape of
The short run equilibrium of monopolist is displayed below in figure. Figure: Abnormal Profit under Monopoly AR is the average revenue curve, MR is marginal revenue cu
a bus operates two routes,one to harare and another one to johanesburg.the company analyst estimated that the elasticity of demand for joburg is 0.9 while for harare is 2.the compa
Market Structures This refers to the nature and degree of competition within a particular market. Capitalist economies are characterised by a large range of different market
what is objective
Practical Importance of the knowledge of Price Elasticity of demand The practical importance of the measures of elasticity of demand is to be appreciated in various ways:
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