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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.
Enumerate the Scope of managerial economics The scope of managerial economics contains following subjects: 1. The Theory of demand 2. The Theory of production 3. The
Q. What do mean by Convex Isoquant? Isoquants are convex to the origin: At any point of an isoquant,the slope is negative. Its numerical value measures the marginal rate of te
Open Economy None of the three economies considered so far are engaged in trade with Foreign Countries. Such economies are often referred to as Closed Economies. In contrast
summary of principle of time perspective?
Thinking about modifications in the model again: Go back to the original model again, but add a marginal propensity to invest, this is, suppose that I = f ( i and Y). The MPI is d
Q. What is External Diseconomies? The expansion of an industry is likely to generate external diseconomies that raise the cost of production. An increase in the size of industr
explain the law of demand
The computer graphics chip industry is one with a little number of competitors that earn normal economic profit. Two chip manufacturers, NVIDIA and ATI both face the prospect of lo
Another vital relationship that is often referred to in economic analysis is the relationship between consumption expenditure andprice elasticity. From the law of demand, we know t
Definition of Elasticity Is defined as the ratio of the relative change of one (dependent) variable to changes in another (independent) variable, or it's a percentage change o
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