Technology of production, Microeconomics

Assignment Help:

The Technology of Production

*  The Production Process

- Combining inputs or the factors of production to attain an output

*  Categories of Inputs (or the factors of production)
- Materials

- Labor

- Capital

* Production Function:

- Indicates highest output which a firm can produce for every specified combination of inputs given the state of technology.

- Shows what is feasible technically when firm operates efficiently.

*  The production functions for the two inputs:

  Q = F(K,L)

        Q = Output, K = Capital, L = Labor

*  For the given technology 


Related Discussions:- Technology of production

Determine the industrial core of world economy, Determine the industrial co...

Determine the industrial core of world economy The industrial core of world economy saw its level of material productivity and standards of living explode in the 19th and 20th

Aspects to promote administrative reforms, Aspects to promote administrativ...

Aspects to promote administrative reforms: Following aspects to promote administrative reforms:  1) A closer focus on results in terms of efficiency and effectiveness, and

Explain about capacity utilization, Q. Explain about Capacity Utilization? ...

Q. Explain about Capacity Utilization? Capacity Utilization: A company or economy's capacity represents maximum amount of output it can produce. Rate of capacity utilization, h

Oligopoly, Oligopoly and its properties

Oligopoly and its properties

Vectors, given that a=(4;2) and b=(5;11)determine the value of x in the fol...

given that a=(4;2) and b=(5;11)determine the value of x in the following equation b=3x-1/2a

Calculate the expected value, 1) Investments 1A) What are the ...

1) Investments 1A) What are the two components to total return ?  What does expected value measure?  What does standard deviation measure?  How can each result be

Shortage, Shor tage A condition under that the quantity demanded fo...

Shor tage A condition under that the quantity demanded for a good or service exceeds the available supply for that good or service. Shortages usually cause a rise in price

Physical capital, Physical Capital: A tangible tool, machine, building or o...

Physical Capital: A tangible tool, machine, building or other productive asset that is used to produce other goods or services. Pollution: Many economic activities involve disch

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd