Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
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 technical substitution between capital and labour. It equals the ratio of marginal product of labour to marginal product of capital. So the slope of an isoquant is
Where ΔK is the change in capital and ΔL is the change in labour, MRTSLK is the marginal rate of technical substitution of labour for capital, MPL is the marginal product of labour and MPK is the marginal product of capital. Convexity of isoquant means that as we move down the curve then less and less of capital is given up for an extra unit of labour so as to keep constant the level of output. This can be observed from the Figurebelow.
Figure: Convex Isoquant
It can be seen from the figure above that as we increase labour at a constant rate, amount of capital given up (ΔK) for an extra unit of labour goes on falling. So the convexity of isoquant demonstrates that marginal rate of technical substitution of labour for capital is diminishing.
Measures to control inflation An inflationary situation can effectively be addressed/tackled if the cause is first and foremost identified. Governments have basically three
CENTRAL BANK A modern central bank performs so many functions of different nature that it is difficult to give any brief yet accurate definition of a central bank. Any definiti
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.
Q. Explain about Delphi method? Delphi method: This is a systematic, interactive forecasting method that depends on a panel of experts. Experts answer questionnaires in two o
What is the goal of a firm?
My assignment is listed below, I need to know if you can correctly complete this entire assignment by providing the entire completed, mistake free solution, including providing the
Provide two examples of identity economics other than those given in the article
What is the demand function It should be noted that by demand function, economists mean entire functional relationship which is the whole range of price-quantity relationship a
Suppose that the price elasticity of demand for cereal is -0.75 and the cross-price elasticity of demand between cereal and the price of milk is -0.9. If the price of milk rises by
define scarcity and opportunity cost..
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd