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.
In the country of Sleep-well, the inhabitants' main activity is... sleeping. Despite the loss of productivity that this entails, the country has a profuse and renowned production o
To eliminate competition and thereby secure higher prices, firms producing a specific product can come together and make monopoly agreements. These are called as industrial combina
Elastic Supply Supply is said to be price elastic if changes in price bring about changes in quantity supplied in greater proportion. Thus, when price increases, quantity sup
assignment
what is a firm
INTERNATIONAL FINANCIAL INSTITUTIONS In July 1944, a conference took place at Bretton Woods in New Hampshire to try to establish the pattern of post-war international monetary
Explain about the equilibrium in the labor market. Equilibrium into the Labor Market: All of firm will hire labor up to the point at that the value of the marginal product o
APPLICATION OF MANAGERIAL ECONOMICS Tools of managerial economics can be used to accomplish virtually all the goals of a business organisation in an efficient manner. Typical m
A. Write a detailed essay on the importance of economics to managers. OR What is the role of managerial economics in organizations ? B. What are the methods of measuring nation
Q. Types of Market Structures by the Nature of Competition? Conventionally, the nature of competition is assayed to be the basic criterion for distinguishing different types of
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