Explain factors and production their earnings and all of the aspects like fixed factors, variable factors, short run and long run related to factors of production.
Q: What are the equilibrium effects of an increase in total factor productivity? (Select all that…
A: Total factor productivity refers to enhanced productivity that cannot be directly attributed to…
Q: Calculate total profits in this hypothetical economy: Units of capital: 100 Units of labor: 200 W:…
A: Ans. Total profit is the difference between total revenue and total cost. Total profit = Total…
Q: graph
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Q: a. Is it possible to have diminishing returns to a single factor of production and constant returns…
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Q: rease in average
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Q: Output K Which of the following could cause the upward shift of the production function? O a) an…
A: Production function shows the functional relationship between inputs and outputs that are used in…
Q: explain the importance of production function and how can we enhance the productivity of a factor.
A: The production function is the mathematical function that shows the relationship between the input…
Q: Number of students Hired 10 2 3 4 5 Output 10 100 240 300 Marginal Product of Labour 80 40 Cost of…
A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…
Q: Explain why the short run production curve is a “s” shape curve. Answer in detail including graph…
A: The production function would result in the output or the total output which can be produced given…
Q: Total product refers to 1. the change in output produced for a given level of variable input (such…
A: Total Product refers to the total volume of output produced by a firm, for a given quantity of input…
Q: Explain in details the four factors of production and their earnings by explaining their main…
A: Four factors of production and their earnings 1)land Earning-rent Land is given for rent for the…
Q: My candy bar company made 100 million bars last year, sold for $1 each. I also paid 100 people last…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Figure 6.13 Capital (K) 20- 16- 14 12- Q-200 0-200 8. 12 16 20 28 Labor () Reference Ret 6-17…
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Q: Galaxy, a multinational corporation, has two plants, one in the United States and the other in…
A: Cost minimization is a basic rule used by producers to determine the optimal number of factor of…
Q: Question b The output level on a AD/AS graph when all factors of production are being used is called…
A: The link between the total quantity of production demanded (measured in real GDP) and the price…
Q: what are the four factors of production and their earnings and explain their main characteristics…
A: The factors of production are the resources both natural as well as man made used in the process of…
Q: Explain the law of diminidhing returns whith a relevant example
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Q: Explain the process of accumulation as Smith and Marx saw it (Note: The descriptions by Smith and…
A: Since you have asked multiple questions, we will answer the first-two parts for you. If you want any…
Q: 1. State, and explain in detail, whether you agree or disagree with the following each) (a) The CES…
A: Hey, thank you for the question. Since you have posted multiple questions, as per BNED policy, per…
Q: 26. The period of time when a firm is able te changeali of innuts, or factors of production, is…
A: Broadly, there are two types of factors of production, fixed factors, and variable factors.
Q: a) What are the determinants of production? Explain.b) Suppose that an economy’s production function…
A: The production function is a function that shows the relationship between output produced in an…
Q: (Table) Based on the table, what is the average product of the sixth worker? a. 7 b. 8 c. 7.75 d.…
A: The total amount of output that is being produced with a given input amount during a given time…
Q: Economics, physical capital represents the uildings or machines used by a business to produce…
A:
Q: Q. 5 Which are the following are short-run and which are the long-run adjustment? Explain in your…
A: The long-run is the situation when there are no fixed factors (every factor is considered as a…
Q: A firm produces good Y with just 2 factors: Capital which is fixed in supply and labour which is…
A: Given: labor 1 2 3 4 5 6 7 8 9 TP 8 15 24 30 35 37 38 38 36 Note: Due to multiple subparts…
Q: Law of return applies to firms working in
A: To find : Law of return applies to firms working in which sector.
Q: Assume no change in the labour force. In the 2030s, physical capital increased by 20% and GDP…
A: The marginal product of capital refers to an increase in the total product because of an additional…
Q: Suds and Duds Laundry washed and pressed the following number of dress shirts per week: Week 1 2 3 4…
A: We are going to calculate labour productivity to answer this question.
Q: 14. (continued) What happens to the labor productivity, which is the output per unit of labor, Y/L,…
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Q: 66. Which of the following input factor takes risk, innovates and coordinates А. О Сapital B. O…
A: Option D Entrepreneur takes risk in business by allocating his capital and time, does innovation and…
Q: With the aid of diagrams,explain the stages of production,outlining the relationship between total…
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Q: Question 2 All possible combinations of labor and capital that yields the same output level is…
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Q: Question: A distinction between the long run and the short run is that can affect ...... and in the…
A: Long Run: It is a time period when both factors of production changes, the fixed as well as the…
Q: Is it possible to increase the labor productivity (output per unit of labor) in a given production…
A: Answer: Law of diminishing Marginal Productivity states that when one input in the process of…
Q: Define factors of production and describehow they contribute to output.
A: The process of transformation of inputs into the output is known as the production process.
Q: QUESTION 18 The following table shows the DVDS production. Study the table and answer the questions?…
A: At optimal point, value of marginal product of labour is equal to the wage rate.
Q: Marginal Produt and Resources How would you determine the demand for a factor of production? What…
A: We will answer the first question since the exact one was not specified. Please submit a new…
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Q: The diminishing marginal product implies that the total product is decreasing at an increasing rate
A: Here we can find that the TP first increases in an high rate after which it increases but at a slow…
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- Define factors of production and describehow they contribute to output.Why do we assume that changes to Total Factor Production are persistent? i know that its important and that it affects the outcome. is it because persistent means the changes are not temporary in the market and therefore doesnt try to readjust over time but rather it has long term affects.Case C: Galaxy Multinational. Galaxy, a multinational corporation, has two plants, one in the United States and the other in Mexico, and it cannot change the size of the plants or the amount of capital equipment in the short run. The wage in Mexico is equivalent to US $5 per hour. The wage in the U.S. is $25 per hour. Given current employment situation, the productivity per worker in Mexico is 200 units per hour, and the productivity per worker in the U.S. is 400 units per hour. Is Galaxy maximizing output relative to its labor cost? If not, what should Galaxy do? Justify your answer.
- Show and explain the AS adjustment process, in other words, how output adjusts over time, from the short run to the long run (following the increase in G)1) a. What is a production function? How does a long-run production function differ from a short-run production function?b. Explain the term “marginal rate of technical substitution.” What does a MRTS = 4 mean?Total factor productivity refers to: a. total production in the economy b. all factors of production c. total production in the economy due to the primary factors of production d. factors of production other than the primary factors
- Some inputs like Labor power is different in premarket economy compared to market economy, which not is not correct. a. In both market it is a factor of production. b. In both market, labor powers the same as land and capital are limited c. In market economy laborer can sell its labor power, because it a commodity. d. Laborer is the same as serfExplain Expansion path and the form of the Production Function.Which of the following is an implicit cost of production? 16: A) the utility bill paid to water, electricity, and natural gas companies B) the loss in the value of capital equipment due to wear and tear C) the salary you pay yourself for running your business D) the interest you pay your mother for the money she loaned you to start your business
- Draw an example production function in terms of output and capital.GIVE 2 specific properties which define its shape; explain these usingthe definition and properties of MPK.Is it possible to increase the labor productivity (output per unit of labor) in a given production process which exhibits diminishing returns to labor? If so, how? Explain with a graph. NOTE = PLEASE EXPLAIN IN DETAIL EVERYTHING. EXPLANATION DOES NOT MEAN DESCRIPTION. EXPLAIN EVERY DETAIL LONG.Q 1. Given the following production function Y=AKα L 1-α Where; Y is the total output of the economy K is the amount of land, and L is the labor force of the economy Assume A=1 and = 0.5 The initial values of K and L is 100 units. a. How much output does the economy produce? b. What are the wage and rental price of land? c. What share of output does land receive?