What are some factors of production which are important for any firm to produce goods. These factors have their own identities and respective earnings which the firm keeps in consideration while proceeding for the production process.
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- What stage of production is the increase in output that results from increase in a firm's outputs by some proportion? If the firm is operating efficiently, how can it reduce cost in the short run?The optimal level of production for any company is the level of production that either maximizes profits or minimizes losses. How does one determine the optimal level of production for any business? Explain.The optimal level of production for any company is the level of production that either maximizes profits or minimizes losses. How does one determine the optimal level of production for any business?
- What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence the value of resources?Which statement best explains how human capital affects the manufacturing of a product? It affects the efficiency of the manufacturing process It promotes increased demand for manufactured goods. It provides a financial incentive for potential investors It allows households to use their savings to buy goods.What does fixed cost refer to in economics? a) Costs that vary with the level of production b) Costs that remain constant regardless of production level c) Variable expenses incurred in production d) Opportunity costs of production
- A company producing two different goods of quantities m and nWhat is the difference between interest and profit? Who earns interest, in return for what contribution to production? Who earns economic profit, in return for what contribution to production?The production period in which at least one input is fixed in quantity is the production run. long run. short run. planning horizon.