What is a cross-functional business process? Give one example of a cross-functional business process.

Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…

A: A. Opportunity cost refers to the value of something that must be given up to get the other goods…

Q: Explain why firms come into existence, and give some examples of why some of them go out of…

A: In perfect competition, profit is: π=TR-TC Breakeven point is where TR and TC are the same (zero…

Q: At what level of production does the marginal cost have the least value? What is the marginal cost…

A: The marginal cost curve is the U-shaped curve.

Q: If marginal physical product is continually declining, what does marginal cost look like?

A: The marginal physical product is the additional output which can be produced by the firm by…

Q: Explain Homogeneous products and give more examples

A: Homogenous product: Homogenous products or homogenous goods are those goods that are similar in…

Q: what are the three stages of production? explain with TP, MP, and AP graph

A: The three stages of short-run production are readily seen with the three product curves--total…

Q: Graphically present the effect of technological change on production and explain it briefly

A: The production function of the firm shows the maximum amount of output that a firm is able to…

Q: Applying the concept of marginal costs, how would you, as a business owner, decide how much to…

A: There are basically two types of costs- fixed costs and variable costs. The variable cost refers to…

Q: Suppose you have a team of two workers: one is a baker and one is a chef. Explain why the kitchen…

A: Meaning of Organization: An organization refers to the group of unit or socially grouped unit that…

Q: In Production Theory, what is meant by a “short-run” production period? What is meant by a…

A: In short run production theory there are fixed cost,whereas in long run there are no fixed cost.

Q: It is clear that businesses operate in the short run, but do they ever operate in the long run?…

A: When a business is established the main focus of the owner is to conquer the short-run functions and…

Q: Discuss the impact of long run on cost of doing business.

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: The most efficient scale of production is where at which point?

A: According to the given question In simple words we can say that scale of production basically or…

Q: Applying the concept of marginal costs, how would you, as a business owner, decide how much to…

A: Profit maximization refers to the production and distribution of goods in such a way that maximizes…

Q: Explain the following concepts and their importance in production process (i) Productivity (ii)…

A: Productivity, efficiency and Technology are the three important thing in production process.

Q: In the circular-flow diagram, which of the following do firms NOT do?   a. use factors of production…

A: In the circular-flow diagram, the following are done by the firms :a)The firm uses factors of…

Q: what is the hierarchy of research ? explain it in clear points

A: Research refers to the scientific enquiries of certain field that helps to describe, explain,…

Q: How does rising organic composition of capital threaten the rate of profit?

A: Historically, there have been a lot of economic theories stating the requirements for the…

Q: What are the different type of costs incurred in the short run and in the long run?

A: In the short run there are two types of costs, fixed and variable costs. Since there are fixed and…

Q: Technological change is a combination of invention and innovation. Explain these two terms with an…

A: Invention The invention of a thing is a process of creating a new product which is not meant before.…

Q: What impact do sewing robots have on capital per worker and human capital per worker? What impact…

A: Sewing robot is one type of robot they are  perform task automatically .Other robot are mostly…

Q: Using an example , explain the production proces

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: what is the importance of long run and short run production in production theory?

A: A production function is a functional relationship between the inputs which are used in the process…

Q: Based on your chosen business idea, develop a business model for your business by using the…

A: Business Introduction: Hey thanks for stopping by! I am enterpreneur, an artist and a manager in a…

Q: Explain how a company could choose to get bigger, yet lower their average costs?

A: Average cost: It is average cost incurred for producing a good.

Q: explain the relevance of the stages of production in economics to a business operator

A: Introduction  PRODUCTION   A very common definition of the production is it is a process of making…

Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…

A: Opportunity cost refers to the value of something that must be given up in order to get the other…

Q: te a topic on economies of scale, economies of scope, or learning curves.

A: Economy scale refers to changes within prices per unit because the range of units is multiplied. A…

Q: A student once said she 'didn't believe in sunk costs. She meant that the idea that 'some costs are…

A: Sunk cost refers to the costs that has been paid already and cannot be recovered. That means it is…

Q: What economic principle explains why average variable costs and marginal costs initialy decrease as…

A: A U-shaped curve represents the average variable cost function. Initially, as output increases, the…

Q: How does profit motive affect innovation and economic productivity?

A: Profit motive: The benefit rationale is the inspiration of firms that work to amplify their…

Q: In a paragraph with a maximum of three sentences, explain the difference between an ordinary…

A: Business: The term business refers to an organization which has element occupied with business, or…

Q: what is the different between average production and marginal production?

A: The average production is the total production divided by the variable input and it is production…

Q: What is the difference between Analytical and Synthetic process of production? Give examples.

A: Analytical process of production deals with parts of production. Synthetic process of production…