What mix of inputs should be used to produce a given level of output?

Q: What are the four factors of production?

A: Factors of production: - factors of production are the resources used to produce goods and services.…

Q: What does it mean when you compare allocative efficiency to worker efficiency? What are the…

A: Worker efficiency is defined as producing goods and services for all-time low cost. Productive…

Q: Define micro economics

A: Micro Economics is the study of a part of economy individually. It analyzes the market behavior of…

Q: What are the characteristics of factors of production Only three characteristics

A: According to the given question The factors of production are also known as the productive resources…

Q: Give one example of external economics of scale?

A: According to the given question Simply we can state that the external economy are those economies…

Q: Production is efficient if the economy is producing at a point 1S

A: Production indicates the total output produced in the economy. The production of goods is very…

Q: What is economic

A: Economic is divided into two major discipline that is microeconomics and macroeconomics. Here,…

Q: how  do firms choose how much output to produce.

A: production is the making system - it is in the same place as the natural/raw substances and parts…

Q: A summary of The Four Factors of Production?

A: The four factors of production are land, labor, capital and entrepreneurship. These are the…

Q: m to produce?

A: The above diagram shows the demand curve and the cost curves facing a monopolist.  For a monopolist,…

Q: Why the producer prefers stage 2 in production process.

A: Solution: A rational producer always prefers to operate in phase 2 of Law of Variable Proportion…

Q: Why do marginal costs tend to rise, and marginal benefits tend to fall

A: Marginal cost is the addition cost which is incurred for producing an additional output.  Marginal…

Q: How will you explain production as a source of economic well-being?

A: Production is the key feature of economic well being of any nation.The manufacturing units are…

Q: In deciding to produce a given good, an individual would always choose A. The process that uses the…

A: To determine the production method that a producer must always choose.

Q: Discuss how firms choose how much output to produce.

A: Total Cost is the amount of expenditure incurred in the production of goods and services.  Total…

Q: Using a crane to move a loaf of bread is A. Efficient but not effective. B. effective but not…

A: Effective refers to the ability to complete the objective. Efficient refers to completing the task…

Q: What is the meaning of micro economics

A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…

Q: In economics, when discussing the factors of production, the term land refers to A) farmland. B)…

A: Factors of productions are:- Land :- It means all the natural resources required for production of…

Q: What are the economic significance of the stages of production

A: In economics, production is defined as a process of combining various inputs to make goods and…

Q: Economists assume that a firm's decisions are made in an attempt to

A: A firm is a business that is formed to provide services to its customers.

Q: What is production management an important activity?

A: Meaning of Microeconomics: The term microeconomics refers to the situation under which the…

Q: A clothing company can use one of the following four production processes to produce 5,000 garments…

A: Productive efficiency refers to the production of goods and services at the least cost of…

Q: What are Direct Materials?

A: Direct materials are the physical items that are used in the manufacturing process to produce the…

Q: Why the aggre

A: Why aggregate supply curve slopes upward in the short run .

Q: Business Week, in an article dealing with management, wrote, "When he took over the furniture…

A: When all items and means of production in an economy are dispersed or assigned to their most useful…

Q: ny units of X can be produced whe s are utilized in its production

A: Since you have asked multiple questions we will answer the first one for you. When only two goods…

Q: What is a marginal cost? (in detail)

A: The Marginal cost is an additional cost of producing an additional unit of an output. In other…

Q: The question of for whom to produce focuses on how an economy's input is distributed among members…

A: Economic is the study of the management of scarce resources to fulfill the unlimited wants of…

Q: Why does SMC curve cut AVC curve at the minimum point of AVC curve?

A: The change in total cost per unit of change in output is known as short-run marginal cost (SMC).…

Q: The human effort applied to the production of goods is called in economics

A: To find : What is human effort applied to production of good in economics

Q: To be efficient, outputs should be produced that minimize total cost. True or false

A: When the ATC(average total cost) is minimized, then the output level is efficient. ATC is a U-shaped…

Q: These are products or services that are desired by human and will be purchased if money is available…

A: People will prioritise their desire for goods and services on the basis of their importance,…

Q: What are diminishing marginal returns?

A: In the production process, different inputs are used to produce final outputs. Land, labor, capital,…

Q: What is the difference between micro and macro economics?

A: Economics is being divided into two categories namely microeconomics and macroeconomics.…

Q: Characterize the different factors of production by identifying their roles in the production…

A: In financial frameworks, the responsibility for of production is thought to be with families, who…

Q: Choose a simple economic term and explain it.

A: Opportunity cost It is the best alternative foregone.

Q: Discuss the factors of production and how it can be accessed.

A: Factors of production are important for carrying out business activities and for overall economic…

Q: Give two factors that lead to the price of energy from new technologies to increase.

A: Introduction Energy, fossil fuels, oil, and sustainable energy markets are complex and continuously…

Q: What are factors affecting economic analysis?

A: A study of the economic system can be defined as an economic analysis. The economic analysis helps…

Q: The technically efficient combination of two products a busniness can produce in the current period…

A: Production is the process by which goods and products are made or manufactured from raw materials or…

Q: What are the major course learning outcomes from studying a microeconomics course?

A: Microeconomics is the discipline of economics that investigates the economy on individual and…

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.