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When a firm produces a level of output on the production function?
Wiki User
∙ 11y ago
Marginal physical product is zero
Wiki User
∙ 11y ago
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What do you mean by production function?
The relationship between the amount of input required and the amount of output that can be produced with the help of them is called the production function. It specifies the maximum output that can be produced with a given quantity of inputs for a given level of engineering or technical knowledge. Let, a firm produced only one type of output with two inputs (L, K). Thus, the general equation of this simple production function is Q=f(k, L)---------(i) Eqn (i) reads: the quantities of output is a function of or depends on the quantities of labor and capital used in production.
What is a worker's level of output in goods and services over a period of time?
production or productivity
What is a worker level of output in goods and services over a period of time?
production or productivity
Which type of market typically produces the highest level of output at the lowest price to consumers?
Perfect competition ... @DeeWillMafia
Is the optimum level of production the same as the profit maximization level of output?
"Optimal" can be defined in various ways. When looking from a profit maximization viewpoint, the level of production with the highest (return/cost) ratio will be the optimal. However, when looking purely from a productive viewpoint, the optimal level would be the one with the highest (output quantity/input quantity) ratio
What do you mean by production function?
The relationship between the amount of input required and the amount of output that can be produced with the help of them is called the production function. It specifies the maximum output that can be produced with a given quantity of inputs for a given level of engineering or technical knowledge. Let, a firm produced only one type of output with two inputs (L, K). Thus, the general equation of this simple production function is Q=f(k, L)---------(i) Eqn (i) reads: the quantities of output is a function of or depends on the quantities of labor and capital used in production.
The level of output the economy can produce in the long run is referred to as?
haw the amount of output in economy produces can be detreminis?
What is a worker's level of output in goods and services over a period of time?
production or productivity
What is a workers level of output in goods and services over a period of time?
production or productivity
What is a worker level of output in goods and services over a period of time?
production or productivity
Which type of market typically produces the highest level of output at the lowest price to consumers?
Perfect competition ... @DeeWillMafia
Is the optimum level of production the same as the profit maximization level of output?
"Optimal" can be defined in various ways. When looking from a profit maximization viewpoint, the level of production with the highest (return/cost) ratio will be the optimal. However, when looking purely from a productive viewpoint, the optimal level would be the one with the highest (output quantity/input quantity) ratio
What does profit maximizing quantity of output mean?
Its the level of production where marginal cost is equal to marginal revenue.
How do you calculate the profit maximizing output level given a total revenue and total cost function?
how to calculate profit maximizing water level under quadratic cost function
What are a business firm's fixed and variable costs of production?
Fixed costs are costs that do not vary with the level of output, such as rent and insurance premiums. Variable costs are costs that change with the level of output, such as wages and raw materials.
A nation can increase its production possibilities by?
A nation can increase its production possibilities by improving labor productivity. More industries can be created so as to increase the output level.
What is isoquant and its properties?
isoquant is the locus of the all the combination of two factorof production that yield the same level of the output
