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What is the Production Possibility Frontier for Nigeria?
Production possibility curve refers to the maximum output combination which a firm can produce when it productive resources are fully utilised
What the production possibilities curve?
It is a graph that represents various maximum combinations of output a nation can produce with limited economic resources in a fixed period of time.
How do you produce this output?
You make use of capital and factors of production.
What is the use of production function?
In microeconomics, a production function asserts that the maximum output of a technologically determined production process is a mathematical production of input factors of production.
What is the difference between production level and facility level?
Production level refers to the amount of output that needs to be produced to keep up with a certain standard. The standard may be determined according to survival level or may also be pegged at a level that would exceed survival requirements. Facility level is the volume of facilities and physical infrastructure required to produce the identified production level.
What is the managerial use of production function?
In microeconomics, a production function asserts that the maximum output of a technologically determined production process is a mathematical production of input factors of production.
What does production limits involve?
A production limitation involves (a cartel setting a maximum output for the good that all members sell). (apex)
When demand for a factor of production depends on the demand for the product produced?
Input determines the quantity of output Ex. output depends upon input. Input is the starting point and output is the end point of production process and such input-output relationship is called a production function. All factors of production like land, labor, capital and technology are required in combination at a time to produce a commodity. In economics, production means creation or an addition of utility. Factors of production (or productive 'inputs' or 'resources') are any commodities or services used to produce goods or services
What does limitation involve?
A production limitation involves (a cartel setting a maximum output for the good that all members sell). (apex)
What was the impact of Ford's assembly line method of production?
It allowed the company to produce a higher output of Model Ts.
What was the impact of ford assembly line method of production?
It allowed the company to produce a higher output of Model Ts.
What was the impact of fords assembly line method of production?
It allowed the company to produce a higher output of Model Ts.
