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If there are constant returns to scale what would the production function be written as?
Y/l = a f(1,k/l,h/l,n/l)
What is the difference between a production function and an isoquant?
A Production function tells you how much output you can produce for every combination of inputs.An Isoquant is a curve that shows all possible combinations of input that yield the same output Example of production function:(Q = output L= Labor K = Capital)Q = K + 5Lfor the isoquant for example, using the production function above, we want to find which levels of input would yield Q = 2020 = K + 5Lif K = 5, then L = 3 and if K = 10, then L = 2, your output would still be the same and that's your isoquant.But for your production function your output can have different values so you'd have multiple isoquant curves and multiple isoquant curves already describe an isoquant map (Isoquant map - shows a number of isoquant curves in a single graph, describing a production function)Hope my explanation wasn't too confusing...
What are the Different types of resources that economists list as factors of production?
labor, capital, technology are the main ones. think of the production function y = f(K,L)
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 an input in economics?
An input is what the firm uses in order to produce a final good. So it can be material, like glass to make light bulbs, but more often these are generally looked at as intermediate goods. A true input is usually capital (K) or Labor (L) used to produce a quantity (Q) of a good. so a simple production function can look like this Q=K+L meaning that if you had 3 units of K and 5 units of L you would have 8 units to sell. This type of production function where K and L are added is indicative of inputs being perfect substitutes.
What is an in input?
An input is what the firm uses in order to produce a final good. So it can be material, like glass to make light bulbs, but more often these are generally looked at as intermediate goods. A true input is usually capital (K) or Labor (L) used to produce a quantity (Q) of a good. so a simple production function can look like this Q=K+L meaning that if you had 3 units of K and 5 units of L you would have 8 units to sell. This type of production function where K and L are added is indicative of inputs being perfect substitutes.
What does LJK stand for in Bella thorne's song?
L .j. K
What does K-W-L stand for?
In txt language it means cool.
What does K O L M the game stand for?
"Kind of Like Metroid"
What does m i l f stand for?
Milf- Mother I'd Like to F**K
What would NOT increase gross domestic product?
In most economic theory, the basic production function (or GDP) is represented by a Cobb-Douglas function (Y = KaALB). Where: Y = GDP K = the capital stock L = labour supply A = level of technology a and B = proportion of capital and labour usage in production Following this basic formula, anything that does not affect the level of capital production, labour supply, or technology would not affect production.
What does 3 L K W L T M stand for?
3 L K W L T M commonly stands for "3 Little Kittens Went to Market," a popular nursery rhyme.
