0
What else can I help you with?
What is the meaning of Constant returns to scale?
When a firm doubles its inputs, outputs also double. The increase in output is exactly proportionate to the increase in inputs
The amount of money that a firm pays to buy inputs is called?
Total cost
How can least cost combination of inputs can be achieved.?
The least cost combination of inputs can be achieved by utilizing the principle of equimarginal returns, which involves equating the marginal product per dollar spent on each input. This requires analyzing the cost and productivity of each input and adjusting their quantities until the ratio of marginal product to price is the same across all inputs. Additionally, employing optimization techniques, such as linear programming, can help identify the most cost-effective mix of inputs while satisfying production constraints. Regularly assessing input prices and productivity can further enhance cost efficiency.
What is iso cost line?
the combination of two different inputs which costs the same amount..
What is the meaning of process device?
The meaning of processing device is a kind of computer hardware that converts inputs into outputs. An example of a processing device is the CPU.
What is the difference between implicit and explicit theory?
explicit is the market value of all inputs purchased by a producer while implicit cost is the market value of inputs owned by the producer himself.
Productivity is the ratio of and .?
Total factor productivity is the ratio of total value added and the total cost of inputs.
What is isocost?
isocost is really aline that demonstrates the combination of inputs that can be used however each combination has the same cost
What is economical profit?
Difference between revenue received from sale of an output & the opportunity cost of inputs used. (EVA)
What is the meaning of cost management ratios?
re What is the meaning of cost management ratios?
Is the increase in efficiency gained by producing more output without using more inputs?
savings
Perfectly competitive firm in long run equilibrium?
what about them? profits are 0 price=marginal cost all costs are variable optimal allocation of inputs is where marginal rate of technical substitution is equal to the price ratio of the inputs.
