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Explain how a competitive profit-maximizing firm decides how much of each factor of production to demand?
A competitive profit-maximizing firm determines the quantity of each factor of production to demand by equating the marginal product of each factor to its marginal cost. The firm will continue to hire more of a factor as long as the additional revenue generated from that factor (marginal product times the price of the output) exceeds its cost. This process ensures that the firm utilizes resources efficiently to maximize profits. Ultimately, the firm adjusts its factor inputs until the marginal cost of each factor aligns with the added value it produces.
What else can I help you with?
What government decides the production and distribution of goods?
command economy
What is an economic system in which the government decides what will be produced how it will be produced who gets what is produced and who owns and controls the major factors of the production?
Command economy. wrooooooong!
During which phase in the process must a firm allocate its factors of production?
i dont know the damn answer thats why i ask
What is true in a command economy?
The government decides which goods are produced.The government decides which goods are produced.
Who decides whether or not a business will survive?
you
What was the Production Budget for Veronika Decides to Die?
The Production Budget for Veronika Decides to Die was $9,000,000.
Who decides production in free enterprise economy?
the government
What government decides the production and distribution of goods?
command economy
Who decides what products to manufacture?
Generally, the company's management decides what to manufacture. The decision is based on an analysis of markets, competitors' actions and production capacity of the company.
Will they make a madigascar 4?
There is no word if Madagascar 4 will be made. When the production company decides to make it, they will make an announcement.
Who decides how much to pay workers and how to use profits in socialism?
In Socialism, the State or Central Government decides all in regards to business and production. Under a system of social ownership, means of production including the amount workers are paid, who they sell to and any other business decisions are the responsibility to the government.
What is an economic system in which the government decides what will be produced how it will be produced who gets what is produced and who owns and controls the major factors of the production?
Command economy. wrooooooong!
During which phase in the process must a firm allocate its factors of production?
i dont know the damn answer thats why i ask
What happened to the price of oil when OPEC decides to limit production?
Filling up your Hummers and Pickups becomes a hell of a lot more expensive!
The organization that decides how much oil produce is called?
The organization that decides on oil production levels is called the Organization of the Petroleum Exporting Countries (OPEC). It is a group of oil-producing countries that coordinate on policies to stabilize oil markets and ensure a steady income for its members.
Who decides what good literature is?
who decides what good literature is ?
What happens in a capitalists system?
Capitalism is an economic system in which private companies run their business solely without government intervention. These private companies decides own their own , what product to make, where to sell, cost of production. profits on sales etc.
