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What is the total amount of money a firm receives by selling goods or services called?
total revenue
What is a production period that allows changes only in variable inputs?
This production period is called the short run production period. This means that the amount of capital in the firm is fixed and cannot change because it takes time for the firm to receive ordered capital. In this situation the firm must change labor and materials (variable inputs) in order to maximize profits. The opposite of the short run production period is the long run production period. In the long run all inputs are flexible and the firm can theoretically maximize profits at any level of capital.
What is the proper amount of money to obligate at the award of a firm fixed-price contract?
The full amount of the contract
What is the scale effect economics?
The scale effect indicates what happens to the demand for the firm's inputs as the firm expands production. As long as capital and labor are "normal inputs," the scale effect increases both the firm's employment and capital stock.
Explicit costs are payments the firm makes for?
Inputs such as wages and salaries to its employees.
What is the total amount of money a firm receives by selling goods or services called?
total revenue
What is the total amount of money firm receives by selling goods or services called?
total revenue
Who receives money in a firm?
Someone who receives money in a firm is called a treasurer
What is a production period that allows changes only in variable inputs?
This production period is called the short run production period. This means that the amount of capital in the firm is fixed and cannot change because it takes time for the firm to receive ordered capital. In this situation the firm must change labor and materials (variable inputs) in order to maximize profits. The opposite of the short run production period is the long run production period. In the long run all inputs are flexible and the firm can theoretically maximize profits at any level of capital.
What is the proper amount of money to obligate at the award of a firm fixed-price contract?
The full amount of the contract
What is the scale effect economics?
The scale effect indicates what happens to the demand for the firm's inputs as the firm expands production. As long as capital and labor are "normal inputs," the scale effect increases both the firm's employment and capital stock.
What defines the term financial capital?
the amount of money a firm or individual has invested in a business
Which of these defines the term financial capital?
the amount of money a firm or individual has invested in a business
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
Explicit costs are payments the firm makes for?
Inputs such as wages and salaries to its employees.
The costs of a firm that are paid directly in money are called?
Explicit costs!
In economics the best definition of technology is?
The process a firm uses to turn inputs into outputs.
