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Why is lac curve u-shaped?
LAC is u shaped due to the law of return to scale. In the long run the law of returns to scale operates. i.e. in the beginning, with the increase in variable and factors factors of production, the returns to scale comes in the rate of increasing.that means with the increase in factors of production, the specialization of factors of production becomes possible resulting higher productivity.
The role of a producer?
the role of producers are organizing business activities supply of various goods efficient utilization of different factors of production expand the demands for various factors of production
What war the 3 stages of production?
Three stages of production are increasing marginal returns, diminishing marginal returns, and negative marginal returns.
What is the best explanation of why the law of diminishing returns does not apply in the long run?
All factors of production are variable in the long run.
Laws of returns to scale?
The Laws of Return to Scale explains the behaviour of rate of increase in the output/production to the subsequent increase in the inputs i.e. the factors of production in the long run.In the long run all factors of production are variable and subject to change due a given increase in size/scale .The laws of Returns to scale is a set of three inter-related and chronological laws (stages)Law of Increasing Returns to ScaleLaw of Constant Returns to ScaleLaw of Diminishing returns to ScaleA] LAW OF INCREASING RETURNS TO SCALEIt is mostly the first of the laws to occur as in this stage the newly added indivisible factors of production have not yet reached their installed capacity i.e. maximum output.This also occurs due to adoption of specialized machinery and increasing efficiency in production and the per unit production cost decrease. There can be several other reasons too.B] LAW OF CONSTANT RETURNS TO SCALEThis stage occurs when the maximum capacity of the inputs is used to create the maximum output .The rational producer naturally prefers this stage as the returns from all the inputs largely remain the same . This stage occurs in every production business as there is a certain limit to the increase in the productionC] LAW OF DIMINISHING RETURNSthis stage when the producer further increases his capacity of production and lets the diseconomies of large production enter in the trading of the business. The production starts giving a negative rate of return .i.e. the production decreases\diminishes. This forces the producers to downsize and eventually stop their production.
Why is A nation's production possibilities curve is bowed out from the origin?
When there are diminishing marginal returns to factors of production, the PPF is "bowed out" from the origin.
Why is lac curve u-shaped?
LAC is u shaped due to the law of return to scale. In the long run the law of returns to scale operates. i.e. in the beginning, with the increase in variable and factors factors of production, the returns to scale comes in the rate of increasing.that means with the increase in factors of production, the specialization of factors of production becomes possible resulting higher productivity.
Why LAC is U shaped?
LAC is u shaped due to the law of return to scale. In the long run the law of returns to scale operates. i.e. in the beginning, with the increase in variable and factors factors of production, the returns to scale comes in the rate of increasing.that means with the increase in factors of production, the specialization of factors of production becomes possible resulting higher productivity.
The role of a producer?
the role of producers are organizing business activities supply of various goods efficient utilization of different factors of production expand the demands for various factors of production
What was the Production Budget for The Mummy Returns?
The Production Budget for The Mummy Returns was $98,000,000.
What war the 3 stages of production?
Three stages of production are increasing marginal returns, diminishing marginal returns, and negative marginal returns.
What is the best explanation of why the law of diminishing returns does not apply in the long run?
All factors of production are variable in the long run.
What was the Production Budget for The Return?
The Production Budget for Superman Returns was $232,000,000.
Laws of returns to scale?
The Laws of Return to Scale explains the behaviour of rate of increase in the output/production to the subsequent increase in the inputs i.e. the factors of production in the long run.In the long run all factors of production are variable and subject to change due a given increase in size/scale .The laws of Returns to scale is a set of three inter-related and chronological laws (stages)Law of Increasing Returns to ScaleLaw of Constant Returns to ScaleLaw of Diminishing returns to ScaleA] LAW OF INCREASING RETURNS TO SCALEIt is mostly the first of the laws to occur as in this stage the newly added indivisible factors of production have not yet reached their installed capacity i.e. maximum output.This also occurs due to adoption of specialized machinery and increasing efficiency in production and the per unit production cost decrease. There can be several other reasons too.B] LAW OF CONSTANT RETURNS TO SCALEThis stage occurs when the maximum capacity of the inputs is used to create the maximum output .The rational producer naturally prefers this stage as the returns from all the inputs largely remain the same . This stage occurs in every production business as there is a certain limit to the increase in the productionC] LAW OF DIMINISHING RETURNSthis stage when the producer further increases his capacity of production and lets the diseconomies of large production enter in the trading of the business. The production starts giving a negative rate of return .i.e. the production decreases\diminishes. This forces the producers to downsize and eventually stop their production.
What are factors of production name any four factors of production.?
Factors of production
What are the stages of production of a firm?
a]increasing marginal returns b]diminishing returns c]negative returns
What term is used to describe the way that the various factors of production are combined to obtain output?
The term used to describe the way that various factors of production are combined to obtain output is "production function." This concept illustrates the relationship between inputs—such as labor, capital, and materials—and the resulting output in the production process. It helps in understanding how changes in input levels can affect overall productivity and efficiency.
