Total Product
Stock. Gross produce.
The abbreviation for total product, which is the total quantity of output produced by a firm for a given quantity of inputs.
A single firm supplies all the output
Answers for If A Firm Is Producing A Level Of Output Where MR Exceeds MC, Would It Improve Profits By Increasing Output, Decreasing Output Or Keeping Output Unchanged?
The mix of output to be produced, the resources to be used in the production process, and for whom the output is produced
A growth in the total output produced.
The abbreviation for total product, which is the total quantity of output produced by a firm for a given quantity of inputs.
A single firm supplies all the output
Answers for If A Firm Is Producing A Level Of Output Where MR Exceeds MC, Would It Improve Profits By Increasing Output, Decreasing Output Or Keeping Output Unchanged?
The mix of output to be produced, the resources to be used in the production process, and for whom the output is produced
A growth in the total output produced.
a natural monopoly
natural monopoly =)
Output is what is produced. Outcomes are the result of the output
one half
one half
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.
Economies of scale are the money firm could save, when it expands itself. For example, if firm's average cost per 1 unit is 10 at the output of 100 unit and when it expands its output to 200 unit, the average cost per 1 unit drops to 8, then the firm enjoys economies of scale. So they occur, when a percentage increases equally in all inputs leads to a greater percentage change in output. Inputs are land, labour and capital and output are the goods and services the firm produces