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What will be maximum at a point of inflexion in the law of variable proportions?
At a point of inflexion in the law of variable proportions, the maximum output or productivity of a factor of production occurs when the marginal product of that factor begins to decline. This point indicates a shift in the relationship between input and output, where the addition of more of a variable input (while keeping others constant) leads to diminishing returns. Consequently, the total product curve changes from increasing at an increasing rate to increasing at a decreasing rate, highlighting the transition in production efficiency.
Difference between returns to scale and constant return to scale?
differentiate between returns to scale and constant return to scale
What key assumptions underlie the law of variable proportions in microeconomics?
The law of variable proportions, also known as the law of diminishing returns, is based on several key assumptions: first, that the production process involves at least one fixed input and one variable input; second, that the technology used in the production remains constant; and third, that inputs can be combined in varying proportions to produce different levels of output. Additionally, it assumes that the quality of the variable input remains unchanged while increasing the quantity of that input. These assumptions help explain how output changes as the quantity of a variable input is varied while keeping other inputs constant.
Explain with diagram the law of variable proportion?
Sometimes referred to as the law of diminishing returns, the law of variable proportions is concerned with the effect of changes in the proportion of the factors of production used to produce output. As the proportion of one input increases relative to all other inputs, at some point there will be decreasing marginal returns from that input. Adding more units of an input, holding all other inputs constant, will at some point cause the resulting increases in production to decrease, or equivalently, the marginal product of that input will decline. Among the inputs held constant is the level of technology used to produce that output. This is an empirical law and is therefore a generalization about the nature of the production process and cannot be proven theoretically (see Friedman, 1976; Stigler, 1966). Applied to management, Friedman argues that the law of variable proportions requires firms to produce by using inputs in such proportions that there are diminishing average returns to each input in production.
Explain how the diminishing returns influences the shape of the variable cost and total cost curves?
how diminishing returns influences the shapes of the variable-cost and total-cost curves
What is the connection between marginal returns and variable costs?
they are usually inversly proportional
What will be maximum at a point of inflexion in the law of variable proportions?
At a point of inflexion in the law of variable proportions, the maximum output or productivity of a factor of production occurs when the marginal product of that factor begins to decline. This point indicates a shift in the relationship between input and output, where the addition of more of a variable input (while keeping others constant) leads to diminishing returns. Consequently, the total product curve changes from increasing at an increasing rate to increasing at a decreasing rate, highlighting the transition in production efficiency.
Why law of variable proportion applies to mathematics?
The law of variable proportions, often discussed in economics, describes how the output of production changes as one input variable is modified while others remain constant. In mathematics, this concept can be applied to analyze relationships between variables in functions, particularly in calculus and optimization. For example, by examining how changes in one variable affect the output of a function, mathematicians can derive insights about marginal returns, similar to how the law of variable proportions informs economic production processes. Thus, both fields explore the dynamics of change and proportionality in their respective contexts.
Difference between returns to scale and constant return to scale?
differentiate between returns to scale and constant return to scale
What key assumptions underlie the law of variable proportions in microeconomics?
The law of variable proportions, also known as the law of diminishing returns, is based on several key assumptions: first, that the production process involves at least one fixed input and one variable input; second, that the technology used in the production remains constant; and third, that inputs can be combined in varying proportions to produce different levels of output. Additionally, it assumes that the quality of the variable input remains unchanged while increasing the quantity of that input. These assumptions help explain how output changes as the quantity of a variable input is varied while keeping other inputs constant.
What is the difference in returns between an investment compounded daily versus compounded monthly?
The difference in returns between an investment compounded daily versus compounded monthly is that compounding daily results in slightly higher returns due to more frequent compounding periods, which allows for faster growth of the investment.
Explain with diagram the law of variable proportion?
Sometimes referred to as the law of diminishing returns, the law of variable proportions is concerned with the effect of changes in the proportion of the factors of production used to produce output. As the proportion of one input increases relative to all other inputs, at some point there will be decreasing marginal returns from that input. Adding more units of an input, holding all other inputs constant, will at some point cause the resulting increases in production to decrease, or equivalently, the marginal product of that input will decline. Among the inputs held constant is the level of technology used to produce that output. This is an empirical law and is therefore a generalization about the nature of the production process and cannot be proven theoretically (see Friedman, 1976; Stigler, 1966). Applied to management, Friedman argues that the law of variable proportions requires firms to produce by using inputs in such proportions that there are diminishing average returns to each input in production.
Explain how the diminishing returns influences the shape of the variable cost and total cost curves?
how diminishing returns influences the shapes of the variable-cost and total-cost curves
What is the difference between near and far procedure in 8086 microprocessor?
Near calls and returns transfer control between procedures in the same code segment. Far calls and returns pass control between different segments.
What is the difference between returns and profit?
return is calculate against investment. profit is calculte against cost.
What is difference between echo and ' ' in unix?
Echo is a program. '' is not a program. '' does not perform any action. Echo returns what you type. '' does not.
When function returns a value the entire function call can be assigned a variable?
AnswerYes, it can. For instance, if your function returns double you can assign the function call to a variable of type double.AnswerNo, only the returned value, of course.
