economics: production costs and price analysis?
Q. Acme Metal Company produce brass fittings, Acme s engineers estimate the following production function as relevant for their long-run capital-labour decisions: Q=500L^0.6 K^0.8 , where Q is annual output measured in kilograms, L is labour measured in person hours, and K is capital measured in machine hours. Acme s employees are relatively highly skilled and earn $15 per hour. The firm estimates a rental charge of $50 per hour on capital. Acme forecasts annual costs of $500,000 per year, measured in real dollars. (a) Calculate the expression for the firm s marginal product of labour and the marginal product of capital. (b) Determine the firm s optimal capital-labour ratio. (c) How much capital and labour should the firm employ,… [cont.]
Asked by vacation seaker - Thu Oct 29 17:24:25 2009 - - 1 Answers - 0 Comments
A. a)MPL=dQ/dL=300(L^-.4)(K^ .8) MPK=dQ/dK=400(L^.6)(K^.-. 2) b)Optimal is the ratio of MPL/MPK=PL/PK so 300(L^-.4)(K^.8)/400(L^.6 )(K^.-.2)=15/50 this leads to 3K/L=3/10 Solve for K or L L=10K Use the Budget constraint: 500,000=15L+50K insert L=10K 500,000=150K+50K so K=2500,L=25000 c)Insert K=2500,L=25000 into the initial equation: Q=500(25000^.6)(2500^.8)= 1.14*10^8 d)Repeat all steps in B using 22.50 in place of 15
Answered by Zachary - Thu Oct 29 17:43:30 2009
Q. Acme Metal Company produce brass fittings, Acme s engineers estimate the following production function as relevant for their long-run capital-labour decisions: Q=500L^0.6 K^0.8 , where Q is annual output measured in kilograms, L is labour measured in person hours, and K is capital measured in machine hours. Acme s employees are relatively highly skilled and earn $15 per hour. The firm estimates a rental charge of $50 per hour on capital. Acme forecasts annual costs of $500,000 per year, measured in real dollars. (a) Calculate the expression for the firm s marginal product of labour and the marginal product of capital. (b) Determine the firm s optimal capital-labour ratio. (c) How much capital and labour should the firm employ,… [cont.]
Asked by vacation seaker - Thu Oct 29 17:24:25 2009 - - 1 Answers - 0 Comments
A. a)MPL=dQ/dL=300(L^-.4)(K^ .8) MPK=dQ/dK=400(L^.6)(K^.-. 2) b)Optimal is the ratio of MPL/MPK=PL/PK so 300(L^-.4)(K^.8)/400(L^.6 )(K^.-.2)=15/50 this leads to 3K/L=3/10 Solve for K or L L=10K Use the Budget constraint: 500,000=15L+50K insert L=10K 500,000=150K+50K so K=2500,L=25000 c)Insert K=2500,L=25000 into the initial equation: Q=500(25000^.6)(2500^.8)= 1.14*10^8 d)Repeat all steps in B using 22.50 in place of 15
Answered by Zachary - Thu Oct 29 17:43:30 2009
What are the three stages of production in economics?
Q. i got a tip off someone for my exam tommorrow that the three stages of production are coming up. only problem is, i cant find this anywhere in my notes or a book. does anybody know? boyle infection on youtube is funny
Asked by unknown - Thu May 7 10:24:01 2009 - - 1 Answers - 0 Comments
Q. i got a tip off someone for my exam tommorrow that the three stages of production are coming up. only problem is, i cant find this anywhere in my notes or a book. does anybody know? boyle infection on youtube is funny
Asked by unknown - Thu May 7 10:24:01 2009 - - 1 Answers - 0 Comments
what are the 3 stages of production in economics?
Q. i need the answer now... there's an upcoming test tomorrow and i don't know yet the answer for this question...
Asked by gela - Sun Sep 6 22:08:35 2009 - - 1 Answers - 0 Comments
A. Production within an economy can be divided into three main stages: primary, secondary and tertiary. Primary production Primary production involves the extraction of raw materials (e.g. coal, iron, agricultural commodities). Raw materials can be: Extracted e.g. coal, iron ore, oil, gas and stone Harvested / collected e.g. fish Grown e.g. timber, cereal crops There is little value added in primary production. The aim is usually to produce the highest quantity at lowest cost to a satisfactory standard. Secondary production Secondary production involves transforming raw materials into goods. There are two main kinds of goods: Consumer goods e.g. washing machines, DVD players. As the name implies, these are used by consumers … [cont.]
Answered by Wild Wild Jassi - Mon Sep 7 02:42:09 2009
Q. i need the answer now... there's an upcoming test tomorrow and i don't know yet the answer for this question...
Asked by gela - Sun Sep 6 22:08:35 2009 - - 1 Answers - 0 Comments
A. Production within an economy can be divided into three main stages: primary, secondary and tertiary. Primary production Primary production involves the extraction of raw materials (e.g. coal, iron, agricultural commodities). Raw materials can be: Extracted e.g. coal, iron ore, oil, gas and stone Harvested / collected e.g. fish Grown e.g. timber, cereal crops There is little value added in primary production. The aim is usually to produce the highest quantity at lowest cost to a satisfactory standard. Secondary production Secondary production involves transforming raw materials into goods. There are two main kinds of goods: Consumer goods e.g. washing machines, DVD players. As the name implies, these are used by consumers … [cont.]
Answered by Wild Wild Jassi - Mon Sep 7 02:42:09 2009
Economics Question: Production Possibilities Frontier?
Q. Is there a possibility hat we could have a Production Possibilities Frontier (PPF) for the case of three goods? Please help me illustrate and explain briefly. (Kindly label your notations.) Thanks.
Asked by Alexander Patrick J - Wed Dec 10 02:21:01 2008 - - 1 Answers - 0 Comments
A. It would simply be 3-dimensional. However, you could just have 3 graphs which would be much easier to demonstrate. The point of the PPF is to compare 2 goods, not 3. It is easier that way. The reason economists use 2 goods and not more is because the PPF compares a good and usually an alternative. And there is usually only one alternative. A 3-demensional PPF is possible, but economists wouldn't use it for the reason that they like to compare two at a time to avoid the complications of infinite possibilties. In a real world, there are endless amounts of alternative goods, but economics is so "black and white" that we assume that there is only one alternative to every good. The reason that there is one alternative to every good is… [cont.]
Answered by RossenTrono - Wed Dec 10 03:07:28 2008
Q. Is there a possibility hat we could have a Production Possibilities Frontier (PPF) for the case of three goods? Please help me illustrate and explain briefly. (Kindly label your notations.) Thanks.
Asked by Alexander Patrick J - Wed Dec 10 02:21:01 2008 - - 1 Answers - 0 Comments
A. It would simply be 3-dimensional. However, you could just have 3 graphs which would be much easier to demonstrate. The point of the PPF is to compare 2 goods, not 3. It is easier that way. The reason economists use 2 goods and not more is because the PPF compares a good and usually an alternative. And there is usually only one alternative. A 3-demensional PPF is possible, but economists wouldn't use it for the reason that they like to compare two at a time to avoid the complications of infinite possibilties. In a real world, there are endless amounts of alternative goods, but economics is so "black and white" that we assume that there is only one alternative to every good. The reason that there is one alternative to every good is… [cont.]
Answered by RossenTrono - Wed Dec 10 03:07:28 2008
Economics question: when production cost decreases, what happens to price?
Q. This is a part of economics that I'm having a little trouble with. I think it's that when production cost decreases, price decreases as well because suppliers can afford to lower the price. Am I right? If not, can you correct me? Thanks
Asked by UniversalGalaxy - Fri Dec 5 18:50:37 2008 - - 4 Answers - 0 Comments
A. In theory you would be right. However, there are other factors besides cost of production which sets the price. For example, cost of transportation could increase which would offset the decrease in the cost of production. Also, the law of supply and demand probably has a bigger impact. This law states that for a scarce commodity, as demand increases, price increases until it reaches a point where demand decreases because people no longer are willing to pay that price. If the demand decreases, or if the supply is bigger than the demand, then the price decreases until a balance is reached. The final cost could be less than the cost of production.
Answered by darby8251 - Fri Dec 5 19:04:36 2008
Q. This is a part of economics that I'm having a little trouble with. I think it's that when production cost decreases, price decreases as well because suppliers can afford to lower the price. Am I right? If not, can you correct me? Thanks
Asked by UniversalGalaxy - Fri Dec 5 18:50:37 2008 - - 4 Answers - 0 Comments
A. In theory you would be right. However, there are other factors besides cost of production which sets the price. For example, cost of transportation could increase which would offset the decrease in the cost of production. Also, the law of supply and demand probably has a bigger impact. This law states that for a scarce commodity, as demand increases, price increases until it reaches a point where demand decreases because people no longer are willing to pay that price. If the demand decreases, or if the supply is bigger than the demand, then the price decreases until a balance is reached. The final cost could be less than the cost of production.
Answered by darby8251 - Fri Dec 5 19:04:36 2008
a question of economics on production possibility frontier?
Q. is it poosible for a country to produce the outputs beyound the the curve of the production possibility frontier graph plz help me it is very urgent if the ans is no or yes plz give me the reasons
Asked by saima z - Sun Sep 24 13:34:11 2006 - - 1 Answers - 0 Comments
A. It is not possible for a country to produce outside of its production possibilities curve by itself, however it can achieve a point outside of the curve throguh specialization and trade. For example, if country A can produce 10 of good X or 20 of Good Y, and country B can produce 30 of Good X or 5 of Good Y, country A can produce only good Y, and country B can produce only X, and they can trade with each other to achieve more total output than if each country was trying to maximize output of both. Both countries will be at a point outside of their curve, but this can only be achieved through trade.
Answered by vinpar777 - Sun Sep 24 13:43:06 2006
Q. is it poosible for a country to produce the outputs beyound the the curve of the production possibility frontier graph plz help me it is very urgent if the ans is no or yes plz give me the reasons
Asked by saima z - Sun Sep 24 13:34:11 2006 - - 1 Answers - 0 Comments
A. It is not possible for a country to produce outside of its production possibilities curve by itself, however it can achieve a point outside of the curve throguh specialization and trade. For example, if country A can produce 10 of good X or 20 of Good Y, and country B can produce 30 of Good X or 5 of Good Y, country A can produce only good Y, and country B can produce only X, and they can trade with each other to achieve more total output than if each country was trying to maximize output of both. Both countries will be at a point outside of their curve, but this can only be achieved through trade.
Answered by vinpar777 - Sun Sep 24 13:43:06 2006
economics question - production possibilities frontiers?
Q. Here's the question that has me BOGGLED...i've been at this for an hour now! "Iggi and Kurt each own an ice cream shop that sells homemade ice cream on a homemade waffle cone. The table below shows the number of ice cream scoops and waffle cones that Iggi and Kurt produce in an hour. Both Iggi and Kurt work 8 hours per day and spend their time producing ice cream, waffle cones, or a combination of the two. Ice Cream(Scoops per hour) Waffle Cones(Cones per hour) Iggi--- 24scoops...8cones Kurt--- 16scoops...4cones 1.7. The following graph shows Kurt's and Iggi's production possibilities frontiers for a given day, and indicates Kurt's consumption without trade (point K) and Iggi's consumption without trade (point I). [cont.]
Asked by Minni J - Wed Sep 24 22:08:48 2008 - - 1 Answers - 0 Comments
A. Iggi has an absolute advantage in the production of ice cream (1 ice-cream = 1/3 waffle cones) Kurt has an comparative advantage in the production of ice cream (1 ice-cream = 1/4 waffle cones, thus less and consequently cheaper).
Answered by Jurasea - Sun Sep 28 20:30:36 2008
Q. Here's the question that has me BOGGLED...i've been at this for an hour now! "Iggi and Kurt each own an ice cream shop that sells homemade ice cream on a homemade waffle cone. The table below shows the number of ice cream scoops and waffle cones that Iggi and Kurt produce in an hour. Both Iggi and Kurt work 8 hours per day and spend their time producing ice cream, waffle cones, or a combination of the two. Ice Cream(Scoops per hour) Waffle Cones(Cones per hour) Iggi--- 24scoops...8cones Kurt--- 16scoops...4cones 1.7. The following graph shows Kurt's and Iggi's production possibilities frontiers for a given day, and indicates Kurt's consumption without trade (point K) and Iggi's consumption without trade (point I). [cont.]
Asked by Minni J - Wed Sep 24 22:08:48 2008 - - 1 Answers - 0 Comments
A. Iggi has an absolute advantage in the production of ice cream (1 ice-cream = 1/3 waffle cones) Kurt has an comparative advantage in the production of ice cream (1 ice-cream = 1/4 waffle cones, thus less and consequently cheaper).
Answered by Jurasea - Sun Sep 28 20:30:36 2008
i need a topic related to production for a economics project?
Q. i have written the definition of production then the factors of production but i want 2 more topics i think u got what i said now plz help me
Asked by pooja - Fri Jul 10 04:04:15 2009 - - 1 Answers - 0 Comments
A. What about various costs of production ( rent , interest, profit, wage) ? And some imp. theories related to them like richardian theory of rent, classical theory, risk bearing theory. Include Production function as well.
Answered by my world is different - Sun Jul 12 05:27:59 2009
Q. i have written the definition of production then the factors of production but i want 2 more topics i think u got what i said now plz help me
Asked by pooja - Fri Jul 10 04:04:15 2009 - - 1 Answers - 0 Comments
A. What about various costs of production ( rent , interest, profit, wage) ? And some imp. theories related to them like richardian theory of rent, classical theory, risk bearing theory. Include Production function as well.
Answered by my world is different - Sun Jul 12 05:27:59 2009
Can someone help explain the Production possibilities frontier in economics by answering my question?
Q. Moving from a point inside the production possibilities frontier to a poin on the production possibilities frontier the opportunity cost of producing more of the good on the horizontal axis a) decreases b) Increases c) Is infinite d) is 0
Asked by Alex Transade - Sun Feb 8 06:49:13 2009 - - 1 Answers - 0 Comments
A. d) is 0 Opportunity cost does not change - because economy shouldn't sacrifice any of given resources on axises, it's just modifies resource utilization efficiency closer to potential.
Answered by Jurasea - Sun Feb 8 08:21:47 2009
Q. Moving from a point inside the production possibilities frontier to a poin on the production possibilities frontier the opportunity cost of producing more of the good on the horizontal axis a) decreases b) Increases c) Is infinite d) is 0
Asked by Alex Transade - Sun Feb 8 06:49:13 2009 - - 1 Answers - 0 Comments
A. d) is 0 Opportunity cost does not change - because economy shouldn't sacrifice any of given resources on axises, it's just modifies resource utilization efficiency closer to potential.
Answered by Jurasea - Sun Feb 8 08:21:47 2009
Economics help! Production and costs?
Q. When Better Beds produces 40 beds per day, its average variable cost is $600 per bed, its average total cost is $800 per bed, and its marginal cost is $700 per bed. based on this information, plot Better Beds' average fixed cost curve for output levels of 20 and 40 beds per day. howw
Asked by shila - Fri Feb 19 15:08:55 2010 - - 1 Answers - 0 Comments
A. You are given that ATC=$800/bed and AVC=$600/bed at Q=40 beds. Since ATC=AVC+AFC, average fixed costs at 40 bedis is AFC=ATC-AVC=$200/bed. Further, since total fixed cost is FC=AFC*Q=200*40=$8,000 at all levels of output. So, at Q=20 beds, we have AFC=FC/Q=8,000/20=$400/be d. You know have the two points (Q, AFC)=(20, 400) and (Q, AFC)=(40, 200) that you need to plot the AFC curve.
Answered by helper - Fri Feb 19 15:35:28 2010
Q. When Better Beds produces 40 beds per day, its average variable cost is $600 per bed, its average total cost is $800 per bed, and its marginal cost is $700 per bed. based on this information, plot Better Beds' average fixed cost curve for output levels of 20 and 40 beds per day. howw
Asked by shila - Fri Feb 19 15:08:55 2010 - - 1 Answers - 0 Comments
A. You are given that ATC=$800/bed and AVC=$600/bed at Q=40 beds. Since ATC=AVC+AFC, average fixed costs at 40 bedis is AFC=ATC-AVC=$200/bed. Further, since total fixed cost is FC=AFC*Q=200*40=$8,000 at all levels of output. So, at Q=20 beds, we have AFC=FC/Q=8,000/20=$400/be d. You know have the two points (Q, AFC)=(20, 400) and (Q, AFC)=(40, 200) that you need to plot the AFC curve.
Answered by helper - Fri Feb 19 15:35:28 2010
what are the four stages of production in economics?
Q. what are the four stages of production in economics?
Asked by collage guy 88 - Sun Feb 14 00:00:31 2010 - - 1 Answers - 0 Comments
A. Prioritization of facilities Damage classes arrangement Concept development Organisation development
Answered by Pjotr Tschaikowski - Wed Feb 17 05:11:28 2010
Q. what are the four stages of production in economics?
Asked by collage guy 88 - Sun Feb 14 00:00:31 2010 - - 1 Answers - 0 Comments
A. Prioritization of facilities Damage classes arrangement Concept development Organisation development
Answered by Pjotr Tschaikowski - Wed Feb 17 05:11:28 2010
Economics. Cobb-Douglas production and Chow Test?
Q. I am modeling a production function based on a time series data for 40 periods. I have Capital and Labor inputs so I used a cobb-douglas function. I cannot use CES because it is difficult if not impossible to find rent and wage data. I would like to perform a Chow test in SAS to examine the data to see if the results are meaningful. I know how to do an autoregression in SAS and use the Chow option. The problem is that I don't know how to interpret the results. How do I interpret the results of a chow test?
Asked by james m - Sun May 28 14:32:37 2006 - - 1 Answers - 0 Comments
A. You check the significance (p values) of the test statistics. A significant result suggests the coefficients are not stable between periods. If you are using a C-D on time series be sure you test for autoregression.
Answered by jonesminor - Sun May 28 16:55:37 2006
Q. I am modeling a production function based on a time series data for 40 periods. I have Capital and Labor inputs so I used a cobb-douglas function. I cannot use CES because it is difficult if not impossible to find rent and wage data. I would like to perform a Chow test in SAS to examine the data to see if the results are meaningful. I know how to do an autoregression in SAS and use the Chow option. The problem is that I don't know how to interpret the results. How do I interpret the results of a chow test?
Asked by james m - Sun May 28 14:32:37 2006 - - 1 Answers - 0 Comments
A. You check the significance (p values) of the test statistics. A significant result suggests the coefficients are not stable between periods. If you are using a C-D on time series be sure you test for autoregression.
Answered by jonesminor - Sun May 28 16:55:37 2006
micro economics cobb douglas production function problem?
Q. Y = F(K,L) = AK^b L^1-b Where K are the services of the capital/hr. And L are the labor services/hr Construct the graph of the isoquant of the function when: Y=100, A=10, b=0.5
Asked by cyberjan66 - Thu Apr 2 20:46:00 2009 - - 2 Answers - 0 Comments
A. A=10 b=0.5=1/2 1-b=1-0.5=0.5=1/2 Y=100 Y=10* K* L 100=10* K* L 10= K* L L=10/ K L=100/K L=100/K - From this equation you can draw isoquant for Y=100.
Answered by Jurasea - Thu Apr 2 21:49:50 2009
Q. Y = F(K,L) = AK^b L^1-b Where K are the services of the capital/hr. And L are the labor services/hr Construct the graph of the isoquant of the function when: Y=100, A=10, b=0.5
Asked by cyberjan66 - Thu Apr 2 20:46:00 2009 - - 2 Answers - 0 Comments
A. A=10 b=0.5=1/2 1-b=1-0.5=0.5=1/2 Y=100 Y=10* K* L 100=10* K* L 10= K* L L=10/ K L=100/K L=100/K - From this equation you can draw isoquant for Y=100.
Answered by Jurasea - Thu Apr 2 21:49:50 2009
anybody knows cost of production in economics??
Q. anybody knows cost of production in economics??
Asked by pretty_gurl_26 - Mon Feb 13 04:04:22 2006 - - 1 Answers - 0 Comments
A. The cost of production is; the combined costs of raw material and labor incurred in the production of goods.
Answered by a_j_edwards2002 - Mon Feb 13 12:54:08 2006
Q. anybody knows cost of production in economics??
Asked by pretty_gurl_26 - Mon Feb 13 04:04:22 2006 - - 1 Answers - 0 Comments
A. The cost of production is; the combined costs of raw material and labor incurred in the production of goods.
Answered by a_j_edwards2002 - Mon Feb 13 12:54:08 2006
Economics , factor of production?
Q. im studying for my coming term exam , and in the portion it says "describe the factor that affect the demand for factor of production" i search the book , and didn't found any can anyone help me ? :(
Asked by david - Sat Nov 28 04:04:05 2009 - - 1 Answers - 0 Comments
A. It's in your economics textbook. The factors of production will be divided into land, labor, capital and technology. Every factor price will be determined by demand and supply in that market. For example, the wage rate will be determined by supply of and demand for labors. Interest rate will be determined by supply and demand for loanable fund and so on. One thing is important that demand for factor of production is a derived demand. It depends on the demand for final product.
Answered by Michelle B - Sat Nov 28 04:13:44 2009
Q. im studying for my coming term exam , and in the portion it says "describe the factor that affect the demand for factor of production" i search the book , and didn't found any can anyone help me ? :(
Asked by david - Sat Nov 28 04:04:05 2009 - - 1 Answers - 0 Comments
A. It's in your economics textbook. The factors of production will be divided into land, labor, capital and technology. Every factor price will be determined by demand and supply in that market. For example, the wage rate will be determined by supply of and demand for labors. Interest rate will be determined by supply and demand for loanable fund and so on. One thing is important that demand for factor of production is a derived demand. It depends on the demand for final product.
Answered by Michelle B - Sat Nov 28 04:13:44 2009
economics-graph total production (fixed)?
Q. SO these are the points we have: x-axis: quantities y-axis: cost (0,2000) (50,3500) (150,4500) (300,5000) (350,6000) (400,8000) ==> point on the graphs says its "Total Cost" What is the total fixed cost of production (per day)?
Asked by Priyanka - Tue Jan 5 12:57:43 2010 - - 1 Answers - 0 Comments
A. The fixed cost is the cost even when you produce nothing. So at a quantity of 0 you are paying 2000.
Answered by nick - Tue Jan 5 13:12:33 2010
Q. SO these are the points we have: x-axis: quantities y-axis: cost (0,2000) (50,3500) (150,4500) (300,5000) (350,6000) (400,8000) ==> point on the graphs says its "Total Cost" What is the total fixed cost of production (per day)?
Asked by Priyanka - Tue Jan 5 12:57:43 2010 - - 1 Answers - 0 Comments
A. The fixed cost is the cost even when you produce nothing. So at a quantity of 0 you are paying 2000.
Answered by nick - Tue Jan 5 13:12:33 2010
Economics Question on Production Costs?
Q. As assistant vice president in charge of production for a computer firm, you are asked to calculate the cost of producing 170 computers. The production function is q = min {x,y} where x and y are the amounts of two factors used. The price of x is $18 and the price of y is $10. I would just like to know what section this falls under and how you would go about answering the question, not necessarily the answer. I'm currently revising for my exam and the lecturer goes through all the theory but provides no worked through exams. KInd Regards
Asked by jammey h - Fri Jan 9 09:15:17 2009 - - 1 Answers - 0 Comments
A. section this fall under is microeconomics, theory of the firm. easiest way to solve this problem is if you can picture this on a graph. on the graph you need to draw the iso-quant line and then find the minimum iso-cost line that can produce that quantity, ie the iso-cost line that just touches the iso-quant line. I'm assuming you know what isocost and isoquants are rite? isocost is all the combination of x and y such that costs are constant. then you need to rearrange till you get y = f(x). isoquant is all the combination of x and y such that quantity is fixed. then you need to rearrage till you get y = f(x)
Answered by jonny_5024 - Fri Jan 9 22:39:54 2009
Q. As assistant vice president in charge of production for a computer firm, you are asked to calculate the cost of producing 170 computers. The production function is q = min {x,y} where x and y are the amounts of two factors used. The price of x is $18 and the price of y is $10. I would just like to know what section this falls under and how you would go about answering the question, not necessarily the answer. I'm currently revising for my exam and the lecturer goes through all the theory but provides no worked through exams. KInd Regards
Asked by jammey h - Fri Jan 9 09:15:17 2009 - - 1 Answers - 0 Comments
A. section this fall under is microeconomics, theory of the firm. easiest way to solve this problem is if you can picture this on a graph. on the graph you need to draw the iso-quant line and then find the minimum iso-cost line that can produce that quantity, ie the iso-cost line that just touches the iso-quant line. I'm assuming you know what isocost and isoquants are rite? isocost is all the combination of x and y such that costs are constant. then you need to rearrange till you get y = f(x). isoquant is all the combination of x and y such that quantity is fixed. then you need to rearrage till you get y = f(x)
Answered by jonny_5024 - Fri Jan 9 22:39:54 2009
What is a theory of economics where the means of production is controlled by the gov?(9 letters; 4th letter i)
Q. Crossword help
Asked by fresh2death4lyfe - Mon Dec 31 13:08:12 2007 - - 4 Answers - 0 Comments
A. socialism
Answered by Mr Economist - Mon Dec 31 16:37:27 2007
Q. Crossword help
Asked by fresh2death4lyfe - Mon Dec 31 13:08:12 2007 - - 4 Answers - 0 Comments
A. socialism
Answered by Mr Economist - Mon Dec 31 16:37:27 2007
Please help. What is the basic principle behind the theory of production-possibility frontier? (Economics)?
Q. Please help. What is the basic principle behind the theory of production-possibility frontier? (Economics)?
Asked by Amy Amado - Mon Sep 11 14:44:37 2006 - - 1 Answers - 0 Comments
A. The PPF shows all efficient combinations of output for a country when the factors of production are used to their full potential. Say for example the country can produce two goods such as rice and corn -- the PPF is the curve resulting from the various combinations the country can produce these goods (etc. 15 sacks rice and no corn; 10 sacks rice and 5 corn; 5 sacks rice and 10 corn; and 0 rice and 15 sacks of corn) Here's a good discussion of PPF
Answered by imisidro - Mon Sep 11 14:52:39 2006
Q. Please help. What is the basic principle behind the theory of production-possibility frontier? (Economics)?
Asked by Amy Amado - Mon Sep 11 14:44:37 2006 - - 1 Answers - 0 Comments
A. The PPF shows all efficient combinations of output for a country when the factors of production are used to their full potential. Say for example the country can produce two goods such as rice and corn -- the PPF is the curve resulting from the various combinations the country can produce these goods (etc. 15 sacks rice and no corn; 10 sacks rice and 5 corn; 5 sacks rice and 10 corn; and 0 rice and 15 sacks of corn) Here's a good discussion of PPF
Answered by imisidro - Mon Sep 11 14:52:39 2006
Production Possibility frontier. (Economics)?
Q. The production possibilities frontier will shift outward for all of the following reasons except ___. A an increase in the unemployment rate B an increase in the labor force C an improvement in technology D an increase in worker productivity
Asked by Emiiz WiiFey - Tue Nov 18 16:48:31 2008 - - 1 Answers - 0 Comments
Q. The production possibilities frontier will shift outward for all of the following reasons except ___. A an increase in the unemployment rate B an increase in the labor force C an improvement in technology D an increase in worker productivity
Asked by Emiiz WiiFey - Tue Nov 18 16:48:31 2008 - - 1 Answers - 0 Comments
From Yahoo Answer Search: 'economics of production'
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